Mortg rates same for BK Chap 7 700 score vs regular 700 score person?

[Anonymous]

Hi,

Want to know if mortgage rates for someone who has a credit score of 700 and chapter 7 discharge 2 years ago to someone who has no bankruptcy but same 700 score?

Trying to estimate rates for the future on getting FHA loan when 2 years come up soon.

Want to know if having bankruptcy chapter 7 even with a score of 700 or so will have them say screw you higher rates than regular 700 score person with similar credit history?

[Scupra]

I got my mortgage 3 years post BK and was not penalized for the BK. Rate was purely score driven for me

[Anonymous]

Oh great thats good to hear...

At this rate Ill be hopefully have all 3 scores above 700 again post 2 years chap7.

Time to figure next smart move to keep boosting.

[Anonymous]

May I ask what your scores look like now how long since DC'd and what have you done that has you going in the right direction to the 700 Club? I myself am trying to get up to 700 and obtain a new mortgage in Sept. 2021. I have a loan (One Main Financial) 3 credit cards ( Cap1 300 will be up'd to 500, Merrick 700 will be up'd to 1400 and Credit 1 650) 2 store cards Children's Place and Victoria Secret 00 balance on both only use for son (CP) and my Lady (VS) oh and also PayPal credit 800. So I'm in gardening mode now and see what happens. If anyone have any suggestions on what i could or should(not) be doing please let it be known I'm open to ALL. No lates I do have balances that will be all paid to 0000000 tommorow.  

Experian 652

Equifax 636 

TransUnion 638 

Filed May 2nd D.C.'d August 19th 2019

[Scupra]

---

@Anonymous wrote:

May I ask what your scores look like now how long since DC'd and what have you done that has you going in the right direction to the 700 Club? I myself am trying to get up to 700 and obtain a new mortgage in Sept. 2021. I have a loan (One Main Financial) 3 credit cards ( Cap1 300 will be up'd to 500, Merrick 700 will be up'd to 1400 and Credit 1 650) 2 store cards Children's Place and Victoria Secret 00 balance on both only use for son (CP) and my Lady (VS) oh and also PayPal credit 800. So I'm in gardening mode now and see what happens. If anyone have any suggestions on what i could or should(not) be doing please let it be known I'm open to ALL. No lates I do have balances that will be all paid to 0000000 tommorow.  

Experian 652

Equifax 636 

TransUnion 638 

Filed May 2nd D.C.'d August 19th 2019

---

If the goal is to get a mortgage I would say the TL's you have now ar enough. This is the hardest time IMO, sitting tight and watching haha! Good part is you don't need to worry so much about balances reporting right now. Build up a savings and an emergency account, if you go FHA you will need this anyway. When you are about 6-9 months away from applying for your mortgage start playing the utilization game, all cards at zero except one. Make sure that one is under 10% though! This will give you an idea of what your max scores are. Good luck!! 

[Anonymous]

Thank you Scupra great advise. I have been saving so I will take your advise and add to it and not worry so much about balances right now until maybe beginning of 2021. 1 question should I have the loan paid off by the time I apply for the new mortgage it would be roughly 1yr and a half of payments on it or should i leave it with a balance showing a payment history?

[Scupra]

If that is your only installment TL you will want to make sure it’s open to optimize mixture of accounts.