Hi yall! So my hubby and I are going to be trying to get approved for a mortgage in April for fha. So my score is good but his not so good..it's currently 650 fico. He has some collections..they are all over two years old. 2 medical (not concerned with because of fha guidelines) 2 smaller collections for $650..also not really concerned with. The main collection I'm worried about is a car repo from 3 years ago. He had spoke with them a few years ago and they were willing to take $1200 to settle. We didn't have the money at the time to pay it. 
its showing as almost $10,000. I'm sure we'll get approved for the loan...but my concern is they will tell us to pay that off at closing. Paying the settled amount is one thing...but there's no way we can just fork out an extra $10,000! I would absolutely love some advice on this! What would be a good option!? If we settle now, will his score be recovered in a few months? He needs his score to be at least 650. It is currently...I just added him as an authorized user to a few cards that have zero balances with 15,000 credit lines..although they say they don't report authorized users to credit agency. Also had him added as a cosigner to a different card with a zero balance and a 15,000 line. I was thinking of maybe charging a tank of gas and paying it over the next few months. Again, any advice would be greatly appreciated! Thanks in Advance!
its showing as almost $10,000. I'm sure we'll get approved for the loan...but my concern is they will tell us to pay that off at closing. Paying the settled amount is one thing...but there's no way we can just fork out an extra $10,000! I would absolutely love some advice on this! What would be a good option!? If we settle now, will his score be recovered in a few months? He needs his score to be at least 650. It is currently...I just added him as an authorized user to a few cards that have zero balances with 15,000 credit lines..although they say they don't report authorized users to credit agency. Also had him added as a cosigner to a different card with a zero balance and a 15,000 line. I was thinking of maybe charging a tank of gas and paying it over the next few months. Again, any advice would be greatly appreciated! Thanks in Advance!
