@Anonymous wrote:I guess when i said "throwing money down the drain" it wasnt ment to be negative. We are married with 2 children so roomates are not something we could really do. it just would not work out. For us to be putting money into a rental now in my opinion would not be smart when we could be putting that towards paying off a mortgage and maying and gaining equity on a home. Renting is great for some people and it has for us but we are at a point were we are going to loose our rental and do not want to go through moving again for a few years when we can just buy and live there for as long as we please. thanks.
@Anonymous wrote:apeydee416..most people have their credit scores posted in their signatures. However, you do not. do you mind me asking what yours were at during closing? If not I understand. Ours are right at 640 right now and we are being told 3.75%
Yeah I know... I was just saying my reason why I am continuing to let other people pay my rent while I wait for a mortgage... because in less than a year I'll have clean reports and I'm pretty confident that the rate I get with a 700+ score will be better than the 640-670 mid score I have now (not sure of my current FICO 04 used in mortgage lending but it's usually less than FICO 08 in my sig)... That and I'll have a better down payment.
Good luck!
@Anonymous wrote:If you don't mine me asking, how did you raise your scores 100 points in that short amount of time? I am two years into a chapter 13. I need to raise my scores some, but I'm prohibited from obtaining credit. I see plenty that do..whether it be secured cards or otherwise and say it does not cause a problem. How did you go about raising your's?
If you get new credit without approval you are at the mercy of the trustee if they find out... if you get one with a chip on his shoulder he could go as far as a motion to dismiss your BK... so while some may have stayed under the radar and it "not caused a problem" it most definitely CAN cause a problem.
I wouldn't risk it.
Regarding 100 point score increases in a short period... hasn't happened to me. I've seen 50 point gains across the board in 2 years since discharge.
@bstone wrote:
@Anonymous wrote:If you don't mine me asking, how did you raise your scores 100 points in that short amount of time? I am two years into a chapter 13. I need to raise my scores some, but I'm prohibited from obtaining credit. I see plenty that do..whether it be secured cards or otherwise and say it does not cause a problem. How did you go about raising your's?
Bramma, are you prohibited from obtaining new credit or have you just not asked the trustee? I see plenty of people on here in CH 13's who get credit cards, cars, homes, etc., they just have to get trustee approval. This is the only way you are going to increase your scores significantly. If you haven't yet, ask your attorney their thoughts on if they think the trustee will approve you getting a credit card.
If the trustee has truly prohibited you from obtaining new credit I'd be interested to know why, as BK laws certainly don't say you can't.
Getting trustee approval for a secured item like a car or a house is one thing... an unsecured CC is something totally different.
If I were a trustee (who job is to protect the creditors) I would consider giving unsecured CC's to a person under BK protection equivalent to giving an alcoholic a case of beer.
That's what my attorney told me back in the day when I asked him the same question. He said approval wasn't likely... I never tried it though.
@apeydee416 wrote:. Also, keep in mind that a secured credit card is not an unsecured debt.
True... and that would be the only way I'd look for a credit card approval.
@apeydee416 wrote:A LOT of work went into raising my score to a qualifying level. You have to aggressively get all the bad marks off your credit
That's another reason why I'm waiting till everything falls off.
Getting invalid info removed is one thing... valid IIB accounts and the public record are something totally different.
This horse has been beaten to death the last few days though and methods to remove valid info aren't to be discussed here at myFICO. My point is though it's not an easy task and IMHO the only way to get valid info removed is GW or waiting it out...
I'm not gonna bother with a GW campaign for valid IIB info with 6-9 months to go till early exclusion.