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Pre-mortgage app dispute question


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Hi All -

 

New to the mortgage board, but long time CBer here.

 

I have one negative left ($1400 CC CO) that is due to drop off reports in Nov/Dec.

 

I plan to start the mortgage pre-approval process 60-90 days from now.

 

Is there any potential negative impact to disputing the one negative early (now) as obsolete instead of waiting for it to drop in November/December? I could use the score bump it may provide..

 

Thanks in advance.

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Welcome to this side of the boards - :wave:

 

If you have time to dispute and resolved - it wouldnt hurt anything

We cant have thing in dispute or unresolved at the time of application is all

I am not sure if disputing triggers anything that may cause it to update the tradeline? I would ask in the credit section about that - I only caution because you dont want to start the timeline for it to fall off all over again............

 

You dont need it to be gone to get a mortgage if that is the only collection left and it is that old, you should be able to get qualified with it on the reports......

 

Take Care

Brian

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Depending on the type of loan you plan to apply for you will have to have the dispute resolved before you apply. It is common for a underwriter to require a dispute be removed & the credit report re-ran. Most undwerwriters don't like accounts in dispute status so dispute it now & hopefully before yo apply the dispute will be resolved. Worse case you have to cancel the dispute after you apply for the loan.

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Thanks guys! Yep, my thought is dispute now, give it the 30 to resolve, then start looking at prequal in 60-90 so timeline wise I should be good.

 

My LO did say it wouldn't be a deal breaker, but the score bump could mean a big difference in rate offers based on the score boost since it is the only baddie.

 

Appreciate the help!

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