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New Visitor
Posts: 1
Registered: ‎03-29-2011
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What shape am I in to try to get approved for morgage?

I am new to this forum and I have been working on my credit for around six months. My current middle score is around 600 . I recently took my son to ER and those bills have went to my credit due to not having insurance. Those bills are around 2,000. Most of my collections are from close to 7 years ago. I have my car financed in my name and in August it will be paid off with no late payments. Will those new hospital bills have an impact with a home loan? Any advice is appreciated.
Senior Contributor
Posts: 3,299
Registered: ‎04-22-2008
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Re: What shape am I in to try to get approved for morgage?

Yes.  You need to raise your FICO about 50 points to consider a loan.


ALso, they generally want to see collections paid (though not all banks will require that) and they generally want to see 12 months clean credit.


Check into the HIPPA process to see about paying off the debts and getting them removed.  That will elp you in a couple ways towards getting a loan...Primarily in raising your FICO score.  Also, consider opening a secured credit card or two(but keep the balance next to zero)  You need active tradelines to get a home loan generally.

Valued Contributor
Posts: 2,487
Registered: ‎02-18-2010
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Re: What shape am I in to try to get approved for morgage?

In addition, most hospitals have programs for those without insurance - they may have funds to pay off the whole balance, and maybe they'll also remove the reporting.  They also sometimes will reduce the amount due if you're paying from your own funds.

Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around

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