Do banks counts medical bills on the credit in deciding the approval?

Question

we are looking for a home to mortage. my finace has bad credit. i have bad credit due to unpaid medical bill and i was wondering id the banks look on to the medical bills when approving the credit for the mortage.

Answer 1

Yes, they do. However, you should submit a "bleeding heart" letter with your loan application. Explaing/embelishing your situation. Underwriting will (sometimes) take into consideration hard luck cases. Loans aren't that hard to get. If your credit score is over 620 you're approved for a pretty solid interest rate... over 540 for a "less than solid" interest rate.

Slainte,


-D

Answer 2

They look at everything, although they don't really consider the medical collections as much as they do the bigger things like if you are paying any loans that you may have on time every month, or making your credit card payments on time.

Answer 3

Yes, unfortunately they do. But, they might just look at your score and if they see something above 500, you're set. The only thing you have to be careful now is that you are going to have a high rate, maybe 24.9%. Good luck!

Answer 4

If they appear on your credit report, yes they do. Also, if you are applying for credit and they ask what you owe, you should disclose them, however, most doctors and hospitals do not report if you owe a balance and are paying it off. Best bet, get a copy of your credit report and see for yourself.

Answer 5

I DO THINK THAT COUNTS ALSO IN YOUR CREDIT IF NOT THE MORTGAGE OF THE HOUSE IS MORE MONEY SINCE YOU HAVE UNPAID MEDICAL BILL

TALK TO SOMEBODY THAT KNOWS ABOUT THIS

GOOD LUCK