Asked by Ajnorris08, Racine, WI • Fri Nov 26, 2010
My husband and I are going for an FHA loan and we have been approved by the FHA desktop underwriter. However, the loan officer is concerned about an old unpaid collection account on my husband's credit report from a vehicle repossession. I should mention that my husband filed bankruptcy in 2002 and the repo happened afterwards. I also filed in 2007. We both have reestablished our credit and our scores are anywhere from 660 and up. Should we be worried about that old collection? And if there is a problem with it, would it help to pay it off?
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