Mortgage Loans After Bankruptcy - Ways To Boost Your Fico Score

Posted By Team iBizExpert On February 13, 2022 01:07 PM Hits: 68

Many lenders will give you a home loan after your bankruptcy is over. Most of the time, these lenders don't need new lines of credit or a good credit score. When you have good or fair credit, it can be easier to buy a home. Most likely, these people get better mortgage rates and are eligible for a wider range of home loans. Here are some ideas for how to improve your credit score before you apply for a mortgage.

On time, pay your debts.

Your credit report can be hurt or helped by the way you pay your bills. If you always pay your bills on time, your score will go up. But if you pay a bill a day late, your credit score could drop by as much as 10 points.

If you can, pay your bills a few days before they are due. Your credit score won't go down if you don't pay your credit card bills on time, but you might get a few extra points if you pay them early.

Keep your credit card balances low.

After a bankruptcy, you need to open a new line of credit right away. This can be a credit card, a gas card, a card for a store, etc. If you want to get a new credit card, don't have a lot of debt. Consumers should keep their credit card balances at about 25% of the limit. Your credit score will go down if you keep a big balance.

Don't ask about your credit.

Even though credit checks are necessary, especially when trying to get your credit back on track, don't apply for too many credit accounts at once. Many customers don't know that inquiries can hurt them. But a credit check can lower your score by 10 to 12 points. After a bankruptcy, your credit score is already low, so it's very important to limit the number of times you check it.

Keep a close eye on your credit report.

If you want to improve your credit score, you should check your credit report often. A credit score of at least 680 is needed to be approved for a prime rate mortgage. After filing for bankruptcy, it will take time to rebuild your credit. But if you take steps right away to improve your score, you might be able to get a low-rate mortgage in 24 months.

Tags/Keywords: credit score, after bankruptcy mortgage loan

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