Posted on: 29th Jun, 2009 07:21 am
I had two paid/closed collection accounts on my credit report. One was from four yrs ago and the other about 1-1/2 yrs ago. They won't remove that accounts even though they are paid. I have a credit score about 673 - 700 and I am worried I will get turned down for a new home loan in the next few yrs.
Hi smyrvold,
Generally a negative item remains on your credit report for 7 years. But in your case, as you have paid off the collections, the creditor could have removed it from your credit report. You can negotiate with your creditor further and check out if they can remove it from your credit report.
With a credit score of 673-700, you can easily get a FHA loan. However, in order to qualify for a conventional loan, you would require a credit score of at least 720.
Thanks
Generally a negative item remains on your credit report for 7 years. But in your case, as you have paid off the collections, the creditor could have removed it from your credit report. You can negotiate with your creditor further and check out if they can remove it from your credit report.
With a credit score of 673-700, you can easily get a FHA loan. However, in order to qualify for a conventional loan, you would require a credit score of at least 720.
Thanks