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Did I Ruin My Chances??

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CiSer904
Established Member

Did I Ruin My Chances??

So my husband and I have been looking for a home... we got ALL the way to contract negotiations with one we LOVED, but unfortunately it did not appraise for enough and the current owner will not negotiate at all. Heartbroken is not even the word. To have been so close after trying for so long.

My question, though, is that now we are back to the drawing board. I, VERY stupidly, had allowed my brother to have a Verizon account under my name a couple of years back and I received news that it was being sent to collections a few days back. ALREADY my scores have gone down 72 (Equifax), 28 (TransUnion) and 57 (Experian) points. I am gutted and feel so stupid. I have been working on my credit and FINALLY reached a good point. I immediately called the collection company and came to a settlement and paid it right away. They would not do a PFD but they said they will let Verizon know that it was settled and Verizon would contact the bureaus. Have I completely screwed up my and my husbands opportunity at homeownership? For the time being, at least? My current 5, 4 & 2 is 652, 650 and 662.

 

 

Thank you!

4 REPLIES 4
pizzadude
Credit Mentor

Re: Did I Ruin My Chances??


@CiSer904 wrote:

So my husband and I have been looking for a home... we got ALL the way to contract negotiations with one we LOVED, but unfortunately it did not appraise for enough and the current owner will not negotiate at all. Heartbroken is not even the word. To have been so close after trying for so long.

My question, though, is that now we are back to the drawing board. I, VERY stupidly, had allowed my brother to have a Verizon account under my name a couple of years back and I received news that it was being sent to collections a few days back. ALREADY my scores have gone down 72 (Equifax), 28 (TransUnion) and 57 (Experian) points. I am gutted and feel so stupid. I have been working on my credit and FINALLY reached a good point. I immediately called the collection company and came to a settlement and paid it right away. They would not do a PFD but they said they will let Verizon know that it was settled and Verizon would contact the bureaus. Have I completely screwed up my and my husbands opportunity at homeownership? For the time being, at least? My current 5, 4 & 2 is 652, 650 and 662.

 

 

Thank you!


Unfortunately a collection hitting your reports will be a major derogatory item with a large negative impact to your FICO score as you're seeing now.   I'd recommend searching in the Rebuilding forum to see if this particular CA will remove items via GW once they're paid, or if after a certain period of time they'll automatically remove it. 

 

It's hard to know how this would impact your morgage loan approval - I'd for sure have a conversation with your LO or broker to see if they can provide any information, if you haven't yet.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 5
805orbust
Valued Contributor

Re: Did I Ruin My Chances??

You can still be approved,  however your rate will be higher than originally offered on your first attempt.



Message 3 of 5
homeloanexpert
Established Contributor

Re: Did I Ruin My Chances??

@CiSer904 

Absolutely not!

 

I understand that you might feel devastated by the actions of your family member, but I can assure you, you are not alone. That was a learning experience and I'm quite sure you won't do that again.  I'm 100% sure that you can get approved for a home loan with those scores. I had done 100’s of loans for folks who have scores in the 580 range, so I’m quite confident you too can be approved. Please don't give up!

 

Branch Manager - Specializing in FHA, VA, USDA, Conventional, Jumbo, Portfolio and Non-QM Loan Products.
Message 4 of 5
CiSer904
Established Member

Re: Did I Ruin My Chances??

Thank YOU!!!!

Message 5 of 5
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