When we started looking to buy a house we needed a loan company who would work with someone who had a bankruptcy. After inquiring from a number of loan companies we finally found one who would work with us. They ran a credit check at the begining of last month. We signed some papers and when they went to underwriting they ran another one. Then because our score was lower than before, they turned us down. Because of alot of companies running a credit check it has brought our score down. How can we work on bringing it back up so that we can get a good deal on a loan?
2007-10-04 15:48:52 · 7 answers · asked by MIRACLE GIRL 2 in Business & Finance ➔ Credit
By the way we filled bankruptcy in 2001 and it was discharged in 2003. Just so you know!
2007-10-04 16:22:52 · update #1
I'm sorry your in this situation. While I can not assist you with buying a house today, I can help you fix your credit. Even with the past bankruptcy, your credit can be repaired. In addition, I want to point out, whether you find a way to purchase your home today or you are forced to wait, your credit will always be an issue until you address it. I am happy to discuss with you the different options you have. That way, the next time, your credit will not be an issue. Feel free to email me.
2007-10-05 00:35:21 · answer #1 · answered by credit_and_scores 2 · 0⤊ 0⤋
If all the company's running the credit check where for a mortgage, and all withing 30 days, your score only takes one hit and that is only 5-10 points. This is because it is a repetition for the same reason, within a specific time line. If you had applied for other types of loans such as credit cards, personal etc then yes more points would drop off. If you where late with some payments, or something new went into collections then yes your points would drop.
2007-10-05 09:21:55 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
Have you tried World Savings and Loan? I've had them for a few yeas now, and I had a bk in 1999. You should try a loan broker. Until the subprime stuff settles down, you will have a hard time getting a decent loan. Wait a few months and the queries will be gone. That will help your score. I was told today, that if you have some cards that you haven't used in years, those should be closed. Keep open the ones that are only a few years old. I had an account with JCPennies, that I hadn't used for 8 years. I closed it today.
Use cash for awhile and check the website below.
2007-10-04 16:42:59 · answer #3 · answered by Steveo 5 · 0⤊ 0⤋
There are MANY ways to do this.
Check out this FREE ebook that will help you tremendously!
http://www.howtogooru.com/lifeguard.html
First, you will want to get your credit reports. I say reports because there are more than one, and even more than three! Check for mistakes and dispute anything that is incorrect. Did you know that individuals working case management at the big CRA's have only a 3-4 minute time period in which to either contest your dispute letter, or just forget it and remove the item?
There is lots more of this type of information in the free book, so check it out!
2007-10-04 16:03:29 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Wait at least two to three years after a BK and make sure to pay bills on time. It also takes up too ten years before a BK comes off too.
2007-10-04 15:58:27 · answer #5 · answered by sparkles 6 · 0⤊ 0⤋
You don't buy a house. ur broke and have no 'i love credit/slavery' score.
rent an apartment that is cheap safe and convient to work. get 2 more jobs work until u can't then do it agin. SAVE money pay off bills learn to own ur money.
suggest u visit daveramsey.com to see what u haven't.
u some how get a house - u will drown ur self agin. is that what u want?
2007-10-04 16:06:55 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Rent ,
Manage your money well for a couple of years ,
( No lates , no other debt )
Then get some good rates .
>
2007-10-04 16:00:39 · answer #7 · answered by kate 7 · 0⤊ 0⤋