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Hello, my wife and I are planning to buy a house this year. My question is should I wait for my bk7 to fall off my credit report in 11/2014 filed bk7 11/2004 d/c 02/2005. I just wanna qualify for the best rate APR for the mortgage. My current score EQ= 716 myfico.com, TU=730 discover card. EX=? I did not check yet... No baddies on all report just BK7. I fell bad because my wife score is EQ=794, TU=780, EX=776. So it's up to me to qualify for the best rate. Do I need a 720 score or higher for better rates in Illinois? should I go with mortgage broker or big banks? do big banks like chase citi boa denied me automatically with bk showing? we have about 15% for down payment conventional loan only...to wait or not to wait?????????
You definitely do not need to wait until your BK falls off in November. At this point, it is hardly, if at all, affecting your overall credit picture. With the scores you have, you should be pretty much be able to get the type of rate you want, except maybe from some of the most conservative lenders. I would suggest you shop around a few places, or use one of the bidding mortgage websites. But you should have very little problems getting one of the better rates based on your scores.