My husband has always had great credit until recently. We found out recently that a bill for twenty dollars from a hospital visit was in collections. We never received any notification that he had this bill until a collections notice came in the mail, they'd reportedly been sending notices to an old address for a couple years although the agency that sent the address information has our current address? The bill by this time was $80. We paid it right away only to find that his credit took a big hit. We of course are looking to re finance our home now. Our lender said that he is seven points below a score that we need to get a good rate. We could pay a point to get this better rate for a new mortgage but it seems like too much money. My question is how long will it take for this score to improve. We carry no credit balances, pay everything off monthly and have always had great credit until now. This is very frustrating as if we'd know we had an outstanding bill we would have paid it a long time ago....
