Should i pay off this collection?

[rockys84]

Hello Y'all!!

I'm new to this process and want to see what would be the best advise? I want to purchase a home in January and have this collection on my account. I'm in the process of re-building my credit for the past two years. Unfortunley, my mother passed away from cancer and I was taking care of her meds and cost and couldnt pay my debts. Is it worth paying this collection off or not? Will this affect me from getting a home in one year? Details below. Thanks for your help.

Account Name

CAVALRY PORTFOLIO SERVICE

Account Number

XXXXXXXX

Account Type

Collection

Responsibility

Individual

Date Opened

12/30/2014

Status

Collection account. $626 past due as of Dec 2017.

Status Updated

12/01/2017

Balance

$626

Balance Updated

12/01/2017

Recent Payment Amount

$0

Monthly Payment

$0

Original Balance

$626

Highest Balance

$0

Terms

1 Months

On Record Until

Feb 2021

[Anonymous]

Yes if you are going to be applying for a home loan they will want your collections accounts taken care of. I applied for a home mortgage a few years ago and they wouldn't finalize until I paid the library $43! standards may vary from bank to bank but that is my experience.

[rockys84]

Thanks Fisc9301.