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Tennessee Tee

QUESTION ABOUT LOAN APPROVAL

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Hey guys and gals,

 

I need some advice. I found a 180000 home and left a earnest money with the builder. The house I went after is ready for purchase but I need to close by 31Aug. The Mortgage company I am working with asked me to pay off a collection account that is over 08yrs old which is well pass the SOL to get my score up some more. Current score is about 658.

 

My question is should I be looking for another lender or pay off the collection in the amout of 1600 dollars? I was maybe too loyal to the broker I am working with and now thinking about kicking them to the curb and go else where but time is of the essence.

 

Look forward to the replies.

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Don't pay it off.

 

Just because they don't understand how this could affect credit doesn't mean they aren't offering you a good deal. Post your GFE and we'll give you our opinion.

Edited by VA Loan Guy

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If its past the SOL you can go the CRA website and use the dispute form on their website. That account is past the 7 yr that is set by law to be reported on your credit report. It should not even be there. The CRA is in violation of the FCRA. The best defense is a "not my account".

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asked me to pay off a collection account that is over 08yrs old which is well pass the SOL

 

If it's over eight years old, why is it still reporting? A simple obsolete dispute should get rid of it, no?

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absolutely no reason to pay a collection account thats past the sol in fact 8 years old and its not going to help your score one bit in actuality it will hurt your score and would like drop you to the next tier or close to it

 

August 31st is enough time for your broker to switch products to get around this (nonissue) or plenty of time for you to enlist the help of another broker or even direct lender if so desired

 

Unless we are missing pieces to the puzzle the information as stated above stands

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