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Will Medical Collections stop me from buying a house?

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Lorri



Joined: 15 Jul 2008
Lorri's page
Posts: 253



225 Magic Points
 
 Posted on Thu Sep 11, 2008 9:10 pm  
I wonder where the seven year figure comes from? It seems like it should be five. There is probably some formula that lenders, etc. came up with to protect themselves.
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fireyone



Joined: 26 Feb 2008
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140 Magic Points
 
 Posted on Fri Sep 12, 2008 2:45 pm  
I wonder that myself. I think it also should be lowered. Seven years is a really long time when trying to get back on your feet.
Lorri



Joined: 15 Jul 2008
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Posts: 253



225 Magic Points
 
 Posted on Sat Sep 13, 2008 4:21 am  
For years it seems like I heard that a bankruptcy will stay on your credit for 7 years. Now I hear 10 years.
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Mary

Mary

Joined: 06 Jul 2006
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17404 Magic Points
 
 Posted on Tue Sep 16, 2008 11:19 am  
Bankruptcy may stay in the credit report from seven years to ten years depending upon its type. As for example Chapter 7, 11 and 12 bankruptcies may stay in your report for ten years and Chapter 13 bankruptcies stays in your report for seven years. However, all discharged bankruptcies remain on your credit report for 10 years.
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Alina
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 Posted on Fri Nov 07, 2008 7:11 pm  
Let me just say that Im in the process of buying a hose ....and they ABSOLUTELY take into account your medical bills. I am required to pay off EVERY SINGLE medical bill on my credit before they approve me for ANYTHING!! I was told all my life that medical bills didnt matter, and it can not be farther from the truth. I will make it a point to teach my children the importance of paying their medical bills.
Mary

Mary

Joined: 06 Jul 2006
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Posts: 686



17404 Magic Points
 
 Posted on Sat Nov 08, 2008 10:09 am  
Yes, if you do not make payments to your medical bills, your credit report will list it as a negative item which will affect your credit score. So you should always make current payment on all items including your medical bills else your payment history will be affected and you may be denied any further loan.
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LearningFast



Joined: 22 Aug 2008
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Posts: 17



451 Magic Points
 
 Posted on Mon Nov 24, 2008 10:10 pm  
Thanks guys/gals!
LearningFast



Joined: 22 Aug 2008
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Posts: 17



451 Magic Points
Subject: Update
 
 Posted on Tue Feb 17, 2009 7:57 pm  
I have now have a 610 credit score vs. the 580 that I had a few months back but the medical bills are still on there. Do you think it's possible for me to still buy a house?
Mary

Mary

Joined: 06 Jul 2006
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Posts: 686



17404 Magic Points
 
 Posted on Wed Feb 18, 2009 1:04 pm  
Normally it is very difficult to get a good deal on your mortgage loans with a credit score of 610. Although 610 is a good score, but you need to have a score of 700 and above to get a attractive rate of interest. You can wait for a few more months and pay off the remaining debt and see whether your credit score increases and then apply for the loan.
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Where there's a will, there's a way !!
LearningFast



Joined: 22 Aug 2008
LearningFast's page
Posts: 17



451 Magic Points
Subject: UPDATE: ON BUYING A HOUSE
 
 Posted on Thu Apr 08, 2010 3:45 pm  
I hadn't been on this site in quite sometime but today I thought that I should post an update..... I was able to buy a home April 2009 despite the medical collections. I recv'd an excellent fixed interest rate of 4.75%. Thanks everyone for your advice and knowledge on the subject.
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Subject: lbkZEQqGCCfavXvTBZO
 
 Posted on Fri Mar 09, 2012 3:29 am  
TmUAJb Enjoyed every bit of your blog post. Will read on...

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