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Really want to buy a house in May 2020 or 2021

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Really want to buy a house in May 2020 or 2021

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. 







*Goal is to purchase my first home in 2021*
Message 1 of 5
4 REPLIES 4
Moderator Emeritus

Re: Really want to buy a house in May 2020 or 2021

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:

 

It's possible to qualify for an FHA loan after a bankruptcy filing. Depending on the circumstances, there might be a waiting period of 12 months to two years from the discharge date. After that period of time, an eligible borrower could get an FHA-insured mortgage loan to buy a house.
Message 2 of 5
New Visitor

Re: Really want to buy a house in May 2020 or 2021

Congratulations on your upcoming discharge. I suggest that you find an agent who can work with you to boost your credit score so you can get something nice for a down payment for your house between May 2020 and 21
Message 3 of 5
Established Member

Re: Really want to buy a house in May 2020 or 2021

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!

 







*Goal is to purchase my first home in 2021*
Message 4 of 5
Super Contributor

Re: Really want to buy a house in May 2020 or 2021


@momof3boys081418 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

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
740 EQ FICO 06/2018
750 TU FICO 06/2018
741 EX FICO 06/2018
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Message 5 of 5
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