Hi everyone, I could use some advice! I have just accepted an offer on my house which means I will be applying for a loan very soon. I have already had my credit pulled once by a mortgage broker, but I know that once we actually find a house, it will be pulled again. My mid score right now is 640, my husband's is 670. He said he can get us a conventional loan, but the interest rate is close to 4.75%, I would like to get the percentage lowered a bit. When our credit was pulled, I noticed a recent collection showing. The original debt was for an old Comcast bill from June 2008. It was off of my report for a while, but has popped back up after being sold to another agency. The credit agencies are listing this as a "new collection" and myFico dropped my score over 50 points stating it is also a new collection. I have tried calling the company (Convergent) and haven't gotten anywhere. I have a dispute in with Transunion, but I am now worried that the dispute is going to do me more harm than good if my credit is pulled again during the mortgage process while in dispute. We won't be closing on our house until the end of January so I do have a little time. Should I wait it out and see what the dispute comes back as, or should I just cancel the dispute and not try to raise my score, since it has already been pulled?
Here is what it looks like:
Status: Collection account. $149 past due as of Aug 2014.
Status Details: This account is scheduled to continue on record until Mar 2015.
Date Opened: 05/2014
Reported Since: 08/2014
Date of Status: 08/2014
Last Reported: 08/2014
Terms: 1 Months
Monthly Payment: $0
Credit Limit/Original Amount: $149
High Balance: NA
Recent Balance: $149 as of 08/2014
Recent Payment: $0
Pretty common tactic for JDB's and in fact the CRA's offer a service to "sell" this information (notify creditors) when you apply for a mortgage - Just think, when would the debt collector have greater leverage in getting you to pay a "small" $150 bill, as to when that small bill stands in your way to buy a house.
I'm not going to comment on the ethics of "whoring" information to all parties by CRA's as a paid "service". Given that this debt won't drop off your CR until March 2015, you'll have to deal with it by closing after March or dealing with the debt collector.
Yeah I know it sucks, but then again so does Comcast (from my experience).
I agree with you one that one...Comcast does suck! Convergent sounds like a bunch of slime balls from what I have read. Not sure I will have any luck with a PFD since the amount is so small.