Ever hung up with a lender and felt like your ears were going to start bleeding?

[lpayton]

I did today.  First they said "Get your score to a 620".  SO I am on the brink of breaking a 620, and I called today...and they said "Oh, yeah, a 640 would be better.  And about these collections...they ALL need to be paid off."

I almost fell over. 

I thought in my tiny brain that if I paid off the recent collections, had what I could deleted, established new healthy credit with new credit cards (never had credit cards before in my life)...that increase in my score would do the trick and wa-la! I get my slice of the American Pie.  Now I am being told I have to pay EVERY SINGLE collection..the scrubs from 2006...and the @#$% cable bill collection for $419 that the CA refuses to validate or remove.  Sigh.

So close.  Yet so far away. 

Is this true? Tell me the dummy at Quicken was wrong.

[Booner72]

I believe you need 12 months of clean credit.  It would be up to the underwriter if you have to pay off your collections or not.  it is probably true that different lenders have different regulations - the score is what gets you in the door.  I sent you a PM.

[Anonymous]

I just closed 3 hours ago (yay!) and had several open collections that were not required to be paid.  However, my score is above 640 and this was a USDA guranteed loan so that may have made a difference.  I do believe they are more strict with collections if your score is 620-639.

[lpayton]

Booner...nothing Bad within the last 12 months.  All my baddies are medical from a bout with Epilepsy my son had back in '05/'06 when he was 3.  Wouldn't it figure he had his first seizure the DAY (literally) I got laid off and lost insurance?? Anyways. There is also the stupid cable bill from Time Warner, and a couple others not Medical that are from about 3 years ago.  Other than that, nothing new...bad or good.  So i got the cap one secured thingy...and I applied for the Orchard and waiting.  Denial at everywhere else.  I am like a walking denial.  Macy's didn't even bother denying me, just said "thank you for applying"...LMAO....

Veggs...congrats! I am in love with a house in my area...I mean...IN LOVE.  I so hope that I can get this crap dealt with and that it is still on the market.  2200 square foot, 4 bedroom, built in the 20's with original hard wood flooring, fireplace, arched doorways and built in bookshelves on a .25 acre lot (Completely fenced yard) with a HUGE wrap around porch for $99k.  It is literally my dream house.

I am hoping to use my VA loan so I can do 100% financing, just gotta do what I can and let the chips fall where they may.  

Sigh. 

Off to bang head into wall now. 

[Booner72]

It looks like you just need 4 tiny little points on your TU to get over the 620 hump.  I'm crossing my fingers for you!

[lpayton]

thanks! the score simulator says my score will go to a 640'ish when the cap one credit card with the HUGE(lol) $200 limit starts reporting.  We shall see. 

[Booner72]

I hope it reports fast.  Our Lowe's card thru GEMONEY reported within a week!  Both DH who was the cardholder and on my reports as the Authorized User.

[incognitony]

Was it Ray or Colin ? They (from Quicken)  did some dumb stuff when I started the home loan process 2 months (years it seems) ago. For you score try American Financial Resources , still pretty dumb but WILL do under 620.

[Walt_K]

Have you tried pay for delete letters on the collections?

[lpayton]

Yep.  One of my favorite methods and I have seen quite a nice score increase in the last month from using them.