Need to Repair Credit Score Immediately!

[boxstersilver]

My wife and I are purchasing a home. her credit score is a 579. we paid down some credit cards and had a quick rescore. her score is now lower due to a newly added collection. we are supposed to be closing in 2 weeks. my lender is stating that i can get a letter from the original creditor stating that the collection was in error and needs to be removed. i contacted the creditor and they stated that if i pay in full they will notify the collection agency to remove it from my credit report. my issue is that we can't wait the 30 days or so and need to know what we need to (as in documentation) to show the credit bureau so they can rescore immediately without this collection.

Thanks, Dave

[marcwilliams]

Hi,

I would try to buy time on purchasing the home, if you can't get the time let the house go and look for another house in a couple of months.

This is my advice, because you can better start repairing your credit reports right now and improve your credit in the next few months. When you have better credit you will get a much better mortgage deal and that is something you will profit from for a long time.

If you really want the house and can not/ will not wait, pay the collection agency, let them sign a document that states they will remove the negative info upon payment and make sure they file this with the Credit Reporting Agencies as soon as possible.

Then just wait and hope it goes fast enough.

Hopefully this is helpful, good luck!!