Posts: 567
Registered: ‎10-04-2012
Re: Intro and homebuying question

You should be fine. You have demonstrated revolving and installment loans, and a comfortable number of trade lines.


Just keep your utilization below 20% (maximum ...) and PIF each month if possible. Religiously, and I do mean religiously, make your payments on time.


3 to 6 months (6 months is ideal) out from your planned mortgage application date, stop applying for new credit. You want the mortgage lender to see established lines with a healthy payment history and low utilization, along with low to no inquiries for the 6 months preceding the app.


Do that and your chances of being approved will increase. Just don't get discouraged if lenders decline to buy the mortgage. a BK is toxic, and that may slot you into less than prime lenders & rates, but anything can be done with enough work and diligence. Just stick with this and live the lesson that it teaches about managing debt.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k