Hi. My wife and I are entering final underwriting for a mortgage tomorrow. Our middle credit score is 768, and we're putting down 20%, but... I had a $93 collection from ATT Wireless that I didn't even know about 'til they tracked me down last summer and I paid it. (It was the final bill on that acct., and it had fallen through the cracks.) Could this derail the process? Apart from this one thing, our scores, income, and everything else are very strong. Thanks! Dave
If your scores are that high with it on your reports, or it is not on your reports now, I don't know why it would cause a problem now. If you can show that you have paid it, and by mistake they somehow now post it as an unpaid collection, they might mess up your loan, but you should be able to give them hell in return.
Hi--thanks for your reply. It does show "paid" on the CR. I'm just worried that it's on the CR at all. Dave
Was it on your credit reports used to determine your middle score? If so, that is probably all the effect it has. Your middle score is high.
I would not worry at all.....if you've reached this point in the process, your CRs have been scrutinized already, and they focus on your scores almost entirely. The fact that it is paid is important, if it were not, they would have told it was required to pay it off first. So, you have no worries about this derailing your mortgage; your credit scores are well beyond what is needed to qualify for even the best of loans. So, just worry about the standard process of buying a house!! There's plenty of that!
bizwiz41: Thanks for your insights. Final reply due tomorrow...(clerical problems held things up a few days) dave
