mortgage/credit question

Anonymous · ‎09-09-2007

If a person is at a 620 fico score and they have some collections that are over 4 years old will that effect your rate or anything? Or do mortgage comapnies look at other stuff than your score? Im at 577 fico right now I would like to be at 620 by the first part of next year.

phumanr · ‎09-09-2007

Your rate will be impacted by your middle FICO score -- there is a model on this site that if you put in 620, it will give you an idea of what the going rate is.

Phumanr

Anonymous · ‎09-10-2007

On collection that are 4 years old the lender will add 3% of it to your DTI. The collections may hurt you if you want an FHA loan.

Badcreditguy wrote:
If a person is at a 620 fico score and they have some collections that are over 4 years old will that effect your rate or anything? Or do mortgage comapnies look at other stuff than your score? Im at 577 fico right now I would like to be at 620 by the first part of next year.