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Started By
Message
My wife did not follow my advice about a debt collection.
Posted on 12/5/17 at 10:24 pm
Posted on 12/5/17 at 10:24 pm
We are looking to buy a new house. My credit is 750+ From all three. No bad marks.
Her credit was solid. 720+ on two and 680 on one. The 680 one has a collection from her college years(5years ago) for $200. I told her to let it go. She tells me today she paid it in full. They didn’t agree to take it off the credit report. My fear is that this will now show as a new debt(yes paid but still New).
I’m not familiar with this and google didn’t do much help with answering what will happen to her score. I’m hopeful that it is a wash and will not hurt. Anyone have any estimates on what will happen to her score? I know we will get approved, but I’m trying my best to get the best rate that’s possible.
Her credit was solid. 720+ on two and 680 on one. The 680 one has a collection from her college years(5years ago) for $200. I told her to let it go. She tells me today she paid it in full. They didn’t agree to take it off the credit report. My fear is that this will now show as a new debt(yes paid but still New).
I’m not familiar with this and google didn’t do much help with answering what will happen to her score. I’m hopeful that it is a wash and will not hurt. Anyone have any estimates on what will happen to her score? I know we will get approved, but I’m trying my best to get the best rate that’s possible.
7
Posted on 12/5/17 at 10:27 pm to iamAG
There are specialists who can get that cleared. Where you located?
Posted on 12/5/17 at 10:28 pm to indianswim
Baton Rouge
Posted on 12/5/17 at 10:29 pm to iamAG
Money Board?
Also,
Also,
quote:pics?
wife
Posted on 12/5/17 at 10:30 pm to iamAG
The Money Board might be able to help you with this.
Posted on 12/5/17 at 10:32 pm to bhtigerfan
I apologize. My intentions were to put this on the MB. I will request a move.
Posted on 12/5/17 at 10:34 pm to iamAG
quote:
My intentions were to put this on the MB. I will request a move.
Post the pics here and on the OT though
Posted on 12/5/17 at 10:40 pm to jdeval1
I was hoping to get some real info. Guess my board mess up doomed that.
Posted on 12/5/17 at 10:45 pm to iamAG
It won't do much to her credit score. If it becomes a real issue, it's just a couple of hundred $$. The lender might make you prove that it's settled before going through with the loan. I used to work in finance actually.
Posted on 12/5/17 at 11:05 pm to iamAG
So, you are saying that your wife is honest and respectable and you are not.
Posted on 12/5/17 at 11:20 pm to Chief Rocka
Pretty much
Posted on 12/5/17 at 11:20 pm to jdeval1
Awesome. Thank you.
Posted on 12/6/17 at 10:50 am to jdeval1
It might throw you into manual underwriting, where she can explain herself.
The whole system is insane. Paying off an old debt should be rewarded, not punished.
The whole system is insane. Paying off an old debt should be rewarded, not punished.
Posted on 12/6/17 at 2:39 pm to iamAG
I found an article on myFICO.com:
Full article here = LINK
quote:
The fact that you have collections listed on your credit report will almost certainly lower your FICO score. Your score weighs collections on your credit report according to when the collection occurred. Generally, the more recent the collection, the more it's going to hurt your FICO score. At myFICO we always recommend paying off your legitimate debts, and paying off old collections won't hurt your FICO score.
quote:
Something else to keep in mind is that every lender uses its own criteria when evaluating loan decisions. Some lenders may want to see that you are paying off collections before approving your loan. So, paying off collections could very well improve your credit-worthiness in the eyes of a lender.
Full article here = LINK
Posted on 12/6/17 at 3:44 pm to Lou
Many mortgages ago, I had a small medical bill show up unpaid. I think it was around $20. I was required to pay it off get the loan.
Posted on 12/6/17 at 9:02 pm to iamAG
Whomever earns the most money will be the main borrower and their mid score will be the one that’s focused on in most cases. 700+ and you’ll be good. If you have the cash, pay the rate down as much as possible.
Posted on 12/7/17 at 8:56 am to iamAG
These old minor debts always seemed rather scammy to me. Nobody GAF about a debt that small that is five years old. For something this minor I would have just told the mortgage lender about it and asked them what I needed to do.
The original creditor doesn't care over something this trivial, not after five years anyway. Yes, they would the first month or two but after that they'll just report it and avoid trying to dedicate any resources to it.
The original creditor doesn't care over something this trivial, not after five years anyway. Yes, they would the first month or two but after that they'll just report it and avoid trying to dedicate any resources to it.
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