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....