Looking for some advice on my current situation.
I am ideally looking to see if a Home Equity Loan/LOC is an option for me being about 7 months post bankruptcy in Texas. The house is under my wife's name ONLY and she DID NOT file for bankruptcy as the debt was previous to the marriage. There's is also about 70-80K equity in the house. (About 30-40% equity)
My Background since BK:
- BK 7 discharged in April 2016.
- 4/2016 Credit One card with $300 limit. Then recieved an auto LOC increase to $400. Reports $0 - $10 monthly. PIF the day the statement is cut.
- 5/2016 Currently have a Cap 1 card with a 3K limit. only reporting under 10% usage per month. Mostly under $10. PIF the day the statement is cut.
- 5/2016 Credit Builder Loan $1000 12 month. Paid the day the statement is cut.
- FICO scores 639/634/654
Given the recent BK 7, my plan was to do this a minimum of 2 years from now, but our Roof isn't cooperating and needs to be replaced now.
The ultimate question:
Is it posible for my just my wife to apply without using my credit/income on the application? (The Loan amount would be $35-40,000 as we would need to have the car note paid off for the Debt to Income Ratio.)
OR
Given that her credit is strong and did not file bankruptcy, can we apply using my credit and income for much smaller amount? (10K)
Thanks in advance. (I did post a similiar question in the BK forums but have not recieved a response)
