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Answers (11)
- goodinhouse123
- Contributions:51
well let me tell you this.. e ven with payments on time, and having 3 good standing accounts, and paying down credit c ards.. it did NOt UP our scores that much.. I dont care what anyone says.. it didnt work for us!!!!
- wayne lancaster, "funds2"
- Contributions:1177
Brett gave you the technical answer but the real question is when do YOU think you will be ready. Has your financial picture changed positively since 09"? Job secure, income stable and salaried, min. or no payments monthly, saving $300+ monthly over current expense.... Getting new credit established with excellent payment history is required, necessary, and takes time. Secured card cards may be only option now which will open up other opportunities later.
The last thing you want to do is barely meet minimum guidelines, get a home, and lose it because you were not financially ready for home ownership. Be patient and be a well qualified buyer when you look for a home.
The last thing you want to do is barely meet minimum guidelines, get a home, and lose it because you were not financially ready for home ownership. Be patient and be a well qualified buyer when you look for a home.
- Deborah Holmes, "Debbie Holmes"
- Contributions:386
I have found banks that will give you a loan after 2 years after discharge. If it was a medical bankruptcy the lenders are often more lenient. The credit score is still a bit low too. You need to push it up to 640. You do this by paying your bills and establishing some lines of credit. If you do this your credit score will be OK by the time you are ready to buy a home. Do not buy things that you do not need when establishing credit. Food also works.
- Joseph Henning, "JHenning1"
- Contributions:35
It use to be three years but that's not always the case anyomore with stricter financial markets. I believe the guidelines on financing will start to loosen up next year but be patient
- Alex Cortez, "MauiRealEstateSearch"
- Contributions:114
Kawena, the best advice at this point: be patient and consistent. Rebuilding your credit will be a long-term endeavor and one on which you must be diligent. Others have posted below specific timelines, follow them and before you know it you will be signing closing papers on your new home.
- Angelica Akers, "Angelica Akers"
- Contributions:7
Since you had a chapter 7, it will be 24 months after discharge if no house was involved and 36 months after discharge if a house was involved. You can have no lates on your final 12 months. And you will need at least a FICO middle score of 620.
- Tony Gim, "tonygim"
- Contributions:158
You will need to spend 40 hours studing everything on FICO scores to determine what you need to do to get to a 750+ FICO score. There are no simple answers.
However, one is to stop using credit cards. Pay off all balances.
Pay all of your monthly payments 5 days before they are due and 20 days before they are late.
Don't apply for credit for anything.
However, one is to stop using credit cards. Pay off all balances.
Pay all of your monthly payments 5 days before they are due and 20 days before they are late.
Don't apply for credit for anything.
- kawena0607
- Contributions:3
Thank you for all the help.. :)
- Brett Sampson, "bsampson1"
- Contributions:1
You will need to wait 2 years for an FHA loan. You will need to establish 3 new trade lines with 12 months of good history. ...And, you will need a credit score over 620.
- DaveAndersson
- Contributions:268
Make sure not to miss any payments on your newly established credit. Most lenders do not like late payments after a bankruptcy.
- Wes McKibbon, "Jymemack"
- Contributions:1
You need to await two years since the discharge and immediately apply for at least three secured credit cards and never charge over 35% of the credit limit. That should get your FICO over 620. Once two years has past apply
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I have a fico of 615 and a chapter 7 bk discharged 9/09.how long before I can go looking for a loan?
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