With this high credit score you can get a mortgage a lot earlier, if the purchase price of the property supports the appraisal or vice versa and your income supports the future payments.
Bankruptcy information (and other legal actions like judgments) may stay on a credit report for up to ten years after the fact. If your credit report still reflects a bankruptcy after ten years, create a dispute/update request with the associated credit reporting company and include proof that the bankruptcy is older than ten years old (the state record of the original date of bankruptcy action is typically all of the proof one needs). Negative items (including home loans that may have been forgiven) may stay on your credit report for up to seven years after the occurrence, regardless of bankruptcy status. Similar to the process above, if there is negative information on your credit report after seven years, one can request an update/modification of the credit report by providing appropriate proof.
10 years. If you are interested in buying a home you have to wait at least 24 months from the date it was released/discharged in order to qualify for a home loan. So, though it takes 10 years for a bankruptcy to be removed from your credit profile you can qualify for a home loan in as little as 2 years from the Date of Release or Date of Discharge.
The bankruptcy proceedings remain on your credit record for 10 years. During this period, it is very difficult to reestablish credit and borrow funds for items such as a new car or home.
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
The average credit score need to purchase a home is 620.
After your discharge, you can purchase a home at any time. If you pay cash, you may have some serious problems explaining where the money came from and why it was not reported in the bankruptcy documents. If you apply to borrow, you will have trouble qualifying for a mortgage, since credit score will be low, due to the bankruptcy and the poor credit you had prior to filing. You will have to be serious about repairing your credit score, and it will take 3-4 years for you to do that.
The time it takes to get home equity paid off after bankruptcy and bad credit will vary depending on how bad the credit score. It will also depend on which lawyer and banks are involved.
Do things that will improve your credit score. Pay off your credit cards as much as you can, contributing most to the one with the highest interest rate. If you have declared bankruptcy in the past, you should wait until after 10 years before the bankruptcy is no longer listed on your credit report. Look into whether you qualify for the $8000 federal first-time home buyer tax credit.
Bankruptcy information (and other legal actions like judgments) may stay on a credit report for up to ten years after the fact. If your credit report still reflects a bankruptcy after ten years, create a dispute/update request with the associated credit reporting company and include proof that the bankruptcy is older than ten years old (the state record of the original date of bankruptcy action is typically all of the proof one needs). Negative items (including home loans that may have been forgiven) may stay on your credit report for up to seven years after the occurrence, regardless of bankruptcy status. Similar to the process above, if there is negative information on your credit report after seven years, one can request an update/modification of the credit report by providing appropriate proof.
The bankruptcy proceedings remain on your credit record for 10 years. During this period, it is very difficult to reestablish credit and borrow funds for items such as a new car or home.
10 years. If you are interested in buying a home you have to wait at least 24 months from the date it was released/discharged in order to qualify for a home loan. So, though it takes 10 years for a bankruptcy to be removed from your credit profile you can qualify for a home loan in as little as 2 years from the Date of Release or Date of Discharge.
NO
The bankruptcy proceedings remain on your credit record for 10 years. During this period, it is very difficult to reestablish credit and borrow funds for items such as a new car or home.
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
The average credit score need to purchase a home is 620.
The credit score 650 is really not that bad. With a 650 credit score you can finance a home or car.
It shouldn't impact your credit rating all. However, his bankruptcy will remain on his credit for up to 10 years. If you get married and try to buy a home for example, then his credit rating will affect both of you.