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In AZ the statue of limitations on collection ends on year 3. If it has been over three years not very many lenders will care about those collection. Remember lenders care about themselves and the property they will soon finance. Once over three years no collection can attach itself on a residence because it's illegal and that is what lenders truly care about. The reason you might have a lower fico score is maybe not enough good debt to drive up that score. Get a secured credit card and you will probably see some positive movements
If the collections are reporting to the credit bureau as "medical collections" the affect they have on your credit score will be little if any. "medical collections" are reported to the bureaus, but since they are medical the credit bureau scoring model doesnt include them in the score calculation.Its VERY critical that the collections are being reported as medical if they are medical. Collections of any other type are VERY negative and will seriously affect your score.I owned a mortgage credit bureau for 20 years. I know how the scores are calculated. There must be some other reason your scores have dropped.
I am in agreement with others here that indicate concerns about the amount of the collections. 300k is a very large number.I think the loan could be possibly be done. If you found a lender that will underwrite to Desktop Underwriter findings you may have a better chance as there is a decent chance that you can get an automated approval from Desktop Underwriter.
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