Unpaid closed acct..

[Rein]

I am working towards rebuilding my credit and getting into a house in the (hopefully near) future. I have an old unpaid closed account with a dola of 4/2006. My question is will the lender require that this acct be paid? the co is a toughy and will not PFD so I don't want to pay. But if its part of getting into a house showing its a paid closed account I will have to do it. Thank you! 

[StartingOver10]

Is it just a charge off or do you have a judgment?

What type of CO is it (auto loan, cc, rent, etc)?

[JM-AM]

Best way to look at it.

If you are willing to pay it then stop contacting them presently.

If all else in your situation is qualifiable, then go speak with a LO or Broker. If its something the UW request to be paid as a condition then you can pay it at that time.

[Anonymous]

I had a similar predicament a few years ago.  Unfortunately I was not frequenting these forums, and I thought simply contacting them to pay would deal with the issue.  It didn't.  They just marked it as paid but left the negative mark on my credit which did very little good.

Someone please correct me if I'm wrong, but shouldn't this be falling off your credit in a couple months anyway?  If DOLA is 4/2006 then 4/2013 will be 7 years.  That is when most items fall off your credit.  I agree with JM-AM in that if this is the only negative on your credit I would go and speak with a LO.  Especially if the collection is fairly small, they aren't likely to care since it's so far in the past.  Worst case they will want you to go back and pay it off as a condition.  However if you haven't started the process at all yet, I think there's a good chance that this will fall off before you are ready to act.

[Rein]

It's from pinnacle collection for Verizon for $1700. I'm praying it will fall off soon too. thats what I'm scare of, paying and doing worst for my credit. Thx

[MovingForward_2012]

I have an unpaid collection with a DOFD of 2009, and the account was updated with KD in Sept 2012. I am past the underwriting process and am waiting for clear to close. The amount is $1100 and my UW said it did not have to be paid. They said if the qualifying score is borderline, they usually require it to be paid. My mid fico is 703 and the min my lender requires is a 660.

[JM-AM]

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@MovingForward_2012 wrote:
I have an unpaid collection with a DOFD of 2009, and the account was updated with KD in Sept 2012. I am past the underwriting process and am waiting for clear to close. The amount is $1100 and my UW said it did not have to be paid. They said if the qualifying score is borderline, they usually require it to be paid. My mid fico is 703 and the min my lender requires is a 660.

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You are not done with UW until you get the clear to close. UW can still come back with additional conditions.

I see no reason you wont get clear to close, but wanted to let you know that your file is not past underwriting until you get clear to close.