Posted on: 06th Feb, 2012 02:23 am
I want to get approval for a VA Loan. My credit scores are in the lower range - 570 to 610. QL, the lender, advised me to remove the collections from the credit report. Presently I have 2 collections on my report for $420 and $81. One card has $3000 and the other is my overdraft with a $500. VA said paying the cards would have more of a positive influence on my credit score than my collections, and bring my score up. Apart from that, all other things look good on my credit report. I think with income taxes I can do one option or some of both options. I'm not sure the best way to spend my money. Suggestions please…
Hi Jena,
I agree with what VA has said. You should definitely pay off your collections. This will improve your credit score and have a positive impact on your credit report. Once your score improves it will become easier for you to get the VA loan.
Thanks,
Jerry
I agree with what VA has said. You should definitely pay off your collections. This will improve your credit score and have a positive impact on your credit report. Once your score improves it will become easier for you to get the VA loan.
Thanks,
Jerry