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JesBeast8

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Can I get approved for a mortgage with a credit score of 640 and old unpaid collection accounts
I am trying to decide if its worth trying to settle with collection companies.

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It would be better if you consulting with mortgage broker/loan officer, they should able to tell you what would be best course of action.

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Most mortgage lenders use a version of FICO scores, not the scores that you get here, so you should check to see where they are. Most mortgage lenders will not issue loans if you have outstanding collections, so you probably will have to take care of them first. Spend the time to read all that you can on how to build your credit, concentrate on that for now, the house will probably have to wait.

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First off, you need to understand how credit works and the articles on this site (the sole purpose of which is to educate people about credit) do the job very well for those who pay attention.  I now have an excellent credit score thanks to the knowledge gained here.  You also need to know about the statute of limitations for collections and negotiating a pay for delete agreement.  As it stands now, those collections showing on your credit report are very likely to prevent a mortgage even if the score would not.  Gain the needed knowledge so you can become credit smart.

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