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Cleaning Credit Profile

I have been working to improve my credit score to purchase my 1st home this December. I just noticed an item that was previously remove (repossessed car in 2009), was put back on my profile, but for a high amount to the bank. I am confident I can get this fixed, but my question to the mortgage professionals is, if this happened while I was actively getting credit pulled in the process of getting pre-approved, how would it effect my credit score in terms of getting qualified/or disqualified for that matter? by moxfulder867 from Boise, Idaho. Sep 28th 2018 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,478 contributions

More info needed, but in general.. if an old account pop's up on your credit report, and your lender finds it.. then yes.. it could affect your credit score and your overall ability to qualify for a loan. In simple terms, your scenario should be easy to fix.. secured debt that went default can only be on your report for 7 years.. for you, it's been 9.. but understand that just "disputing" a bad account will not help you get a loan. When you apply, if you have any disputed accounts, the lender will make you remove them prior to loan submission.. The reason is that when you dispute an account, your credit scores ignore the disputed account and will show a higher score that what is actual... Lenders used to dispute bad accounts to boost the credit score, but the underwriters caught on quickly and now require that all disputes be removed prior to loan submission. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Oct 1st 2018
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Kerry Greenwald (kerry@creeksidem.com)
#98 ranked lender in Washington - 22 contributions

Mox,It depends on the loan program, lender and circumstances, also your current credit history after the event. It would not necessarily disqualify you for a mortgage. Lender will look at more than just credit to determine loan eligibility. What part of Idaho are you looking to buy in? Call me at 800.920.5420

Oct 1st 2018
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