Any success with Sallie Mae or Discover approval with large unpaid collection?

I have a 15000 collection on my account that I won't be able to payoff until next year. QS opened in June. $5000sl.  No other inquiries or cards in the last decade. TU 675, EQ 690s. Will I need to wait until that is paid?

delaney1 wrote:
Any success with Sallie Mae or Discover approval with large unpaid collection?Given the impact of derogs the standard advice is to get them addressed.  The specific creditor you intend to apply with does not matter.  A collection is a major red flag to a potential creditor.  Don't rely on apping with the "right" creditor.  Hit the Rebuilding subforum and carefully research before taking action as it is possible to make matters worse. delaney1 wrote:
No other inquiries or cards in the last decade.I don't understand hte obsession over inquiries.  They're a relatively small factor and if you're getting denials citing inquiries then you have bigger problems you need to address.  Tackle the large slices first.http://www.myfico.com/crediteducation/whatsinyourscore.aspx Derogs kill Payment History.  Payment History is 35%.  Inquiries impact New Credit.  New Credit is 10%.  Inquiries taper and fall of relatively quickly.  Derogs can taper but tend to have a significant impact and drag you down as long as you have them on your reports.  Focus on cleaning up your derogs if you have any.

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