Profile picture for cordylynn18

Bankruptcy within 2 yrs credit score between 600-630 and want to buy a house.

My husband and I are wanting to buy a house. My bankruptcy is Nov. 2010, his earlier that year. I'd be a first time buyer. What do I do to reestablish my credit to get a home loan? I am paying a car loan I've had through my bankruptcy. But nothing else on my credit. I've had my job with the state of California for almost 4 years, my husband has had his job with the state of California for 9 years. 
  • January 26 2011 - Stockton
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Answers (6)

What do I do to reestablish my credit to get a home loan? I suggest that you have a list of creditors showing one year of on time payments.

  • June 16 2012
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Profile picture for RonRa

You can't get a loan for at least 2 years after discharge.  There are consequences to bankruptcy.  If you want to buy a house now you should have thought about that before you decided to skip out on your other debts.  Start saving for a down payment now, pay your bills on time, get a secured credit card and use it/pay it off every month to help build your credit, and try to get pre-approved for a loan in December 2012 before spending time looking for a house.

  • February 03 2011
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You need to be working with a local Realtor that knows credit repair/ credit building and a good local lender.  I am in Stockton and I know the best local lender for dealing with your situation.  Contact me if you want my help.
  • January 27 2011
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Please contact a trusted mortgage lender or your bank as they will look at your history to determine timeframes and process...bets of luck
  • January 27 2011
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Profile picture for My NCHomes Team

You need to get your credit score up into the 700's. Paying your car loan on time is critical. You should look into a secured credit card and/or a store credit card. Use it occasionally and be certain to pay it off promptly. You probably have another 15-18 months ahead of you before you would be eligible to apply for a mortgage. Be patient, work on your credit score and start saving money up for a down payment.

Good Luck.

  • January 27 2011
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You will have to wait for two years after the date of discharge. The only time it can be less than two years if its a Ch. 13 and you have made 12 payments on time even if its discharged with a trustee of the court's approval. Its imperative that you have a history of 12 months of on time payments with no lates reported on your credit report. You also might want to apply for a secured credit card through a local credit union or bank so you can reestablish credit.
  • January 26 2011
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