10-24-2012 05:20 PM
I Just got pre-approved for a mortgage yesterday, yayyyy right? Not so fast, a collection agency showed up on my reports and made my score go down nearly 100 points I seriously want to DIE! This agency was suppose to be deleted since they no longer held my debt, and I had a letter from them, so please someone tell me what happened? What happens with my pre-approval? I already called Trans and XP, and initiated disputes with them, although I know disputes won't look good toward closing I figured I was early in the game to get it handled. Call CA and they are stating that they no nothing about the letter ALTHOUGH IT IS SIGNED BY THEM! Someone please help me
10-24-2012 05:40 PM
10-24-2012 06:00 PM
Thanks KatieKatie for the Advice! I know I will have to tell my MB about it, but it's a bit disappointing. I hope he wont lose faith in me. My middle score was the one who took the hit of 100 points putting me 583
10-24-2012 06:16 PM
Hang in there, I bet you're MB will support you and provide some good advice. I would definitely send a copy of the letter you have to the credit bureaus as well in reference to your disputes. Best wishes
10-24-2012 06:20 PM
10-24-2012 06:47 PM
10-24-2012 09:37 PM
YMMV but my LO only pulled my credit once and that was for preapproval my CRs were good for 90 days but it is a slippery slope if underwriting wants to pull your credit again before closing
10-24-2012 11:01 PM
I am applying for an FHA 203k loan, and the collection is for $420, do you think I still fall under the fha guidelines? I just can't believe my score went down that many points from one collection arghhh
10-24-2012 11:23 PM
FHA proposed changing the rule back in April I think from under $1000 as the threshold in unpaid outstanding debts (collections) to they have to be less than $500 and over 24 months old but I don't think it ever passed. But keep in mind those are the FHA guidelines and lenders will typically have stricter regulations
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