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Score dropped after getting preapproval!! what to do?

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Anonymous
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Score dropped after getting preapproval!! what to do?

My scores dropped under the requirement of 620 after I got the preapproval because of a collection from 2007  that just popped up..when I contacted the CA I explained to them I was in the process of getting a mortgage and they said that they will delete as soon as I pay so that the morgage co. can do a rapid rescore..I havent told my mortgage guy yet..I dont know what to do..I found a house I want, Can I still make an offer on a house?  anyone please....

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Anonymous
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Re: Score dropped after getting preapproval!! what to do?


@escoboo wrote:

My scores dropped under the requirement of 620 after I got the preapproval because of a collection from 2007  that just popped up..when I contacted the CA I explained to them I was in the process of getting a mortgage and they said that they will delete as soon as I pay so that the morgage co. can do a rapid rescore..I havent told my mortgage guy yet..I dont know what to do..I found a house I want, Can I still make an offer on a house?  anyone please....


The same happened to me w/a CA.  They actually wrote to me stating that they knew I was shopping for a mortgage,  but fortunately for me, I was not in underwriting at the time and had time to straighten things out.  Can you afford to PFD?  If so, it is probably your best bet to go ahead and do so.  If you settle without the deletion, it won't help your score; so the deletion is what you need.  What is the SOL? If it is pass the SOL, you can do a DV letter where as they would stop the collection process for a while (30 days maybe) enough time to get thru MU; which may also give you a small score push, but risk the problem of your CR stating that you are disputing the account..

 

You know these CAs lack empathy, I wouldn't tell another one that I'm in the process of buying a home.  At that point, they know that you will pay or should I say, they know that you must pay them to get the mortgage you seek because they become an obstacle / hurtle to overcome to accomplish your goal.

 

I hope things work out for you.  In my case, I settled.  Doing so did not raise my score.  It actually decreased because it changed the activity date, but like I said I had time to bring the scores up by DV letters to other CAs, which resulting in deletions.  Is that an option for you, can you get the scores up by working on other CAs?

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DallasLoanGuy
Super Contributor

Re: Score dropped after getting preapproval!! what to do?

talk to your loan officer.

many lenders do not re-pull

 

Retired Lender
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