Flipper762 Posted March 13, 2005 Author Report Share Posted March 13, 2005 My wife and I will be closing on our first home sometime in either late May or early whenever the house is done. My question is that I had a CC with Cross Country Bank back in 02/2000 in which I closed because of their unfair business practices at the time the CC had a balance of about $300 dollars after they inserted all of their bogus fees the balance now stands at $751. Given the age of the account and the low balance should I pay this or just let it go and will it affect our approval? Link to comment Share on other sites More sharing options...
Flipper762 Posted March 13, 2005 Report Share Posted March 13, 2005 My wife and I will be closing on our first home sometime in either late May or early whenever the house is done. My question is that I had a CC with Cross Country Bank back in 02/2000 in which I closed because of their unfair business practices at the time the CC had a balance of about $300 dollars after they inserted all of their bogus fees the balance now stands at $751. Given the age of the account and the low balance should I pay this or just let it go and will it affect our approval? Link to comment Share on other sites More sharing options...
firstsource Posted March 14, 2005 Report Share Posted March 14, 2005 My instinct is to tell you to just ignore the CC, and they will go away in time. SOL is probably only 2-4 years from now. That is assuming that you are trying to get a loan for 100% of the sales price, and that your scores are on the lower side,and you don't have a lot of assets. If I am wrong, and you can possibly get a "conventional/prime rate" type loan, then you will have to pay the collection. IF that becomes the case, I would suggest that you try to make a deal that the collection is paid at closing, and then you can try to make a deal to pay them 1/2 or the original amount. The negative thing about paying off before closing the loan on your home is that your credit scores will drop, and that can be a problem if your lender checks your credit right before closing.Charles Link to comment Share on other sites More sharing options...
Flipper762 Posted March 15, 2005 Author Report Share Posted March 15, 2005 My wife and I are getting close to our close date and we are just trying to dot our I's and cross our T's. Link to comment Share on other sites More sharing options...
Corrine Posted March 15, 2005 Report Share Posted March 15, 2005 and that can be a problem if your lender checks your credit right before closing. Is it common practice for a bank to pull your CR more than once? I was under the impression that they pulled one at the beginning (assuming it's not a pre-qualified thing) of the loan process and that was it. I'm going to the bank this Friday to start my loan and I assumed they would pull it that day and that would be it.DH is in the process of credit repair at this point. All his bad debts are paid but he has no revolving accounts so I was considering getting two CC's (specifically an Orchard and a Lowes card) so we could use them to purchase things for the house and then pay them off with the loan money to start building his credit. Would it be alright to ask the bank how many times they plan on pulling a CR and if applying for those cards will impact the loan in any way? Link to comment Share on other sites More sharing options...
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