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Missed Payments after Discharged Bankruptcy

tc92
New Member

Missed Payments after Discharged Bankruptcy

Hello,

I currently have 8 missed payments from 3 credit cards. 1 60 day late included in that. My score is 500. I was discharged in March of 2017. I am currently up to date on all cards as of today and one card has been paid off. What can I do to rebuild after missing these payments. My goal is to pay balances down by June, I would like to purchase a home in 2019.
Message 1 of 8
7 REPLIES 7
ABCD2199
Senior Contributor

Re: Missed Payments after Discharged Bankruptcy

So your credit reports so a BK discharged in March 2017 and then in the 10 months since then you've been late up to 60D and you want to buy a home is less than 2 years?

 

When was the MOST RECENT late payment, 30 or 60 days?

Message 2 of 8
tc92
New Member

Re: Missed Payments after Discharged Bankruptcy

Yes my most recent late payment was for January. First 30 day late was December. 60 day late only on 1 card was for January. I’ve made payments on all cards in February and paid one off.
Message 3 of 8
ABCD2199
Senior Contributor

Re: Missed Payments after Discharged Bankruptcy

I doubt you're going to qualify for a mortgage with both a bankruptcy and new any late payments showing in the 24 months prior to applying for a loan.

 

I'd suggest you need to forget the mortgage for now, build an emergency fund and a budget both and then look to see if a mortgage makes sense.  The worst thing you can do is add a foreclosure to your reports because the magic emergency of homeownership pops up and you can't afford to fix repairs and maintain a mortgage payment.

Message 4 of 8
pizza1
Community Leader
Super Contributor

Re: Missed Payments after Discharged Bankruptcy

oh boy...

So if Im understanding correctly, you had a BK that was DC in 03/2017. You got cards after your DC, and accumulated late payments on those new cards after your BK?

Just so you know, anything negative after a BK DC like lates etc..is bad..really bad. Lenders will not only look once, but twice at those and think to themselves...this person isn't financially stable even after a new/fresh BK.....decline.

My advice is to GW those lates, and see if you can get those updated to current.

List out your cards/current balance/current CL....lets see who they are with, and what else we can do here. Im with ABCD....I wouldn't even think about a mortgage and get your hopes up with current lates after a fresh BK.

Concentrate on an emergency fund, and getting your current cards paid down, and brought current.

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 5 of 8
tooleman694
Valued Contributor

Re: Missed Payments after Discharged Bankruptcy

It is very bad, but if isolated it can be explained away to the mortgage underwriter. Life happens.

 

But as was advised above, I would start working on your savings and never charge anything you can't pay off that month. After my downward spiral into my chapter 13, I socked away a ton of cash into reserves so I will never be late again.

Message 6 of 8
tc92
New Member

Re: Missed Payments after Discharged Bankruptcy

Well I’m not looking to buy until May of next year, but if the late payments will stop that I’m will keep rebuilding until 2020. My goal for this year was to save as much as I can.
Message 7 of 8
tc92
New Member

Re: Missed Payments after Discharged Bankruptcy

Yes I was discharged 3/2017 lates are from December and January. I have 3 credit cards.
Kohl’s-limit $300 balance $0
Credit One-limit $300 max will be paying off March due date
NorthParkCCU limit-$2500 balance $2400 plan to have paid off by June

Car loan-$14000 never late-obtain loan day of my creditors meeting refinanced with credit union June of 2017

Little of my backstory I’m a single mother of two, I make a ok amount of money, $38000, but 90% of my main job income goes to bills due to not receiving any assistance. I Uber and Lyft now for additional income about $800-$1000 a month. I planned on saving most of this income this year.
Message 8 of 8
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