Financing in Monroe Township>Question Details

Joanna Lynn, Home Buyer in Monroe, NJ

We tried to get preapproved but he has a credit score of 630 and we need 640. He had a collection on his report that we did not know about because he

Asked by Joanna Lynn, Monroe, NJ Fri Aug 16, 2013

had moved. He paid that now, but the lender cannot run a report for 90 days. We were going to try and do a rapid rescore for $55 but it still isn't showing up on the report that the collection has been paid. Lender told us to try and get the whole thing removed by collection agency,but they wouldn't do it. What can we do? If we wait out the 90 days, will the score most likely rise? Or will it be low until the collection is off of it? I am writing the credit bureaus now. Is there any advice?

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I don't know if this will help you or not, but you can certainly try. I have worked with a woman at a mortgage company, that has done wonders in the past. Her name is Cindy Lurie, with Allied Mortgage Group. Her office number is 856-782-2740, and her cell phone is 856-663-2178. Tell her I suggested that you call her to see if she can help.

If you need help finding a home once you get a pre-approval, give me a call.
1 vote Thank Flag Link Sat Aug 17, 2013
Thank you for answering! We will definitely give her a call.
Flag Sat Aug 17, 2013
The most effective way to fixing your credit score is to pay your revolving credit card balance. After a collection is on your credit there isn't much that can be done in the short run. It is best to pay back any collections as soon as possible. So as time goes on the collection will become more insignificant to your credit score and will help it return to a better score.

I hope this helps and good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 24, 2014
Joanna -
If you still require financing, we can definitely help you with this.
You should definitely secure financing before moving into a contract. We can help with that. I am local as well from NJ.

My service and client support is my #1 priority. I am not just a simple 9-5 Mortgage Lender.

We are a Direct FHA -203K Lender for HUD. We are an in-house lender that keeps your loan and does not Broker it out.
I have been writing mortgages for over 12 years now. My company is rated A+ with the BBB.
Here is my email: miked@ahmcloans.com

I offer no pressure consultations and can advise multiple options when Purchasing or Refinancing.
My cell phone is: 201.403.6587

I look forward to helping anyone in need of a Mortgage for a Purchase or a Refinance!

Michael DeChristofano
NMLS#214287
Absolute Home Mortgage Corporation
miked@ahmcloans.com
cell: 201.403.6587
0 votes Thank Flag Link Tue Nov 19, 2013
Hi,

I am a mortgage professional for the past 15yrs. If you have documentation showing these accounts are paid, we can do a rapid rescore removing these collection accounts from your credit report so you do not have to wait. It is free of charge and takes approx. 5-7 business day. Please email me.

blavan17@aol.com
0 votes Thank Flag Link Tue Oct 22, 2013
We would be ok as it is. I would just need proof, ie cancelled check it was paid. Take a look at our video testimonials to learn more about us, we would love to work with you
0 votes Thank Flag Link Mon Aug 19, 2013
it's a shame that you already paid the collection. if it was still outstanding you would be able to press the collection agency to remove the collection account from your credit report. you have lost all of yoru leverage by paying it already.
0 votes Thank Flag Link Sat Aug 17, 2013
Yes, we unfortunately realized that after the fact. We had wanted to pay it off just to get the thing over with and move forward, but with that hastiness came consequences. Live and learn I supposed (although I would hope we never have to go through this again).
Flag Sat Aug 17, 2013
Joanna, I also want to say that the lender, any lender can have their credit company do a supplement at any time to verify the account was paid off a d post it to the credit report.

Give me a try, I promise you I can help your score to over 640 in DAYS.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sat Aug 17, 2013
Joanna, I do rapid re-scores for my clients 60% of the time, and the funny thing is that almost always when you pay off a collection it actually lowers your score as oppose to increasing it. Your Loan Officer can certainly re-pull the credit. I STRONLY suggest you speak with a 2nd Loan Officer and get a 2nd opinion, maybe someone who has experience with restoring credits.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sat Aug 17, 2013
Also, we received a paid in full letter, but the lender said until the letter says that the collection will be removed from his credit profile, he cannot preapprove us.
0 votes Thank Flag Link Fri Aug 16, 2013
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