Posted on: 14th Aug, 2009 05:33 pm
Me and my husband just claimed a Bk about 4 months ago and both our fico scores are both in the low 500's do you think we can get another mortgage?
Hi jennylyn, Im sorry about your situation but since the Bk is still really new and you scores are both in the low 500's you will not be able to get a new mortgage im sorry. Best chance would to be let the Bk go by for at least 1 year and build your credit for the next year and try to get your fico scores up to around 620 or above then you can try for an FHA loan at that time.
Jennylyn
After BK you may not be able to get a loan for atelast 3 -4 years.
AT this point you need to work on improving credit score. 500 is very low for any kind of loan
If you apply for any loan, it will not help but reduce yoru score furthre.
You need to get a secure credit card and work on improving your credit score
Good luck and feel free to ask
After BK you may not be able to get a loan for atelast 3 -4 years.
AT this point you need to work on improving credit score. 500 is very low for any kind of loan
If you apply for any loan, it will not help but reduce yoru score furthre.
You need to get a secure credit card and work on improving your credit score
Good luck and feel free to ask