Prophetic1 Posted January 16, 2005 Report Share Posted January 16, 2005 I want to apply for a mortgage, please advise! Brief overview of my current financial condition Ch 13 in 7/01 had to file Ch7 bk discharged 12/03 since I have received 3 cc the oldest is 8 months no late, usage approx 15-20%. Just been approved for forth cc, in the mail on the way. These cards have help me re-establish my credit and bring my fico score up an average of 60 points in the last 8 months. Only use cards for minor things. Corrected errors on my cr. FICO scores are now Trans – 642Equ - 605Exp – 619I make appr 44k per main job and appr 700 gross per month part time; have approx 7500 now saved; I would like to buy home approx value 150,000, is this possible within the next 3-4 months or should I wait until Dec when bk will be 2 years old? Is it possible at all?Also have receive offer for another cc with 750.00 limit (high for me) can this help bring my overall FICO score up?Also I am strongly considering using Countrywide, any thoughts? Link to comment Share on other sites More sharing options...
amortgageman Posted January 17, 2005 Report Share Posted January 17, 2005 Credit scores are okay. 640 middle gets a big break on interest rate after a bankruptcy, but 619 will get you there. Is there a past tradeline that was successfully paid off anywhere in your credit history? Was there a mortgage involved in your previous bankruptcy? If so, what was the outcome?How long have you been employed at your part time job? If not for two years, have you consistently had a part time job?You have three credit cards and a fourth on the way, any car loans or other lines of credit open? It may be a good time to just let the four of them do their work. Judgment call as to whether the fifth card would actually benefit. (On one hand five new credit cards may look like you are stepping back into the fire (underwriter), but ideally to max a credit score, five to seven open accounts are ideal.)Your income is adequate, but ask yourself whether or not an $1,200 - $1350/mo house payment will be comfortable in your budget. Link to comment Share on other sites More sharing options...
Prophetic1 Posted January 17, 2005 Author Report Share Posted January 17, 2005 Part time job is new, just started. Yes had mortgage included in ch7 bk, had to let the house go. 80% of debt in bk was due to back taxes from being self employed for many years (IRS was breathing down my back). Only had one credit card in past (providian) that was charged off, included in bk. have a five year history of child support payment, (just finish paying in Dec) on my credit report. only a couple of late payments 3 years ago, otherwise good history. Does that count? Link to comment Share on other sites More sharing options...
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