Re: 120 late or paid collection - which is better?
09-21-2012 09:05 AM
My husband has the same exact issue, but with TU (724) and EQ (709). I've helped him try everything to get that 709 up to a 720, but it won't budge. We submitted a dispute on 11 Sept to get the 120 day late $0 balance changed to a $0 balance collection. I'm with you on this one... I think his score will increase dramatically once the collection is applied in place of the 120 late (of course, I could be also be wrong). If you would like to wait, I can share with you the outcome of our experience once the dispute is resolved. I'm not sure how much of a hurry you are in. I expect it will take about 30 days for it to be finalized.
Why do I think this will work? I think having a collection vs. only missed payments puts you in a different scoring bucket. In a bucket with other people with collections he looks awesome, but in a bucket with only missed payments he looks only so-so. We're going to be applying for a mortgage in November and my goal has been to help him get all three of his scores at/above 720. This is my last shot. Wish us luck!