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
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.