Jump to content

Medical Collections and qualifying for home loan


goodstuff
 Share

Recommended Posts

I have 3 medical collections on my CR 2 on TU and 1 on EQ, my FAKO scores are 570, 620, 630 I'm waiting on my last disputes and my newly lowered credit card balances to show up on my report before I pull my true Fico scores. Are medical collections reviewed the same as any other collections when deciding if you qualify for a loan? It's also my understanding that if you go FHA you don't have to pay Medical collections but you do have to pay all other collections. I have 2 more collections but they are 5 and 6 years old and they are paid. I'm wanting to apply for a Rural Development loan but I'm scared to death that I won't qualify and the inquiries will kill my score. If I have to I'll pay them, one is 50 bucks, 460, and 570 is the most expensive one. But I'd rather not b/c I'm still disputing that this is incorrect, I have 2 full coverage medical insurance providers and I know they didn't process all of them, but that's water under the bridge. I just want to know if I should move forward in applying?

Link to comment
Share on other sites

Called the RD Office and asked them about this question. They said with 3 med collections and they are all in the same year 04 and having a minimum of 2 open TLs with good history for the past 2 years I should be able to qualify for an RD loan, providing a letter explaining that the situation was out of my control, thus the 3 collection items :)

Link to comment
Share on other sites

Thanks for your reply Grim,

That's the deal, I had 2 Full coverage insurance policies, mine where I was the primary and my husbands where I was the secondary! (it was from a pregnancy, which one insurance pays 80% of fees, and other picks up the 20%). I do truly feel that these 3 were oversights and the claims weren't submitted. Tried to DV collection agency to send me info on how they came up with amount owed, so I could see what insurance paid/how much/ and what they didn't, and try to have that info resubmitted. CA is not validating, won't reply, I sent it CMRRR and know they recieved it, but no reply. But I'm not giving up, I will straighten it out. But in the meanwhile it doesn't help me, I'm trying to have a house built, already put down the earnest money $1K, and they are starting to build it this month with the knowledge that I won't be applying until January. So these are the only thing that I worried about, b/c the RD loan works like FHA so they do go by credit score, just history.

Link to comment
Share on other sites

Thanks for your reply Grim,

That's the deal, I had 2 Full coverage insurance policies, mine where I was the primary and my husbands where I was the secondary! (it was from a pregnancy, which one insurance pays 80% of fees, and other picks up the 20%). I do truly feel that these 3 were oversights and the claims weren't submitted. Tried to DV collection agency to send me info on how they came up with amount owed, so I could see what insurance paid/how much/ and what they didn't, and try to have that info resubmitted. CA is not validating, won't reply, I sent it CMRRR and know they recieved it, but no reply. But I'm not giving up, I will straighten it out. But in the meanwhile it doesn't help me, I'm trying to have a house built, already put down the earnest money $1K, and they are starting to build it this month with the knowledge that I won't be applying until January. So these are the only thing that I worried about, b/c the RD loan works like FHA so they do go by credit score, just history.

CA's don't give a $#1t about what your insurance will pay or not. Go back to the doctor's office or hospital and find out what was not paid and have that submitted to insurance, or sue the hospital or doctor for negligence.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.