Question: Can anyone say how much the $600 in problem accounts on a credit > report effects the overall score?
> Suggestions?
> I am reposting the credit report issue that I posted under another > thread below:
> As I mentioned in another related post our oldest son is in the > process of getting a home mortgage loan and had an account of $130 pop > up from 1998 that he was not aware of. His wife had a $196 account > that she was aware of, but thought had been > taken care of from 4 years ago! > The loan officer told them that even if they got the accounts taken > care of tomorrow that the items would not be removed from the credit > reports for six months or either they would not reflect on their > credit score for six months! > Apparently, there must be six months of bills paid on time to have any > effect on your credit score. > In this case, IMHO neither account should have been figured into their > score as the $130 amount was from someone else charging to son’s > account illegally and the $196 account was from DIL’s ex-husband not > paying a bill that he was ordered by the court to pay in their > divorce. > Please see my separate post for more on this and some questions that I > hope someone can help with. Thanks.
Answer: Or wait 6 months till their credit rating improves enough to qualify for 6%.
I’d personally go this route myself and with a bit of luck the 6% should still be available. Even if it isnt, and has risen a bit, thats no worse than locking in 7.75% now.
Corse that does depend on the house they plan to buy still being available then. You arent very clear on that, whether they have a specific house in mind right now or are just getting the loan pre approved and will pick a house when that has happened.
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