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mrsP2b

8.5% interest - what should I do?

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We are pre-approved, but at 8.5% interest..... We're told to pay a company to clean up our credit for 3 months & refinance for a better rate. #1) good idea?

 

#2) When can I apply for a credit card? I heard it's not good to do so within 6 months of getting a mortgage loan?

 

#3) Is VA home loan better than conventional in our case? We're waiting for approval on that.

 

Background - Bk 7 discharge 10/04. ave. score 610 (DH is a little worse). No debt now, no car loan, no credit cards. Tried cleaning reports best I could.

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We are pre-approved, but at 8.5% interest..... We're told to pay a company to clean up our credit for 3 months & refinance for a better rate. #1) good idea?

 

#2) When can I apply for a credit card? I heard it's not good to do so within 6 months of getting a mortgage loan?

 

#3) Is VA home loan better than conventional in our case? We're waiting for approval on that.

 

Background - Bk 7 discharge 10/04. ave. score 610 (DH is a little worse). No debt now, no car loan, no credit cards. Tried cleaning reports best I could.

If you think that you'll refi then make sure you read fla-tan's sticky on Mortgage terms, pay particular attention to "Hard PPP" & "Soft PPP"

Edited by ouray

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We are pre-approved, but at 8.5% interest..... We're told to pay a company to clean up our credit for 3 months & refinance for a better rate. #1) good idea?

 

#2) When can I apply for a credit card? I heard it's not good to do so within 6 months of getting a mortgage loan? If you have no open tradelines since the BK, opening a single tradeline will have no positive impact on your ability to qualify for a mortgage. There are subprime lenders that will approve you with no tradelines, but as you have already seen the rates are not good.

 

#3) Is VA home loan better than conventional in our case? We're waiting for approval on that.

 

Background - Bk 7 discharge 10/04. ave. score 610 (DH is a little worse). No debt now, no car loan, no credit cards. Do you have any open positive tradelines since the BK? Tried cleaning reports best I could. Do you have any current negatives reporting?

 

mrs

 

Tell us more about your situation. Provide income and employment details please. What do you have in assets and reserves? Also, what type of alternative tradelines do you have? Utilities, phone, car insurance, rent, and the like are considered alternative tradelines. If you have 12 months positive history with at least 4 alternative tradelines you could well qualify for either FHA or Fannie Mae's My Community loan programs. Subprime does not need to be the first option for borrowers with less than stellar credit.

 

 

fla-tan

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We are pre-approved, but at 8.5% interest..... We're told to pay a company to clean up our credit for 3 months & refinance for a better rate. #1) good idea?

 

#2) When can I apply for a credit card? I heard it's not good to do so within 6 months of getting a mortgage loan?

 

#3) Is VA home loan better than conventional in our case? We're waiting for approval on that.

 

Background - Bk 7 discharge 10/04. ave. score 610 (DH is a little worse). No debt now, no car loan, no credit cards. Tried cleaning reports best I could.

 

In addition to Fla-tan's post, I suggest that you don't pay a company to clean up your credit. If that were the way to do it, you wouldn't be on CB. But since you're here, all you have to do is go to the Credit section and you'll have all the tools you need to take care of things. Good luck!

 

800s

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