we are a couple in our 50's went bankrupt in 2001

we are a couple in our 50's went bankrupt in 2001 then lost house in 2008. we are back on our feet now and want to know where to start to get our credit so we can buy a house in 5 years....we have a couple that will sell us their house with a 5 or 6 year baloon payment....house is 330,000 and they want 20k down ....

this is more about how to get our credit above 700 if possible in the next 5-6 years...we have no credit cards... about 6k in outstanding bills on the credit bureau.....

where do we start to get our credit better....

thanks in advance...

bill

4 Answers

Vote up!
3
Vote down!
-1

The bankruptcy is 10 years old and probably not even reporting.  You probably could get a basic card again without having to go the secured route.  Try Target or another department store card.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

Vote up!
2
Vote down!
-3


Yes, looking for a secured credit card is one good option. You may try to achieve a credit line equivalent of your deposit. Make sure that the card reports to all the three major credit bureaus.


Vote up!
2
Vote down!
-1

I think you should first focus on repaying your outstanding bills first. Once you have repaid the outstanding bills, you can think about purchasing the house. But there are other ways to rebuild credit after bankruptcy. For instance, you can take out a secured credit card. You can also open an account with a credit union. Keep on adding positive information on the credit report regularly.   


Vote up!
2
Vote down!
-2

If you can improve your credit score, then it will be easier for you to qualify for a loan and buy a property of your own. You should start paying off your outstanding bills. You should pay all your bills on time so that you're no more late on them. Avoiding late payments will help you in improving your credit score to some extent. You should contact your creditors/lenders/collection agencies and remove negative items from your credit report. This will also help you in increasing your credit score.


Write Your Answer

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
What is the sum of 7 and 0


Inter Next Technologies, Inc., Internet Marketing Services, Reno, NV


Page loaded in 0.204 seconds.