Question : What matters more your credit score or the contents of your credit report?
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?
- asked by Jennifer K
All Answers:
Answer #1
In the end it would be up to the lender as to ifthey would make you pay it. A lot would depend onthe amount as well as the type of debt. If it wasfor something like a medical bill they may not,but if it is for a credit card debt they mayrequire you to pay it off. Their biggest fearfrom them is if you get sued would you then haveto default on the mortgage, basically making you ahigher risk.However, your credit score is based onyour credit report. So if you have negative itemson your report that will be reflected in yourscore. How much depends on several factors. Butit would be out of the ordinary to have a highcredit score(depending on what you consider high)if you have collection accounts.
- answered by OC1999
Answer #2
the contents of your credit report. The banks wantto know how well you pay your bills.Your creditscore just tells them if they are taking high riskin approving you for a loan or not.
- answered by niquey
Answer #3
FHA loans are content driven, and Fannie Mae andFreddie Mac loans are credit score driven. In factyou are allowed up to $5000.00 in collections onFannie or Freddie as long as your credit score isthere(>620)
- answered by Shawn R
Answer #4
Well -- look at this way. The Credit report hasthe discrete items that paint a picture of yourhistory. And if there were a beauty pageant heldto determine who had the prettiest credit report,your credit score would be a reflection of that.So basically your credit score is dependent onyour report -- most lenders use the credit scorebecause it saves them the trouble of having to doall the costly research into your history. Thenagain it also depends on how much money they risklosing...
- answered by Millionster
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