I just want to know from anyone who has had a previous bk, and possibly has applied for a home loan (FHA, VA, anything) how many tradelines they had open and was it acceptable to the lender? Hubby and I have both reestablished new lines, he has about 5 with a car loan and I have 5. Do you think we should cut back? A couple of those were ones that survived our bk so long term history is there on some of them. I started wondering since in about a year or two we will be loan shopping and I want to have what's "acceptable" for the longest period of time. I remember when we bought a house before, we had to close some open, but zero, lines for approval. With the bk, I just want to be extra careful that it doesn't look like we're getting back into trouble. (Since we filed for health and job issues, not non-payment issues.) Any advice would be appreciated. Newstdt
After BK 7 discharge was more than 2 years old, I had: 1 Auto Loan (AmeriCredit) $6,800 -- Active 4 Small Credit Union secured loans ($500-$1,500-- Paid/Close/Never Late 1 Credit Union secured MasterCard ($700 CL) -- Active 1 JCPenney retail card ($600 CL) -- Active 1 Havertys Furniture loan ($2,400) -- Active 1 Cap1 secured card (then called Signet, or something), $1,100 -- Paid/Closed/Never late I was able to get a mortgage of $174,000 as a single woman. My credit scores were in the upper 500's at the time. Hope that gives you an idea.
Thanks Hope! That's great news!! I was thinking maybe 5 each was too many, but we both need to reestablish somehow. We won't be applying for anymore either. I was just thinking along the lines of "are they going to be judgemental" after seeing the bk and looking at how many lines we've opened or used post discharge. I appreciate it!! You've given me hope Hope! LOL!! Newstdt
I think it really doesnot matter 5 or 10 or 15, as long as the debt ratio, income ratio, payment history, current income and expenses and the fico score are acceptable to the respective lender. I got 4 credit cards and auto loan in 3 months after bk and home refinance approved with 5% @15 years not closed yet hoping to close before december (or anytime now not to be greedy).
Wow you are able to refinance at 5%!? How old is your BK? I have been wanting to refi my house and I assumed that since my BK is from 5-01 that I can't do it yet and get a good rate. I am currently at 7.38% Also, what are your scores?? Thanks.
