Saw a post on another board from a mortgage broker, making recommendations for getting new mortgage loan after a bankruptcy: He recommends EACH of us (DH and myself) have 5 open, active tradelines, including a car payment of more than $150/month. So far, I have the car ($230/mo.) and one credit card; DH has 2 credit cards. Would it really make a difference in getting a mortgage (hopefully in the next year) if we have two car loans vs just one? We really don't need a 2nd car right now, but if it's important, I guess DH will have to get one ;-)
Never heard that one before. If you buy a second car, that makes your debt to income ratio higher, qualifying you for less. Sometimes getting credit will help your credit scores, but taking on a debt like a 2nd car you don't need? There are easier (and cheaper!) things you can do. The biggest questions should be, how old is your BK? and what are your scores? Do you have any collections since BK that are still reporting open? That's what I'd worry about first.
