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Need Help Please

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Sassy_Taurus
Frequent Contributor

Need Help Please

I know that this has 9 times out of 10 been answered but I'm stressed and don't have the patience to search. I was preapproved for a mortgage Wednesday the same day that a new collection hit my reports. It's a sprint account that I signed for for my brother. Long story short didn't know he wasn't paying he told me he changed his number and still had sprint. I immediately paid sprints collection department and was told that they would remove it.

My question is how long does it take? I have a copy of the deletion letter can I now send to the bureaus and have it removed sooner? Will my fico recover once the collection is gone?

Any help would be appreciated. I feel my dream slipping away.
Message 1 of 8
7 REPLIES 7
gdale6
Moderator Emeritus

Re: Need Help Please


@Sassy_Taurus wrote:
I know that this has 9 times out of 10 been answered but I'm stressed and don't have the patience to search. I was preapproved for a mortgage Wednesday the same day that a new collection hit my reports. It's a sprint account that I signed for for my brother. Long story short didn't know he wasn't paying he told me he changed his number and still had sprint. I immediately paid sprints collection department and was told that they would remove it.

My question is how long does it take? I have a copy of the deletion letter can I now send to the bureaus and have it removed sooner? Will my fico recover once the collection is gone?

Any help would be appreciated. I feel my dream slipping away.

It depends how they request the deletion. Most likely will be requested on next scheduled update day if by E-Oscar 3-5 business days for it to disappear, manual reporting 30-60 days and yes you should recover most if not all of your Fico points.

Message 2 of 8
Sassy_Taurus
Frequent Contributor

Re: Need Help Please

Thank you gdale6
Message 3 of 8
stellar
Established Contributor

Re: Need Help Please

I would dispute it with the credit bureaus to speed it up.

Message 4 of 8
bdhu2001
Valued Contributor

Re: Need Help Please


@stellar wrote:

I would dispute it with the credit bureaus to speed it up.


Absolutely do the on-line dispute with the CBAs that now show the collection. I once a collection service state that they were going to remove the collection from my account, because my insurance finally paid the medical bill.  4 months later they still hadn't done it.  I sent the letter to the CBA and it was gone before 30 days.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


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Message 5 of 8
Sassy_Taurus
Frequent Contributor

Re: Need Help Please

I will submit the online dispute. Hopefully this is resolved before I find a house and into underwriting.
Message 6 of 8
ohreally7654
Established Contributor

Re: Need Help Please

OP, take your deletion letter and provide it to your loan officer. They can do what's called a rapid rescore through one of their credit vendors. It typically takes about three days if you have the proper documentation to provide the bureaus which it sounds like you do. I worked in the mortgage industry for years and we used to do this all the time for clients. It's faster than trying to do it yourself. Good luck to you and don't stress! I'm sure you can get this resolved quickly!

Started rebuilding 8/2015. Current Fico 8 Scores 9/17: TU FICO: 698 (from 646 3/15/16) | EX FICO: 689 (from 617 3/15/16) | EQ FICO: 670 (from 614 3/15/16). Discover Miles: $10K | Amex PRG | Amex BCE $2K | Amex SPG $2K | Citi Aadvantage $7K | JetBlue Plus MC $3.9K | Walmart MC $3.5K | Marvel MC $5K | NFCU CashRewards $15K | CareCredit $12K | PenFed Amex $9K | USAA Limitless Visa Sig $6K | NFCU goRewards $20K | NFCU Amex $10.4K | NavCheck $13.5K | Blispay $4K | QS $9.5K | Pier 1 $21.1K | RH $20.7K | JCrew $16.8K | Wayfair $4.9K | Pottery Barn $19.5K | Discover IT $4.1K | Nord. Visa Sig $22K | USAA Visa Plat $2.5K | Neiman Marcus $6.4k | Amex Delta Reserve $1k | Saks $15K | VS $2.2K | Target $1K | Macy's $25K | Bloomies Amex $25K| West Elm $12.4K | PP Credit (Comenity) $4.4K
Message 7 of 8
Sassy_Taurus
Frequent Contributor

Re: Need Help Please

Thank u ohreally7654. I emailed him a copy of the letter when I received it. He didn't say anything about doing a rapid rescore though. I'll follow up with him tomorrow.
Message 8 of 8
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