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I need some answers...please HELP!


Justgotta
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I am looking to apply for a mortgage asap however I filed Ch. 7 and was discharged 2yrs 6months ago. I pulled my credit score and it was 570. It said that my score was lowered due to balances too close to limits. I intend to pay my credit cards off with tax refund. Can anyone guesstimate how much this will raise my score and how long should I wait for it to change? Also, I will only have $5,000 towards a down payment and wish to obtain a loan for $120,000. Is that asking too much due to my score? My husband has 1 credit card just opened 3 months ago and no previous credit history but I make more than he does. What are the chances of getting a mortgage once these cards are paid off? Thanks for any info!

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I would suggest that you don't pay the cards off entirely, but down to about 15% of the credit limit. That will bring up the scores, exactly how much is hard to tell. Then make sure that everything that was included in the BK is reported correctly, as that is a problem sometimes.

Depending on where you live, there are now lenders that will grant a 100% loan with a 580 score. Then negotiate with the seller to get a 6% "seller concession to pay closing costs". That should work out.

Charles

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