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Credit Score dropped

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Anonymous
Not applicable

Credit Score dropped

Need Help!!!!!

 

 

I am 48 y/o single female in Alabama.  I filed Chapter 7 in November 2008, discharged April 2009.  I would like to purchase me a home. Currently paying $525.00 a month in rent for a one bedroom home. I am currently a member of myfico and recently had a EX score of 580  to drop to 547 due to a past auto loan that was included in my bankruptcy that stated that I was 30 days late in June of 2009 with a balance of $ 0.  I have disputed this bad trade with Equifax, do anyone think that once they do the checking and I find out that they have made a mistake that they will increase by score back to 580 or better?  Working hard at maintaining a better credit rating as I would like to purchase a home. Also, do I need to wait the 2 years to get a home loan?  That $8000 that the Government is offering really would be nice to have included in a loan.  PLEASE HELP!!

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2 REPLIES 2
llecs
Moderator Emeritus

Re: Credit Score dropped

Welcome to the forums! I'm moving this over to Mortgage Loans. There's some here who can better answer about lender's requirements, esp. after a BK.

 

You'd really want to get your two FICO scores (EQ and TU; it is impossible to get your EX FICO unless from a lender) and work off those reports to see what is hurting the most. Ideally, you'd want both scores beyond 620 before considering a home purchase.

 

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

and What Steps Do I Take - great for learning the repair process.

Message 2 of 3
Anonymous
Not applicable

Re: Credit Score dropped

WIth FHA you have to wait 2 years from the Discharge Date, not the File Date.

 

You also have to have a Minimum 620 FICO score in order to qualify for the MIP.

 

 

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