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Confused4now

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First time home buyer
I am a first time buyer and have an approval letter from a mortgage company. In order to qualify for a lower down payment I would have to get my score up a few points. I have a few small medical bills that I did not know I had. Would it help if I contact them to pay them or will it hurt me in the short term. I have approximately 51/2 weeks till closing what should I do?

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Pay off any collections you can.

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Those are whats hurting you the most. 

You should have checked your credit report in advance of applying for any credit so you could correct anything that needed attention. You'll know better next time.  

Pay off any accounts you can afford to. Normally I'd advise that you contest and verify old collection accounts but you don't have the time for that. If needed use credit cards to pay them but only as a last resort. Get Credit cards ballances as low as possible.  Do this ASAP as it can take up to 30 days for the payments to get reported to the Credit Bureas.  

The lender will pull a copy of your credit report the day of closing, That will determine the final interest rates. Ask to see it, if They don't have it a fresh copy ask them to pull it again, your scores can change daily.  Those late payments will continue to show on your Credit Report, but as they age and with a good payment history they will have less of a negitive effect on your score.    If you need to get your score up only a few pioints these steps should help. Scores above 720 usually get pretty good rates. 750 for the best at some financial companies. 

Good Luck 

Check your creidit reports at least once a year to be sure these types of thing don't happen in the future. 

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