Hi everyone, Hope you can guide me to some assistance. I have a FICO of about 520 and it was nearly 600 about a month ago. I was a late on a credit card payment due to my wife being off work for the last couple months. Balance on the card was about $6800 and I've paid $1700 over the last two months (it's not in collection). My interest rate sky-rocketed on the card due to the late payment (25%) it was about 15%.
I also have a bankruptcy on my negative items. It is due to come off in April 07...been a long ten years!! Other than that, I only have one other credit card payment which will have a zero balance when the latest payment posts. I have a Lease from Chrysler for my wife which ends July this summer and a truck payment that is auto-deducted from my check every month (been paying on it for nearly two years).
My question is this, we would like to purcahse a particular house which we are currently living in. We did a lease to own and put $2K down on it last April. I am concerned that my late payment and huge drop in my FICO will prevent me from buying.
What score change can I expect once the Bankruptcy falls off? Do I need to do anything in April to get rid of it. I should only have a truck payment $500 per month and my Cap One card with about 2500-3000 on it come July 07. No other debt. I'm netting about $2100 per month 'after the truck payment'.
What chances do I have to buy this house and please tell me if there is anything else I can do to improve my score. Thanks
PS, it seems like it took a year to get my FICO up to about 600 (598 to be exact), and the recent drop has me totally bummed!