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I'm just trying to get an idea were to start, how to increase my credit score to buy a house.
Husband and I Filed chapter 7 in April 2019 -stil waiting for discharge.
No active debts.
kept car but reaffirmed (546.00 payment)
Over 75k income joint
Opened a Capital one cc on June 2019 (not reporting yet)
Scores
CK -TU-561 EQUIFAX 564
Husband
CK - TU 545 EQUIFAX 545
any help would be great.
Congrats on your upcoming discharge! I think May 2020 is still a bit agressive. May 2021 is for sure doable. FHA still requires 1-2 years post BK to qualify. IIRC, this is also dependant on score, down payment, etc.
From, their handbook:
Hi,
Thanks for the reply. I am thinking of giving at least 10k down, and having another 10k in the bank.
My biggest concern is getting our credit scores up. Meaning husbands and I. We both got approved for Capital one cards 300 credit limit. I know its low but after burning them on our bankruptcy Im surprised they forgave so fast.
My question is how much should we be using should we just stick to Capital one and not get another Credit cards until next year?
I really dont want any more cc unless its (amazon, car credit card, walmart, old navy, lowes or Home depot) all synchrony i know. Other than those i really dont want or need any. So should i just use both capital ones and stick with those until we are able to purchase our home? Will capital one be enough.
My husband - reaffirmed a car loan with Toyota (I guess i was removed no longer showing on my reports through CK)
I dont have any open accounts on my reports.
Thanks!
@Anonymous wrote:Hi,
Thanks for the reply. I am thinking of giving at least 10k down, and having another 10k in the bank.
My biggest concern is getting our credit scores up. Meaning husbands and I. We both got approved for Capital one cards 300 credit limit. I know its low but after burning them on our bankruptcy Im surprised they forgave so fast.
My question is how much should we be using should we just stick to Capital one and not get another Credit cards until next year?
I really dont want any more cc unless its (amazon, car credit card, walmart, old navy, lowes or Home depot) all synchrony i know. Other than those i really dont want or need any. So should i just use both capital ones and stick with those until we are able to purchase our home? Will capital one be enough.
My husband - reaffirmed a car loan with Toyota (I guess i was removed no longer showing on my reports through CK)
I dont have any open accounts on my reports.
Thanks!
I would start reading every success story and guide that is in the BK section. If your main end goal is to buy a home, start creating your rebuilding plan around that. Could you buy a home with only having 1 revolver? Most likely.. Is there a better way to do it? Yes.. You will most likely want 3 revolvers to maximize your FICO score.
Good luck to you, buying a house was my motivation and end goal - it IS possible