Credit Card Center Advertiser Disclosure†
07-17-2017 10:20 AM
07-17-2017 11:38 AM
I've read as long as they're more than a year old, or it's been 6 months since they were paid and less than $2,000 under Usda guidelines that qualifies... but we could not get pre approval and we fit every single qualification listed in the handbook. 🤷♀️
That is exactly what I read. And i do too. But i'm currenly in underwritting to get preapproved and was wondering if anyone has ever actually gotten through with collections under 2000.
07-17-2017 11:58 AM
07-17-2017 12:01 PM
Is it for the direct program? If so, you can't have any unpaid collections if you have less than a 640 score. The handbook says no new collections within the last 12 mos, but you cannot have ANY unpaid collections if your score is below 640. If you have a 640, your collections don't matter, it's automatic approval.
No i'm applying for the guranteed program. I'm almost to 640 too which is unfortunete that i have to go through manual underwriting and jump through these hoops over 9 points. That 9 points isn't going to change my credit decsions. I have bad credit because of a job loss 6 years ago. And it has taken this long to rebuild.
07-19-2017 06:55 PM
07-19-2017 07:03 PM
07-28-2017 12:37 PM
I was not able to get approved for a loan. They said my Student loans did not count as trade lines. I have to wait for one of my credit cards to age another month and have a dispute comment removed.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.