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Question By
Mrmess49201

3 Contributions
1 Person Helped
Paying Collection Accounts
Me and my Fiance are first time home buyers. We just got our credit scores which are 541 and 552. We have some accounts in collections all about $300-$700 each. We need to increase out credit scores in order to obtain a mortgage and was told to clear up these accounts in collections. I was told by a different mortgage broker to be careful what you payoff because the older accounts do not weigh as heavily(negatively) as the newer accounts do. Is this correct? If so, how do I determine what should be paid off first? Should be payoff all the smaller accounts or tackle the larger ones first? Any suggestions would be greatly appreciated.

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Top Contributor
988 Contributions
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+1 on Joe's reply.  CAREFULLY RESEARCH before doing anything or you can make matters worse.  Generally speaking you'll want to aim for pay for deletes.

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