Should I just settle to get mortgage?

[johnwantsahouse]

I've been using this forum to help rebuild and I can't thank everyone here enough.  I filled out a pre-approval and my middle score was 640.  The guy just said I need the collections paid.  He said he doesnt have to pull my scores again for 60-90 days so that if I can get all those paid and letters to him that they are satisfied, that I will be good to go.  Should I just pay them? I'm worried something else could pop up if I wait longer than the 60 days trying to get deletes and I'd rather not chance that.  

What should I do?

[annielorie]

Send PFD then if they get deleted all the better. If no on the PFD pay any way and send GW letter once a week.  Very possible to see good jump. Whats your credit profile AAOA CC limits and balances baddies???

[johnwantsahouse]

Tried PFD with them about a month ago and they wont.  The guy said if they will settle for less that will work, just has to show $0 balance left.  Should I just settle for as low as I can get them?

[annielorie]

If they wont PFD and will take lesser payment and still report as 0 go for it . Do you have any other baddies or lates on your reports. You still have quite sometime to perhaps get a better rate on your mortgage so ???

[FrugalRican]

I hope you opted out.

And if your "guy" says that all you need to do is pay the accounts, then satisfy those conditions.

You could even try to GW afterwards. If you had more time, I'd tell you to just exhaust the PFD option everyday if you had to.

[johnwantsahouse]

I have a few 30 day lates on a close car loan that wont seem to GW.  I read a lot on the boards about peoples scores changing in the buying process and I'd hate for that to happen.  I wonder if the guy is correct when he said he can use those credit scores for 90 days.

[johnwantsahouse]

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@FrugalRican wrote:

I hope you opted out.

And if your "guy" says that all you need to do is pay the accounts, then satisfy those conditions.

You could even try to GW afterwards. If you had more time, I'd tell you to just exhaust the PFD option everyday if you had to.

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I opted out about two weeks ago.  Do you think it's been long enough?

[annielorie]

Im not to sure what they do today. IMO most brokers will run credit right before closing to make sure there are no new surprises. You can have the mortgage agent doa  rapid rescore if you get anything off in the eleventh hour.  Write a good will letter to the president of the car loan company. Only a stamp.

[tammyjk]

Since your middle score is borderline I would ask if this can be paid at closing.  This is what my broker suggested for a collection on my report. 

[johnwantsahouse]

Is this so there's less chance of scores changing?