topic Preparing for Mortgage Loan in Rebuilding Your Credit

Preparing for Mortgage Loan

Jethro — Mon, 25 Mar 2024 00:30:52 GMT

I am currently sitting at a 585 and preparing for a mortgage loan in the next year or two. I have three credit cards back from about 7 years ago and MCM purchased them in 2021 and reporting as account open and derrogatory every month. The question is should I pay these off or will it hurt my current score?

I am looking for the best path forward. Thanks!

Re: Preparing for Mortgage Loan

ShanetheMortgageMan — Mon, 25 Mar 2024 15:28:12 GMT

Were the original debts charged-off?

Is MCM a collection agency?

Re: Preparing for Mortgage Loan

JStapel — Thu, 04 Apr 2024 15:07:47 GMT

I believe MCM is Midland Credit Management

Re: Preparing for Mortgage Loan

ShanetheMortgageMan — Thu, 04 Apr 2024 16:11:23 GMT

Collection agencies shouldn't be reporting late payments each month as far as I'm aware. Since this has been moved to the rebuilding credit section hopefully someone else can chime in on how to stop the late payments from continually reporting.