02-04-2013 07:33 AM
02-04-2013 09:21 AM
02-04-2013 09:40 AM
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?
02-04-2013 02:40 PM
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!
02-04-2013 02:47 PM
02-04-2013 02:51 PM
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....
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.