What matters more your credit score or the contents of your credit report? November 18, 2009
Posted by Credit in : Other - Games & Recreation , trackback
zita asked:
If I have a good credit score but still have unpaid collection accounts on my credit report will lenders expect me to pay those before they would give me a mortgage? Or if my credit score is high does that mean they won’t really care about much else?
If I have a good credit score but still have unpaid collection accounts on my credit report will lenders expect me to pay those before they would give me a mortgage? Or if my credit score is high does that mean they won’t really care about much else?
Comments»
Both your credit score and the content of your credit report matters to your lenders. It is very important that you take care of the unpaid collection accounts before applying for mortgages.
In the end it would be up to the lender as to if they would make you pay it. A lot would depend on the amount as well as the type of debt. If it was for something like a medical bill they may not, but if it is for a credit card debt they may require you to pay it off. Their biggest fear from them is if you get sued would you then have to default on the mortgage, basically making you a higher risk.
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Here you can see your 3-in-1 Report from all three credit reporting agencies and your credit score.