Mortage score

[Anonymous]

Nedd quick advice, I have been preapproved for a Mortage with a MMS of 643. The minimum for 0% down with current lender is 640, projected closing date is June 14th. 
All my cards have a 0 balance except one with a $250 balance and $5000 credit limit. 
Being so close to the minimum requirement is making me ultra nervous and I'm thinking about paying off an old collection with PRA from 2015 to get a bump 

Question is I'm nervous paying it off and having a negative effect, but thinking it might give me a few points by removing it since is my only collection. Is it worth it trying pay it off or should I just leave it be? 

[Remedios]

He won't have a negative effect because PRA has a policy to delete after the payment.

That process can take anywhere from 30 to 45 days, so if you're planning on paying and having it deleted, make sure there is at least two months between the time you make the payment and mortgage pulls. 

[Anonymous]

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I'm afraid I might not have all that time, question is will it hurt if it's updated to zero before it is gone completely? 
current lender that we got the preapproval with knows it is there already, but trying to get an USDA with the builder for a better deal. 

[Remedios]

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@Anonymous wrote:

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I'm afraid I might not have all that time, question is will it hurt if it's updated to zero before it is gone completely? 
current lender that we got the preapproval with knows it is there already, but trying to get an USDA with the builder for a better deal. 

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Is this collection updating regularly? 

[Anonymous]

I believe so last update was Jan 21. 

[Anonymous]

That's how it looks like 

[Anonymous]

If you are doing USDA don't do anything.  My mid score was 664 when they first approved me in June of last year.  Pulled it again in January as the house was about half done and I dropped to 632 and it's been stuck there since.  Can't get these little 8 points.  All because I believe I decided cleaning up my credit would be a good idea and I paid off an old collection...bam....screwed.

[Anonymous]

Oh wow that's what I'm afraid of, having the opposite effect! We paid a good standing car loan off in December and thought we would have a nice point increase and instead I lost 40 points 😵😳. So now I'm super hesitant to make any major moves. 

[simplegirl]

If that collection wasn't reporting monthly like the OP collection and did not have a policy to delete than i can see the decrease. The collection from PRA is already depressing your Fico scores and with it being your only collection i feel you would see an increase not decrease.