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I figure I am about a year away from wanting a mortgage. Currently, my credit has improved but it is still not what I want. About a year ago I was able to get a car loan. Six months ago I got 2 credit cards. I have handled these accounts perfectly. My student loans are also current, though balances are higher than I'd like. I do have 4 collections appearing. They are all several years old (2 tied to a bank account, 1 to a Gym account, and the other under dispute). I guess my question involves a good strategy to start getting ready. Is there any way to remove these collections? How much do they hurt me? I know my credit score is above 620, which is the mortgage minimum...but how will they look at my actual situation?




When you apply for a loan, the lender will check your credit report and will want you to pay off the accounts which are in collections. You should check out whether or not the SOL has passed on these accounts. If not, then you can negotiate with the collection agencies and pay off the dues. Once the accounts are paid off, it will have a positive impact on your credit score and they will increase which will help you in getting a mortgage.

Sub: #1 posted on Thu, 01/20/2011 - 01:43

Anna Sweeting Anna Sweeting

(Posts: 1827 | Credits: )


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