Fix Bad Credit Report Repair
2010
What would be better if I am going to eventually buy a home?
My husband has bad credit (score is around 540 and he has like 15 negative things on his report, including a short-sale of our home). My husband makes good money and we have began fixing our credit but it could take a long time and money to pay off what I can’t get deleted by disputing. I have known people to buy a house only months after bankruptcy. How long would it take to be able to buy a house after bankruptcy in Ohio? Would it be quicker to repair everything or file bankruptcy.
Please don’t be rude. Medical reasons got us in a bad spot and we are now trying to recover.
And only answer if you truely know what you are talking about.
If you want to eventually buy a house:
Don’t file for bankruptcy. It’ll further injure your credit. That’ll only set you back further. Yes, back a few years ago it was possible to buy a house only months after bankruptcy. It’s not possible to do so (at least to buy conventionally) today. Those days are long gone, along with the no-doc 125% interest only ARM loans.
To get a good handle on your prospects, go to a good mortgage broker. He or she will be able to give you better guidance on how long it might take. In today’s market, really, it’s anyone’s guess. I’d say (just a real rough guess) that if you work really dilligently at paying off debts, fixing your other credit problems, etc., it might take 3-4 years. Add on another year with a bankruptcy.
And don’t spend time disputing legitimate items on your credit report. That tends not to be effective. On the other hand, absolutely dispute any inaccuracies.
You might look into a lease-option (or contract for deed). Still, wait until you’ve cleaned up your credit a bit and are back on solid ground.
Credit Repair Magic Software – Fix Bad Credit – Improve FICO Score
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