11-02-2012 05:19 AM
I am going to say yes that will probably keep you from being approved. In their guidelines it says they wont consider you if you have an outstanding collection with no payment arrangements. I believe I have read they will looke the other way on balances under 1,000 but I dont think they will on almost 12k
11-02-2012 09:38 AM
You said that you have no late payments more than 30 days--so does that mean you have some 30 day lates on your report? If so, how recent? The car loan will definitely hurt your chances; my understanding is that any baddies over $1,000 must be paid off or you'll at least need a payment arrangement. That's USDA guidelines; but, lenders have established their own, which can be stricter.
11-02-2012 12:09 PM
It depends on the UW. They tend to not like any possibilities of collections such as the repo. Is there an amount showing for the repo that is unpaid? This would be the only problem I can see with it.
11-06-2012 12:03 AM
Okay....Good news underwriter is going to look past repo letter of explanation and service request. Now just waiting to see if the underwriter from investor is going to approve. what do you think?
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.