Profile picture for j1522

Trying Hard to get a pre-approval

My Score is 634.  There are some collections that i did pay.  The lendar want to wait until they show paid on my report.  My lease is up in august.  Ive called the collector and they said they reported it and it might take up to 90 days to be removed.  Not sure what else i can do.  I have a house in mind but they wonte take any offers without a  pre-approval.
  • June 16 2010 - Kenosha
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Answers (4)

Ask your lender if they can do a Rapid Rescore.  This will quickly calculate the change in your credit score based upon a 'what-if' scenario.  This should only take about 5 days.  But you will probably need verification from your creditor that the debt has been paid - or at least some sort of proof of payment.

Keep in mind that the Rapid Rescore is lender-specific.  So if you ask lender A to do a RR, you can not use the results with lender B.
  • June 17 2010
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Profile picture for Diana Dahberg
Would you like me to have one of my Lender Associates contact you?  If yes, please call me or e-mail me privately with your contact information.  I'll be happy to make a recommendation.  Awaiting your reply. --Diana

My e-mail: [contact info removed by moderator]
  • June 16 2010
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Profile picture for j1522

All the collections have been paid just waiting for them to show as paid on credit report. I have 10,000 to put toward downpayment and closing cost.  The  house is a foreclosure, the bank owns so thats why they want a pre-approval. 

  • June 16 2010
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Profile picture for Diana Dahberg
Hello j1522:

Unfortunately with the upset to our economy things have changed, especially for buyers.  There was a time when a 634 credit score would have allowed you to get an FHA loan, and it is still possible if you are working with the right Lender, who is willing to take the time to prepare your package and counsel you through it as well.  If you are able to pay off the other collections it should definitely help.  And if you find the right house where the Seller is willing to Assist with your downpayment, prepaids and/or closing costs it might just be the ticket you need to make home buying a reality before the end of August.  Any chance your Landlord would allow you to go Month-to-Month after August so you have the time to clean up the slate so you can get the American Dream?  Let me know if you would like me to recommend some great Local Lenders!  Feel free to e-mail me at [contact info removed by moderator].  Looking forward to hearing from you.  Check out some of my properties for sale at [link removed by moderator]
  • June 16 2010
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