Do I or Dont I

[Anonymous]

I am trying to purchase a home and I will qualify for the my community fannie mae program..... my question is DO I pay off collection bills OR dont. They are recent collection accounts. I understand I can try a PFD but if that doesnt work should I pay these old bills or leave them alone????????? I understand that paying these old bills will not raise my credit score which is 575 right now BUT does it look better when I am trying to purchase a home that these bills are marked as PAID-Collection?????

[furkidz3]

I would like to know the same thing? Do I spend any extra money paying those collection accts off or is it best to put it toward cc accts and pay those down? Is it best to get the PDFs if you can, instead of paying off the collections?

[Anonymous]

cc utilization and pfd will help scores (i beleive in that order), as for doing anything while your approved for a mortgage not sure i would do it unless the lendor conditioned it for the loan.

[Anonymous]

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caligirlonherway1 wrote:
I am trying to purchase a home and I will qualify for the my community fannie mae program..... my question is DO I pay off collection bills OR dont. They are recent collection accounts. I understand I can try a PFD but if that doesnt work should I pay these old bills or leave them alone????????? I understand that paying these old bills will not raise my credit score which is 575 right now BUT does it look better when I am trying to purchase a home that these bills are marked as PAID-Collection?????

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Your best bet is to ask your broker.  I was told by mine that they do not like unpaid CO or collections. I know that some mortg. will pay them all off & add it to you mortg.  avoid that if possable.

For myself...I would PFD   even if it were the full amount!

It looks better if it wasn't there.....only do a PIF at the last min.   Mortgage co. will accept paid collection.   Because you said that these are kinda new  they will help scores if gone!

NEVER tell OC or CA   that you are getting a mortgage....they might see a pull on your CR  BUT  it doesn't mean that you want one.