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Hello All,
Ok so heres the deal. My sister is trying to buy a house. She filled for chapter 7 about 5 years ago. Since then she has purchased a car and has had no late payments. The car is the ONLY thing she has reporting on her credit since filing for chapter 7. She tried to apply for a secured card and was denied stating she didnt have enough credit history. Finally she got approved through her credit union for a credit card $500.00. I have been trying to explain to her that in order to get a mortgage loan she will need more types of credit so the lenders can gauge how financially responsible you are. I dont know what kinds of credit she should apply for. Can anyone give me some insight as to what to tell her. What steps she needs to take? And what are some things she can do to build her score up to qualify for a house. She currently has a 620 CS. Any and all help is greatly appreciated. Thank You :-)
Where did you get the 620 from?
one more credit card would be good. watch out for annual fee cards.
a personal loan might be ok. give the credit union $1200 and then use it as collateral for a $1200 loan. pay it out over 12 months.
got $2400 laying around? make the loan for more. will just look better if the file gets downgraded to a manual underwrite.
Hey Ty. I believe she got it from CK (Fako)
@Anonymous wrote:Hey Ty. I believe she got it from CK (Fako)
Myself and others could provide more accurate reccomendations if we knew fico. Credit check total will give all three ficos for $1.
Ok got it. I will advise her to get true Fico and then I will follow up with you. Thanks so much :-)
I tried to get her to do an installment loan. She wont budge. lol.. Idk what to say about that. But she is open to credit cards. Told her to garden and get CLI on the one card she has and then try for a couple more cards. Also advised her to refinance her car through her credit union.
Alright just spoke with her. She said the 620 is actual fico not CK. She went to a lender to see what her chances were and the lender pulled her fico scores. 620 all around the board (seems unlikely) but thats what she said.
I would advise to open NFCU membership, and apply for one of their cards.