Posts: 14,051
Registered: ‎04-15-2011
Re: Do old chargeoffs/collections and lates matter for FHA?

How2increase wrote:

As long as those things are taken care of and you have a strong payment history after that, you should be fine. if anything a good LOE will probably work well.


As far as the collection, I've always been told to NOT touch them, as it will update as a new collection. Did you in fact pay it? Or just thinking about it? 

If they are paid and your scores are OK don't bother with them until after your mortgage loan processs is done and you have the house.  If you put those accounts into dispute it can be a pain to get those off for the mortgage.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!