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nikkicapricorn | I have 3 credit cards in collections,shld I settle these accounts before applying for a home loan? |
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Crazyjester9
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You need to do a pay for delete agreement to get the negative marks removed, otherwise you could actually lower your score. |
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bigtalltom
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yes. the chances of you getting a home loan with 3 cards in collections is almost zero. |
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airjarrod
 |
Even if you paid them off, it would still be a while before your credit was good enough that someone would loan you enough for a house.
If you can't pay off credit cards that are a tenth of a house loan, why would someone loan you 10 times that amount? |
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Typo
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If you can't pay your credit cards, why on earth would you want to borrow more money?
Pay off the debts, but don't count on getting the loan soon. |
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Katie D
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I would pay off the cards and then think long and hard about the repercussions of getting into more debt and the fact that you could end up homeless. |
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bdancer222
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Do you have any idea what your credit score is with those 3 collections? No where close to enough to qualify for a mortgage. Pay those collections off. Then spend the next couple years working on paying all your bills on time to improve your credit history.
You should also put a set amount into a savings account every payday for a downpayment and closing costs. You're going to need it if you want to buy a home. |
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james m
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You should settle the accounts whether or not you apply for a home loan. The delinquent payments are still going to affect your credit history, and possibly keep you from getting a loan. Delinquent payments stay on your credit report for seven years. |
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Cheyenne
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Absolutely. Don't even waste your time applying for a home loan with outstanding collections on your credit report! |
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Rick B
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Only if you want to get approved for the home loan. |
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Indiana
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you would find it very hard to get a home loan, with 3 cards in collections are you really ready to start buying a house? |
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sage one
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you must settle them. your credit score is probably low, as a result of this. call the original company and find out who to send written correspondence to. then write a letter explaining why you weren't able to make timely payments. also, explain that you have settled the account. then explain that you are trying to apply for a home loan and ask for any negative remarks to be removed from your credit report. sometimes this works, and sometimes it doesn't....but, it's worth a try.
also, pay off as many credit lines as you can to reduce your loan/debt ratio. however, never pay everything off because you need to have an active credit history.
you may also try getting one or two credit lines and make small charges and every month pay them back early or more than the minimum. those companies will report your payments as "pays better than agreed" or something equally positive. this will help to rebuild your credit. |
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Cliff
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you owe it you should pay it before thinking about borrowing more |
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src50
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Yeah, that's a thought. |
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$1200 mistake
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Yup. Save your money and get those paid off before applying for a home loan, as you will not likely be approved with outstanding collection items. If a lender did approve you, the rate would be much higher and they would require that they be paid in full prior to funding anyway. Why put your home at risk (and your downpayment) if there are companies out there that can obtain judgements against you for unpaid debts? Lenders will feel the same way and will not make the loan if it is at risk from the start. You wouldn't want to pay the interest rate to a lender that would approve you under those circumstances. You may even have to rebuild your credit by showing that you have paid these debts and have continued to make payments on other debts for at least 2 or 3 years with no lates. |
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Dylyn
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I would think so. If you call your creditors they will probably be willing to deal with you to get them paid off without the interest and with a set payment plan. |
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OldPoet
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ABSOLUTELY! It will however, still show on your credit report that you were delinquent. Good Luck! |
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