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Posted in Mortgage
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Samjust2127

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Loan agencies reporting lower credit score, more accounts in collections?
Trying to get approved for a mortgage they're saying score needs to be over 660 to avoid needing proof of a steady income which is an issue for me as I am a mechanic played flag hours, my credit score on here is 665 both companies and should only be going up as I am never late on payments and have slowly been paying off the items credit karma shows in collections. The loan companies also report WAY more collections in my name than it shows on here

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The reason for the different scores are different scoring models. What you get here is Vantage scores, while most lenders will use a version of FICO scores. It would probably benefit you to pay for your FICO scores during the time of your rebuilding process. For dealing with collections there is a lot to know, so you should do a lot of reading on that. Make sure that you learn about "pay for delete agreements" before dealing with old collections on your reports. For any collections that you have already paid, learn how to write "Goodwill Letters" for any paid collections still showing on your reports. Any questions along the way, please feel free to ask and I will do my best to try to help you.

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Hours of reading now can save years of problems later, so always do your homework before you start tweeking your credit.

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