crnbread73 Posted March 6, 2007 Report Share Posted March 6, 2007 I have about 4 or 5 cc in co status on my credit report. I have already received letters from the ca's collecting on these. But my question is because we are trying to get a loan to buy a house should I contact the OC and try to make some sort of arrangements or just deal with the CA's. These are recent CO's within just a few months time. I really want to get these cleared up and moving along. All of this so that we can buy a house. Please need advise from all you gurus Link to comment Share on other sites More sharing options...
shan2themax Posted March 6, 2007 Report Share Posted March 6, 2007 I personally would try to deal with the OC first... but... under no circumstances do you tell either one that you decide to deal with that you are wanting to buy a house or whatever... I have read on here that that is a bad thing to do.... I guess that to determine who you would deal with.. we would need more information... length of time since it went to collections, who old are the accounts, who is reporting to the CRA's that sort of stuff.... Link to comment Share on other sites More sharing options...
kimber6337 Posted March 6, 2007 Report Share Posted March 6, 2007 check here, I wouldn't pay the CA.http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=263582 Link to comment Share on other sites More sharing options...
rella5 Posted March 6, 2007 Report Share Posted March 6, 2007 You may want to ask your loan officer . Sometimes paying off CAs before you apply for a loan can actually hurt your score. I work for a mtg. co. and our loan officers frequently negotiate with OC's and sometimes CA's if necessary and pay the collection accts out of the closing. We sometimes even get a CA to accept a lower amt because they're getting a lump sum at closing. Just an angle you may want to investigate. Link to comment Share on other sites More sharing options...
qtptute Posted March 6, 2007 Report Share Posted March 6, 2007 You may want to ask your loan officer . Sometimes paying off CAs before you apply for a loan can actually hurt your score. I work for a mtg. co. and our loan officers frequently negotiate with OC's and sometimes CA's if necessary and pay the collection accts out of the closing. We sometimes even get a CA to accept a lower amt because they're getting a lump sum at closing. Just an angle you may want to investigate.NEVER, EVER PAY A CA!!!!!!! In 99% of the cases we see, most CA's and most JDB's (which there is a fine line between them), they don't own the debt. Most of the time they can't even prove that you were born. Link to comment Share on other sites More sharing options...
crnbread73 Posted March 6, 2007 Author Report Share Posted March 6, 2007 The oc is the only one reporting to the credit right now so I will say that they may have been in collections just a few months. So I guess I will see what I can do about getting them paid and see what happens. I really can't afford to do a lump sum payment but I could make some sort of arrangement with them to get them to report as paying as agreed??? Link to comment Share on other sites More sharing options...
KMoney Posted March 6, 2007 Report Share Posted March 6, 2007 The oc is the only one reporting to the credit right now so I will say that they may have been in collections just a few months. So I guess I will see what I can do about getting them paid and see what happens. I really can't afford to do a lump sum payment but I could make some sort of arrangement with them to get them to report as paying as agreed???Try To Pay The OC It Will Save You A Lot Of Pain And Drama In The End! Link to comment Share on other sites More sharing options...
thomassl Posted March 6, 2007 Report Share Posted March 6, 2007 The oc is the only one reporting to the credit right now so I will say that they may have been in collections just a few months. So I guess I will see what I can do about getting them paid and see what happens. I really can't afford to do a lump sum payment but I could make some sort of arrangement with them to get them to report as paying as agreed???You might really want to consider what Rella5 said as they currently work in the industry. Depending on when you are buying a home, it is true that your score goes down when accounts come off your report. They will rise again but do you want to take that chance? Talking to your loan officer is your best bet. Mine told me exactly how to clean up the items on my credit report during this process. I also agree about not telling the original creditors what you are doing in regards to buying a house. You don't need any unnecessary delays! Link to comment Share on other sites More sharing options...
sjcraw Posted March 6, 2007 Report Share Posted March 6, 2007 You might really want to consider what Rella5 said as they currently work in the industry. Depending on when you are buying a home, it is true that your score goes down when accounts come off your report. They will rise again but do you want to take that chance? Talking to your loan officer is your best bet. Mine told me exactly how to clean up the items on my credit report during this process. I also agree about not telling the original creditors what you are doing in regards to buying a house. You don't need any unnecessary delays! If you don't mine will you please tell us what your loan officer told you the best way to clean your credit. With him/her working in the lending field, I'm sure they would no the best tatics.Thanks in advance for your reply.Sjcraw Link to comment Share on other sites More sharing options...
crnbread73 Posted March 7, 2007 Author Report Share Posted March 7, 2007 the loan officer I spoke with today basically gave the same advice that is given here. DV everything... He said basically what is told here if you want to pay it then make the arrangements and do it but for short term fixes or possibly permanent ones dispute it all and make them verify that the loan exists. They will correct the info on the credit report or remove it completely. I was happily surprised to hear the same advice from a mortgage professional that I was given on this site. You guys are the best. I am already starting my letters to get these things cleared up. He also gave me sample letters to write and basically they state that I am asking for verification based off of the law and that this be provided to me or removed from my credit report. He also suggested piggybacking someone's credit so that we could build some better new credit. Link to comment Share on other sites More sharing options...
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