How to raise credit score in 8 months in order to buy home?
Thursday, February 25th, 2010 at
9:01 am
I filed for bankruptcy in 2007, my current credit score is 640. How can I raise my credit score before purchasing a home?
with a bankruptcy in 2007, you can forget about a mortgage for at least 5 yrs after the BK was discharged – that’s how long it took me – I’m surprised your score is as high as it is with a recent BK
Filed under: Raise My Credit Score
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I personally think you are applying for a mortgage too soon. However, If the 2007 BK is the only negative thing on your credit, and I am assuming you have a discharge from the court, in the next 8 months, pay your bills on time. If you have a credit card, use it regularly and pay off the balance at the end of the month. This will help your credit a little bit.
When you apply for your loan, make sure you include a note explaining your bankruptcy and the reason why you filled one. Here are a few other things you can do.
References :
http://www.badcreditfixup.com/credit-after-bankruptcy.php
with a bankruptcy in 2007, you can forget about a mortgage for at least 5 yrs after the BK was discharged – that’s how long it took me – I’m surprised your score is as high as it is with a recent BK
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You may not have to wait 5 years, but you will definitely need to wait more than two before mortgage companies will even consider you. With the bankruptcy so new, you probably won’t be able to raise that score much in the next 8 months. The interest rate will be outrageous.
If you do have any active credit card accounts, don’t carry any balances. Use them and pay them in full every month. That will give you a good payment history. You will need at least 24 months of consistent, on time payments to improve your score.
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