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Established Member
jjmtmj126
Posts: 58
Registered: ‎03-13-2012
0

Re: HELP! New collection popped up and dropped score 60 pts!

Jm-am ...it wont hurt to try and send the letter right? The worst that can happen is they dont remove it right? Will it hurt my chances of getting a gw letter to work if I send that dispute letter?
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: HELP! New collection popped up and dropped score 60 pts!

No it wont hurt to try and I actually encourage it. Some times things slip through the cracks.

Good luck Im cheering you on. :smileyhappy:
Good Luck
May all your dreams and wishes become a reality!
Established Member
jjmtmj126
Posts: 58
Registered: ‎03-13-2012
0

Re: HELP! New collection popped up and dropped score 60 pts!

JM-AM, I was just recearching my situation on google, and I came across another forum topic that you responded to.  The OP was asking if a recent collection that will be 8 months old when they begin the mortgage process would hurt them.  Your responce was:  "As far as payed off collections with 0 balances should have no impact."

 

As I stated in my original post, a $67 collection popped up and I paid it that same day.  Others that have responded have said that I will have to wait a year.  What do you think?

Established Member
jjmtmj126
Posts: 58
Registered: ‎03-13-2012
0

Re: HELP! New collection popped up and dropped score 60 pts!

UPDATE:  After speaking to THREE different lenders, each one said having this new collection on my credit report will NOT hurt my chances of getting a loan, FHA or conventional!  The only thing that is now a factor is my score.....I'm hoping I'll be able to get it back up.  It's at 624 right now and I just have to get it up to 640 for FHA.....  So THANK GOD we don't have to wait a year due to some stupid $67 bill!  

 

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: UPDATE! HELP! New collection popped up and dropped score 60 pts!

That is wonderful news!!! Do you have any credit cards you can pay down? When are you looking to close?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
jjmtmj126
Posts: 58
Registered: ‎03-13-2012
0

Re: UPDATE! HELP! New collection popped up and dropped score 60 pts!

well.... I was told to keep small balances on my cards because of FHA's new rule of including credit card minimum payment in your debt payments, so I have 3 cards that have small balances on them ($10, 15 and $25) and then I do have one card with a $350 balance... I could pay that down and hopefully that will raise my score.  

 

We are just in the searching phase right now... just looking at houses so nothing is set yet.  I just want to make sure EVERYTHING is in order this time, so we don't have a repeat of last year where we lost the house just a few days before closing....


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