My husband and I are planning to buy our first home. We will be using his credit and income. There are nine collection accounts on his credit report that we are going to pay off in the next couple of days. That will leave 2 collections that will remain on his credit report until we pay them in a few months. I tried to get a pay for delete with the collection agencies but they said no. These accounts will be paid in full. Will this better our chance to get approved for a loan? He makes a decent income. We have a car loan and 2 credit cards. We got a small personal loan from our bank to pay for the debts. Any advice will be appreciated.
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Answer #1
Hello
Yes, this will definitely increase your chances for loan approval. A Loan Officer will need to pull a ‘mortgage credit report’ to see where all 3 of your credit scores come in.
Once you pay these accounts and make them current, it still takes time for your scores to increase. Usually months of paying on-time AFTER you have made them current.
I believe that you can ask for a RE-score by your Loan Officer. This is to force the issue quicker and see if you can get more of an increase now.
It’s hard to give good advice without seeing your credit report and knowing the specifics for all of your other loan financing information. It’s best to contact one of these loan officers and talk it through. At the very least they can give you a game plan for moving forward.
Good luck and hopefully you will be in a position to buy very soon