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Mortgage App, PayPal Apocalypse...need advice.

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Established Member

Mortgage App, PayPal Apocalypse...need advice.

Ok, here goes...

I have really worked to get my credit back on track over the past year after my soon to be ex-wife kinda decided not to pay bills for a bit.

I am looking to get a VA loan through NFCU or Veterans United.  My mortage FICO are 567, 618, 633.  Not great...but as of 8/10/19, thats where they stood.  i have gained a few points over the past week and a half in my middle TU.  IDK if that translates to 2 points for a 620 which seems to be the minimum for a VA loan. 

Here's my issue.

With the Syncrony PayPal crap that is about to drop on my credit in September, which will add 3000/3500 to my debt...do i roll the dice right now before all of this drops?

My current cards and debt are...

Key Bank - 0/1800

Key Bank - 0/4100

Chase Slate - 100/2000

Jared - 0/7600

Chase Freedom - Closed - Still owe 5500/7600

Cavalry Port - Paid - Waiting for it to drop off sometime in the next two weeks.

We are selling our house, which will give me enough money to pay off the Chase 5500 and the 3000 of the Paypal.

Roll the dice now, or wait, take the hit on my credit, pay it off and wait for all of that crap to cycle through?

 

Thanks, Matt

Message 1 of 5
4 REPLIES 4
Super Contributor

Re: Mortgage App, PayPal Apocalypse...need advice.

Well I'd do whatever it takes not to have any recent negs hit your reports. This may sound far fetched. But I'll throw it out there. Grab a 6 month lease at an apt. Sell the house. Pay off all the balances. Scores will rise up and then apply for the loan. Seems like a lot. Or grab a HELOC to pay them off and then sell. Then all can be paid. Just throwing example out there. Kinda stuck between a rock and a hard place. Good Luck!





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 2 of 5
Established Member

Re: Mortgage App, PayPal Apocalypse...need advice.

So. As an update. I called PayPal today. They said that it won’t report on my credit until September 24th. My next due date is the 14th. I’m assuming they are letting me get that last payment in those 10days. I plan on paying it off by the 9th. So. It appears that it will be all settled by then without a high balance ever reporting. At least that’s what they told me.
Message 3 of 5
Contributor

Re: Mortgage App, PayPal Apocalypse...need advice.

How did you find out that this was going to report?
Message 4 of 5
Established Member

Re: Mortgage App, PayPal Apocalypse...need advice.

Started to read it around the forums. Called and asked about it. I am hoping to have it paid off before it reports.
Message 5 of 5
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