I have searched and searched for answers to the following questions but am getting conflicting info!! Seems like usda has changed lot over the years so what was accurate last year, isn't accurate this year etc. I have read you have to have a 640 score to qualify for the direct loan. If you don't have a 640 you can't have any unpaid collections period or in the last 12 months. I have heard both, which is accurate? I have also read if you have paid a collection it has to be 6 months or more since it was paid. Can you be making payments on one collection? We have a collection for $2400 we are making payments on over the next 24 months. I really don't want to wait 24 months plus the additional 6 months they're wanting to be able to buy a house!
Here is my husbands credit situation
Cach LLC collection for a cap one card- paid October 2015
Tek-collect $756- this is a collection for a checking account and it's from 2014. This is absolutely not accurate and we refuse to pay it. I've disputed, no luck, I filed a BBB complaint yesterday.
Magnify bank- $160 from 2014 final payment on a $500 loan. Went to pay the final payment in 2012 (when we took the loan out), which was actually only $86, and they said I had a $0 balance. 2 years later it's on my husbands credit. I'm paying this this week.
Trident asset management- $564 from 2013, should be deleted it's for Verizon food equipment I sent back late bc we moved. Dealt directly with Verizon provided tracking number proving that the equipment was delivered Verizon said it would be updated with the collection agency. For a while it wasn't on my husbands credit then it showed back up with a new agency!
Ncc business services- $2457 from 2015 we moved out of our lease 3 months early bc we found a house that was affordable in a good area, in our kids school zone and it we didn't want it to be gone when our lease was up. Not sure how they came up with the amount. It's about $800 off from my calculations. Ncc wouldn't settle so we have an agreement to pay $102 a month for 24 months.
No collections in the last 12 months. Everything else is either paid, will be paid or deleted within a couple of weeks. According to what I've read in what appears to be some sort of handbook you can't have any collections in the last 12 months... and he doesn't. So I'm just so confused if he would qualify. When we apply the only thing that will be on there is cach llc paid 2015, tek-collect not paying but hoping I can give them a LOE, ncc which we will be making payments on, and magnify which is being paid this week. I didn't mean for this to be so long. I'm just so confused by all of the conflicting info I've read.
