Can I get a Loan?

Profile picture for auntiejojorock
I am1.5 years post BK and foreclosure. I have since qualifiedfor several credit cards that I have used and paid to build credit. These tradelines have been active for about 10 months. The loan is less than $100,000but my DTI will be high because of income.  My income is low because of SSDI but I do have a small part time job to help supplement my income. Please contact me at auntiejojorocks@comcast.net for more info.
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May 14 2009 - Methuen
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Answers (1)

Profile picture for Kris Yates
Wow, this is gone to be a hard one.  Let's break it down what a broker would look at.  There are BK less then 2 years, it can be done.  But it depends on what you FICO score is.  I imagine it is low, lower then the 720 lenders are not happy with.  The good tradelines is less then a year, that's not good.  DTI of more then 35% will not be good.  You can use SSDI, 70% of it will be used to figure out your monthly.  Second income, good as long as you have had it for then a year to two.
I would give it another year, and get your DTI lower.  I would also join a credit union and build some repure, banks will not touch you.  While we don't sell loans, this is what we are hearing from Brokers.  Good luck!

Kris Yates
www.LoanTactics.com
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May 14 2009
 

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