Need Advise

[Anonymous]

I want to buy a house in two months and my bank tells me I need a 660 FICO, I have a score of 590 now.  My credit utilization is low because of xmas but can sort that out quickly and I am guessing will add 40 points.  I lived out of the country for a long time and now have a short credit history.  The history I do have is good except for one negative on my report.  I owe $640 to Verizon from 1 1/2 years ago, it is in collection status now.  They said they will take $320 to settle it and move it to" paid settled" or $640 to move it to "paid in ful"l.  Which should I go for? 

Thanks

[Revelate]

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@Anonymous wrote:

I want to buy a house in two months and my bank tells me I need a 660 FICO, I have a score of 590 now.  My credit utilization is low because of xmas but can sort that out quickly and I am guessing will add 40 points.  I lived out of the country for a long time and now have a short credit history.  The history I do have is good except for one negative on my report.  I owe $640 to Verizon from 1 1/2 years ago, it is in collection status now.  They said they will take $320 to settle it and move it to" paid settled" or $640 to move it to "paid in ful"l.  Which should I go for? 

Thanks

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Welcome to the forums!

Actually, neither  Check the Rebuilding forum for Pay For Delete; post your situation there and see if someone can give you some advice to approaching it... paying does you no good for a mortgage app, getting it removed altogether would help tremendously.  If you can't get it removed, only pay it if UW mandates you have to.

There are lenders that will go below 660 as well.