@MARA4U1 wrote:
I am short of getting approved for an FHA loan by 18points. I had 2 open collections that were for $897 and $1347 that I have paid to $0 on both. This was completed yesterday the 10th. My hopes is that my credit will increase the 18 points needed to be approved.
Some of you have been involved in credit monitoring for quite some time. 1 month ago, my score was 29 points less than what it is now....so I am hoping that not owing any collections will show positively on my report. I have been informed that when a credit is already 'poor', paid collections dont really drop your score any, but rather help being that the score is already damaged.
Any thoughts would be great!
MyFico has my Equifax at 582 and I am trying to achieve 600 by April 6th
Hello and welcome.
Just paying these collections won't help your score at all although many lenders would require them to be paid off before or at closing.
Do you have any credit cards and if so what is their utilization (Total balances divided by total available credit limits)? One fast way of raising a score is reducing both overall and individual account utilization to <9%.
If you can list any CC's you have with their balances and CL's (Credit Limits).
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Starting Score: 582
