Advice after Chapter 7

[Delinquent]

Ok My fiance's chapter 7 has been discharged as of January and my chapter 7 has been discharged as of May.

We have both been given a credit card with low limits which I heard we should do so that we can start rebuilding credit. I only use mine for gas and various low priced items which I plan to pay off at the end of the month. My fiance has a little higher balance due to our garage door going out but we're trying to pay it off as fast as we can

Our ultimate goal is to build our house within the next 1-2 years. If this is possible, can anyone give me advice on the best way to do this?

 

[Synpax]

Funny thing I heard is that people who have gone through bankruptcy have an easier time with credit, ceteras paribus, since the creditors know they can't go through it again.

And this sort of proves it. At one point I couldn't get a credit card at all and I wasn't near bankruptcy. You just went through it and you did get a CC.

 

[Delinquent]

Funny thing I heard is that people who have gone through bankruptcy have an easier time with credit, ceteras paribus, since the creditors know they can't go through it again.

And this sort of proves it. At one point I couldn't get a credit card at all and I wasn't near bankruptcy. You just went through it and you did get a CC.

Exactly. They know that you're gonna be good for it one way or another. This is the reason why I can't understand why we can't get refinanced. We have always kept up with our mortgage payment yet no one will refinance which doesn't make sense

 

[zxe003]

Standard credit underwriting guidelines for mortgage lenders warrant that the customer usually show at least 2 to 3 years rebuilt credit history. Since it is a much bigger liability than a small revolving acct, they tend to want more proof that your credit habits are reformed. You may find lenders that don't adhere to this 2 year rule, but it would most likely be with a sub-prime lender, and your rate may not be as desirable.