Please Help Me!!!!

[Anonymous]

I was pre-approved for a mortgage last month with my mid-score of 701 (Equifax) with one collection for $797and I have 4 charge-offs with a $0 balance. I have done nothing to affect my credit at all; as I know not to and I previously opted-out before I applied. last week a Junk Debtor LVNV Funding LLC. placed a collection on my account for $715. My scores dropped to 687, then 676 and today I get my credit score power report and my score dropped to a whopping 641...WTH!!! How can I get my scores to go back up? I have little time to do this as I will start the mortgage proccess in December. I was told by my LO to pay the recent collection by settling; but I know I need to settle and get this completely deleted from all three credit bureaus if they are reporting. Should I go ahead and PFD for both the collections just to get this settled and hope my score jumps back up? Please help me?

[RW771]

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@Anonymous wrote:
I was pre-approved for a mortgage last month with my mid-score of 701 (Equifax) with one collection for $797and I have 4 charge-offs with a $0 balance. I have done nothing to affect my credit at all; as I know not to and I previously opted-out before I applied. last week a Junk Debtor LVNV Funding LLC. placed a collection on my account for $715. My scores dropped to 687, then 676 and today I get my credit score power report and my score dropped to a whopping 641...WTH!!! How can I get my scores to go back up? I have little time to do this as I will start the mortgage proccess in December. I was told by my LO to pay the recent collection by settling; but I know I need to settle and get this completely deleted from all three credit bureaus if they are reporting. Should I go ahead and PFD for both the collections just to get this settled and hope my score jumps back up? Please help me?

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If it were me, I'd definitely start with a PFD. I'd first verify that this is indeed my debt and if so, try my best to get them to accept a PFD. I know paying collections can be a double edge sword, especially if you are trying to get a loan for something (especially so soon) so it's a call you'd have to ultimately make. I hear of people's scores dropping after paying off a collection (if it's not deleted) and I've heard of some people not having any affect. My LO required all collections to be paid, so your LO may require this whether they delete or not. Bottom line is you need to act on this quick so I'd get to verifying it's mine first, and work my best to get a PFD. If you can't get a PFD, ask you LO what he advises as far as you paying it off before (as they may require it) and if this would ultimately affect you getting approved. I'd also opt out now if you haven't already done so! Good luck, hope everything works out for the best for you.

[gpeach]

Do you know if it is your debt? And if so do you know if it is past SOL yet? If past SOL could it be due to fall off soon? 

Look in google for people who had success with them on a PFD. Sometimes they have a special email or address they sent it to. If you can't find any one posting success and only failure then you may have to try a different approach.If you need to increase your scores look at your credit card utilization. If it is over 9% then paying down to below that can help scores. 

[Anonymous]

Thank you. I do know it's my debt and If doing the PFD will work I intend to do that immediately. I hate to pay on an old debt but I don't want this to come back to haunt me down the line. Plus I need to get this done soon so my mortgage loan will go through. I've heard about the scores not changing if you don't get them deleted. I'm more concerned about my scores not increasing after they delete them/ if they do delete...crossing fingers and praying.

[Booner72]

If it gets deleted then your scores should go back to what they were.  However, by the time you get it deleted, things could change on your CR's that could cause a score change, so you have to factor that in to the picture.

Good Luck!

[Anonymous]

Thank you Booner and everyone for the advice. My equifax score is on the cusp right now at 641 so I have no room for error at this point. I dropped from 701 to 641 in a matter of days. I've called them and their message gives you an email address to contact them as well. So; with the short time I have I sent my PFD to their email address and I sent a PFD letter certified mail yesterday as well. I just hope I get this taken care of in time once I start the mortgage proccess. I still haven't checked my TU scores to see if that dropped. That's currently at 707 and if they aren't reporting to TU than I still have some leverage. Do you think emailing them is a good idea or calling in this case? I am willing to negotiate as long as I can get a full deletion or "PAID" status with the late notation removed on my CR.