Mortgage insight

Anonymous · ‎03-27-2017

Per my LO, my mid mortgage score is at 600. Some things she stated was:

Since I my collections total over $2000, I would have to pay them. (I have one for $2500 NCC Bussiness Services, one for $1424 Time Warner Cable, and another for $850 National Credit systems-will ask for an early exclusion with TU and EX but I am still too early for EQ.)

Even though my charge offs are over 2 years old, since they are over $2,000, i may have to pay some of those also.

She told me that I should be able to apply in a couple of months and I also had to get all dispute comments removed. She told me to talk to this guy that she knew because she was confident that he could get me to where I need to be. When I spoke with him, he told me that he was requesting a full investigation because he could clearly see that most of my accounts were reporting illegaly. So now I am waiting on results, but reading more and more something just does not seem right. There is a house that I really really like, but I am scared it will be sold before I am able to apply.

Anonymous · ‎03-27-2017

I am going through the same thing, but for a new construction home. I've been advised by my lender to pay off some of my collections to try and raise my score. She didn't mention that I had to pay ALL of them, but whatever it took to increase my score.

I have the following collections:

Fair Collections & Outsourcing, 2011 - $1,668; Settled for $166.80

National Credit Systems, 2011 - $4,181; will do early exclusion as it's scheduled to fall off in Aug 2017 - only reporting on Experian

BB&T, 2011 - $1,411 Charge-off; settled for $705

Berks Collections, 2011 - $524/$683/$724; will do early exclusion. The $524 is scheduled to fall off in Aug 2017, and the other two on Dec 2017 - only on Experian

DeVry, 2013 - $1,300 - defaulted student loans. Applied for consolidation, and debt will be deleted and absorbed through there.

Comenity, 2017 - $751; settled for $469

Before I paid the collections, my mortgage scores were 523/547/564. They are now 571/574/602, BUT all the updates are not on my report yet.

Our construction is set to start in May with a scheduled August 31 closing right now, so I have time.

Anonymous · ‎03-27-2017

I'm in the same boat , as in, trying to pay off collections and charge offs in order to raise my scores to get a mortgage. I would never, however, look at houses, nor start the new build process, until I am sure that I can get approved and have a pre approval. I would advise not to get excited about a particular house until you have the necessary scores.

Anonymous · ‎03-27-2017

I understand that I shouldn't move forward without a preapproval. I just want to know that I am getting the right information. I keep reading about these stimulators but she referred me to someone that I have to pay in order to get these things corrected. I could be saving money if she would just tell me exactly what to do. In the beginning she said that she had to pull my credit and she would help, but now I'm thinking she pulled it only to pass the information on to this guy that is charging me. .

Anonymous · ‎03-27-2017

Try going in the "Rebuilding Your Credit" section. Let them know what collections/charge-offs you have and the amount as well as your good accounts and your current FICO and mortgage scores.

They can definitely give you good suggestions on how to move forward. If you read here long enough, you will see that paying someone to do this is not necessary.

Also, in regards to getting your mortgage, do what you feel is best. Because I'm trying to rebuild for my mortgage, I get told by others on here that I shouldn't do this, or I won't get my house. Just keep your eye on the prize, the house, and I wish you nothing but success!