Forgotten Your Password?

Need to Register?

Question Icon

my loan is going for a clear to close but a collection credit card was just added to my CBR

by Jessicaknapp326409 from Saint Louis, Missouri. Oct 17th 2016 Reply


Dennis Sauerwein (stlmortgagerates)
#12 ranked lender in Missouri - 20 contributions

Jessica,My name is Dennis Sauerwein I work for Pacific Union we can credit scores as low as 580 with no problem. Let me know if I can help 314-703-7200.Thank You

Oct 17th 2016
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

More info needed,,, If we go back 8 years ago, most every lender re pulled credit just prior to funding to be sure there was no other issues before funding the new loan.. now, it's down to maybe 1 of every 10.. if your credit is re pulled, and they see the collection, then yes.. it can drastically change your credit score and most likely it will result in a loan denial. That being said, there's a greater chance of the lender not re pulling your credit then pulling a new report.. (Fingers Crossed!!) If they do, and your loan is now denied, then it's possible you can get in a position relatively quickly to purchase.. but it's unlikely you will be purchasing the same home your under contract with now.. re-scoring can be done pretty quickly, but the credit score will need to be above a certain number for you to obtain financing.. this can take 90+ days,,, so, its unlikely the seller will hold out that long... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 17th 2016
1
0

cont.... I need help ASAP. I've been approved for a loan, we passed underwriting, just submitted the conditions. NOW we are about to go back for the clear to close. HOWEVER I just was notified on 1 of my 3 CBR a collection acct was added for $1100 I have the funds to pay it now, its from 2014 a credit card. Totally forgot. I'm sure it dropped my credit score. if my score dropped below 620 will underwriting turn around and deny the loan or just ask I pay it. I cant loose this house because my score dropped.

Oct 17th 2016
1
1
Sara Deere (SARAinMO)
#1 ranked lender in Kansas - 488 contributions

I also work for a lender that is headquartered in your area. If things don't work out with your current lender, please contact me as soon as possible.

Oct 17th 2016
0
0
Subscribe to our news feed.