Quick Questin please????

[swtneka]

My husband and I are looking to apply for a mortgage ASAP (with these rising rates) His EQ myfico score is 661 TU fako (credit karma) score is 657. WE have done 3 pfd's and still w8n on this last one to fall off. These three were 2011/2012 medical debt. Now the only thing left on his credit report is a 2009 collection $401 the last time they updated was April 2013 but when I payed another collector they sent me a bill in the mail. (1st time contacting us) The other is a 2007 collection for 891 (but TU and EX say 1037) that is due to fall off the CRl l11/13.  My husband and I are wondering if we should pay them b4 we apply. Or see if they will require us to pay b4 we close

Should I have posted this in the mortgage section?

[austinguy907]

typically anything outside the past 24 months from date of application will be overlooked.  touching old collections though sometimes works but in most cases isn't advised prior to applying and closing.  if you get them to put it in writing that they will delete if paid then go for it but don't apply before you confirm it's off your reports across the board.  if you're actually ready to apply and have at least 5% for down payment and decent middle score over 640 you should be able to secure financing.  the only way to know for sure if you need to pay them though is when the LO pulls your 3 bureau report and asks underwriting.  

[cocomadd]

Don't do anything without having a seasoned, experienced, LO look at your trimerge credit reports, they know what to look for and what may need to be paid before going forward.  I am working with 2 guys and they both have different opinions, but they have helped and we will be ready to apply in 30 days or so.

Best of luck!

[swtneka]

Thanks for the reply... I am still unsure if I will pay. My dh got a bonus and we can take care of it now but I am just hesitant. I am thinking we can use that money for something else if we don't need to pay it. What makes me want to pay the 407 collection is cuz it updates monthly and if we pay it that MIGHT boost our score. I would love to go in with a 700+.. I am praying that this last pfd puts us over 680. We got quoted 4.7 interest with a 661 and that's fine but I would love the 4.1-4.5% interest rate. Plus we are doing a USDA with down payment assistance (in which I found out it can be up to $50.000 ) I am not touching the 1000 dollar one. Its about to fall off in a few months and prob will be gone b4 we get to the closing table (new construction). Do u know if I can call EQ and get them to delete early???? Also this has dispute comments by it. I know I have to get that removed and I am so scared that it will drop my score (like I have read on here happen lots of time) UGH!!! I feel like screaming! WTD WTD!!!

[austinguy907]

if you're not actively working on the loan process it might be worthwhile to dispute it a couple of times as the creditor doesn't verify it within 30 days then it gets deleted.  you just don't want to go into the process with a pending dispute on your report.  i wouldn't pay it unless your LO says to prior to UW.

[swtneka]

The collection that is 407 i cant dispute cuz they just sent me a letter and they are calling my phone but that collection that is a lil over 1000 they havent updated since 12/12 and falls off 11/13 and it already has the dispute comments there. Do u know if they will remove early? Have u heard of them deleting early? I think i am going to bite the bullet and get the dispute comments removed and PRAY that they delete it all together! I am going to call a LO Monday or Tuesday and ask her advice. Thanks again for the reply

[austinguy907]

I know in the past I would randomly dispute things I didn't like seeing on my reports and eventually they got deleted.  If you have a "comment" that's not really a dispute.  That's a consumer statement regarding that account.  If you initiate a dispute on the one that they are calling on that have to stop calling until the dispute is resolved.  

[swtneka]

oh ok i get it... but the one that has disputed comments and have been there since 12/12 shouldnt they delte it since the CA havent validated or is that a problem with EQ cuz they the only one who has dispute

[austinguy907]

the issue is you made a consumer statement and not actually dispute the entry.  

[swtneka]

Well just an update but I paid the 407 collection. Settled for 250 for a deletion so now its a waiting game. They told me to dispute it if I want it off quickly. I disputed the 2 pfd's that has not fallen off yet n I had to dispute the dispute comments to get them off. Ugh I had a crazy Friday with all this. Im praying next week this all get taken care of n on d 17th the score is over 680 n all 3! To be continued....