credit score after bankruptcy discharge
What kind of mortgage interest rate can I get with a 660 credit score?
I have a Chapter 7 Bankruptcy that was discharged 3 years ago. Will mortgage lenders even consider me for a loan of $100,000, with a gross yearly income of $75,000?
Since my bankruptcy, all of my payments have been on time, paying off credit cards (I have two) monthly. I have a school loan paid up to date, and no other bills. I check my credit score monthly, and for the past 6 months my score has been hovering around 660. I know it takes time, but what may lenders be willing to offer me with my current status? Should I wait another year or two before applying for a first time home loan?
Would renting an apartment for a couple of years “up” my credit score, and look better for lenders down the road?
I guess I’m in a “toss-up” between buying and renting. I just don’t want to waste any more money on renting. But I’ll rent again if it looks good to lenders, and a better interest rate. I know I have to pay somewhere along the line due to my own past financial mistakes.
Good……
Clean up credit …..Lexington, Ovation or do it yourself letters off of net.
Pay extra on all credit cards, student loans to build up your fico. Do NOT apply for any new credit. Opt out of all pre-approval nonsense. These soft and hard inquires bring down the fico.
Your 660 is a decent score……the higher your score the lower your interest rate will be.
Most lenders will give a 100% LTV no money down loan for 7% if cash flow is tight. Put 25% down and with your 660 fico you can get a much lower interest rate than 7%.
