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Margaret
Joined: 13 Nov 2009
Margaret's page
Posts: 56
6 Magic Points
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Subject: Advice on Buying A House While in Chapter 13
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Mon Nov 16, 2009 4:45 pm
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 605
89 Magic Points
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Mon Nov 16, 2009 11:59 pm
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Hi Margaret,
Yes anytime you make your payments on time it should improve your credit score. And also when I was shopping for my mortgage I found out that some lenders don't look at a Chapter 13 Bankruptcy that bad. Some consider it a consolidation of your bills. But it does have to be discharged for a certain period before they will lend you money. I forgot how long it actually was but when you start shopping for your mortgage that is something to keep in mind. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Tue Nov 17, 2009 8:31 am
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Hi Margaret,
I agree with debranewell2008. Paying your debts off will definitely improve your score. While you are in bankruptcy, you may not be able to get new secured cards, so all you can do right now is keep making regular payments on the existing ones and not defaulting on any. Bankruptcy on the other hand may adversely affect your score. However, you do not have much choice left with you unfortunately.
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Keep in touch
Carol |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Tue Nov 17, 2009 2:01 pm
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| Hello and welcome, You are getting a lot of good advice. My mother had claimed this type of bankruptsy on the past. She did keep two important credit cards from being filed through the bankruptsy. They were through a bank. She was banking there for a long time. A few years ago, about 1 and a half, after claiming bankrupt she got a home loan. I would work as hard as you could and clear up the debts. Even though the bankrupt filing may hurt your score there really is life after bankruptcy. |
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