We filed for Ch 7 mid-March and expect our 341 meeting on 4/7/05. I'm guessing (hoping) that our discharge will be sometime in June. We currently are living in our home with a lease/purchase agreement that expires in 2006. We've signed first agreement in Jan 2004 and extended the lease agreement for another year and a half.
I've just pulled my FICO score from Equifax only and it is pathetic ... 473. I don't want to spend $$ just yet to pull from other two credit agencies since I'm pretty sure they are just as bad. I plan to pull all 3 after bk discharge to assess damage and go from there with re-establishing efforts. It's sad, we had FICO of 700+ in May, 2001 but since my husband is in sales there were many months in which we basically lived on credit cards. After 4 years and a move to a new state, it's caught up to us.
My question is, if we have approx a year after discharge to re-establish credit will we be able to use the fact that we consistently paid our rent (currently $1,500/month) on time every month from Jan 2004 until we try to obtain mortgage next year. I already have car loan that is current, never been late since opening loan in Feb 2002, and student loan, again never been late, these loans are being kept out of bankruptcy. After reading several posts, I'm certain we will need to clean up our credit report and possibly obtain a secured credit card (although I don't want one!!) to help boost our FICO scores.
I'm looking forward to finally being able to put money in the bank and save however, I don't know that we'll actually have the full 20% down by April or May of 2006. I see where some of the forum users have really increased their FICO in only a matter of months but with mine being so low, I'm concerned it won't make it very far in only a year. I'm kind of hopeful that mortgage brokers will look at our income and past credit six months prior to bankruptcy along with our car loan, student loan and rent history and say "sure, what the heck". Am I dreaming?
I've just pulled my FICO score from Equifax only and it is pathetic ... 473. I don't want to spend $$ just yet to pull from other two credit agencies since I'm pretty sure they are just as bad. I plan to pull all 3 after bk discharge to assess damage and go from there with re-establishing efforts. It's sad, we had FICO of 700+ in May, 2001 but since my husband is in sales there were many months in which we basically lived on credit cards. After 4 years and a move to a new state, it's caught up to us.
My question is, if we have approx a year after discharge to re-establish credit will we be able to use the fact that we consistently paid our rent (currently $1,500/month) on time every month from Jan 2004 until we try to obtain mortgage next year. I already have car loan that is current, never been late since opening loan in Feb 2002, and student loan, again never been late, these loans are being kept out of bankruptcy. After reading several posts, I'm certain we will need to clean up our credit report and possibly obtain a secured credit card (although I don't want one!!) to help boost our FICO scores.
I'm looking forward to finally being able to put money in the bank and save however, I don't know that we'll actually have the full 20% down by April or May of 2006. I see where some of the forum users have really increased their FICO in only a matter of months but with mine being so low, I'm concerned it won't make it very far in only a year. I'm kind of hopeful that mortgage brokers will look at our income and past credit six months prior to bankruptcy along with our car loan, student loan and rent history and say "sure, what the heck". Am I dreaming?
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