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Posted in Mortgage
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OneTime225

1 Contribution
27 People Helped
Will a Closed Collection/Negative account with balance affect my chances of getting a mortgage?
I have a closed collection account that's 6 years old with a balance of $2100. It was never sold to a collection agency. The original lender is reported. There has been no attempt to collect on this account from the lender. I've been working on my credit recently and I'm near the point where I can qualify for a mortgage. The question I have is would lenders deny me a mortgage because of that old collection & balance on my credit report, although its closed?

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Top Contributor
59 Contributions
35 People Helped

Having an account go to collections will affect the mortgage companies decision to give you a mortgage. It's not yes or no just because you have an account in collections though, other factors will also play a role.

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