OK. I applied at Guild Mortgage and Regions Bank for a mortgage loan. Both LO's pretty much say I need to pay for this one big collection I have (2000). It's being reported on all 3 bureaus but on equifax it's reporting as a negative closed installment account. both are using my Equifax score as the median Score which is a 606 and say that if I take care of it then I should get into the 620 range and that more than likely i'd be approved. I'm trying to understand if this would be the best course of action. Since it's being considered a negative installment account wouldn't just paying it off make my score go down? Of course i'm going to try my best to have them PFD but I think everybody here knows how difficult Midlands Funding can be. Any ideas if I can't get it removed that just paying for it will increase my score like their suggesting or will it lower it.
I also started off with 7 collection accounts in april and have managed to bring it down to 2. It's really supposed to be 1. I have a medical collection and a collection from I.C. Systems that has been paid for and they sent me a letter stating they would instruct the 3 bureaus to remove. I.C. Systems has been removed from the other 2 but still remains on Equifax and it's been about 5 days short of a month since they sent the letter out. Is there anybody I can contact at equifax that will accept a fax and immediately remove from report? I'm trying to keep from disputing it partly because it might take a month and that it will show a dispute on my report.
We have a subdivision in mind and they have a lot we like but they normally take about 4-6 months to build. Should I just go ahead and try the dispute and some other things to increase my score first since more than likely we'll be waiting for that period of time anyways?
Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)