Posted on: 28th Feb, 2012 12:57 am
I had a 20 year history of great credit...cc, mortgage, student loans, cars, all paid 100% on time. In February, I applied for a mortgage and was approved. However, I noticed a problem. My scores were near 800 on two of the credit reporting agencies, but on the third one, it was only 660. There was a derogatory line for collections of a $65 private lot parking ticket that was reported in January (1 month earlier). I am now assuming that this will makes its way to my other two credit reports before the Close, and seriously jeopardize my loan. I was given the loan as an "800" and will now be a "660" when they pull my report at Close. How would this type of score change affect the loan?
Thanks
Thanks
Hi Chazz!
Welcome to forums!
Your middle score will be taken into consideration and not your lowest score when you apply for a loan. You will get your loan depending upon your middle credit score. However, it will always better if you could pay off collection account for a parking ticket. It will have a positive impact on your credit report.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your middle score will be taken into consideration and not your lowest score when you apply for a loan. You will get your loan depending upon your middle credit score. However, it will always better if you could pay off collection account for a parking ticket. It will have a positive impact on your credit report.
Feel free to ask if you've further queries.
Sussane
Welcome Chazz,
I agree that paying off the derogatory item will definitely have a positive impact on your credit report. It will improve your score and it will become easier for you to qualify for a loan. But as Sussane has said, you won't have to worry about the score of 660 as it won't be taken into consideration. Your middle score will be taken into consideration while the lender gives you the loan.
I agree that paying off the derogatory item will definitely have a positive impact on your credit report. It will improve your score and it will become easier for you to qualify for a loan. But as Sussane has said, you won't have to worry about the score of 660 as it won't be taken into consideration. Your middle score will be taken into consideration while the lender gives you the loan.