How long after bankruptcy can my credit be good enough to get an apartment or a loan for a home?

in Bankruptcy

honestjoe asked:

My wife and I make enough money to afford an apartment or a modest house. However, both of our credit records are poor. So we were told to file bankruptcy. We just need to know how long we will have to wait to get an apartment, since they ALL require credit reports.

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8 comments

Erica B on July 31, 2009 at 8:22 am

My mortgage guy told me companies won’t even look at you until you’re at least 3 years out from dicharge for a home loan. You might be able to nail down an apartment with a cosigner…
spade_242 on August 2, 2009 at 6:34 pm

About a domicile, I’m not sure. I do know you can’t get a checking acct for like 7 yrs!!! eeeeekk don’t do it, man.
Curiously on August 6, 2009 at 4:18 am

It used to be 7 years but nowadays its much less… My mother declared bankruptcy about 5 years ago..and she gets credit card offers all the time and even got some already…and they started coming in about three years after she declared bankruptcy….and her FIFO score has been getting higher and higher is now at around 650 which isn’t to bad with that on your record…
oosmurfette53oo on August 7, 2009 at 1:46 am

Hi! I recently got discharged as well. It isn’t as bad as people make it sound. You can still get loans for vehicle and houses. Banks will loan you money because they know they will get it back, being you cannot file again for 6 years and therefore will be forced to pay. They also give a higher interest, cause they know you will probably take what you can get. It will stay on your credit report for 10 years. Even though some say 7, it’s more like 9 yrs. 8 months. A good idea for a house is to get into one of those homeownership programs if available in your area. Most match you $1-$2 for every $1 you put in. Or I have heard that if you put 25% down on a house or a vehicle, you will get a loan with a decent interest rate. Don’t think there isn’t anyone out there that will take a chance on you. Just look for a company that specializes in bankruptcy.
MI6 on August 7, 2009 at 5:02 am

right away, some credit card companies start sending you offers within the first couple of months. go to and read an article about credit.
lilpuppy6 on August 9, 2009 at 4:20 pm

Apartments, it depends on the managing company, I know peopel who were approved for apt 30 dasy after discharge. They Aparmtnet management gave more importanc eto yoru income than anythign else. You just haev to start callign around “before” you file bankruptcy, so atl least you know where yo uwill be moving to afterwards. Godo luck.
BONUS:
“Rent to own”, or “Lease to purchase”, or “land contract” houses can be had 1 day after discharge, because they don’t use credit as a criteria for ownership. Local newspaper always have these advertised, or check around with local real estate agents.
Its a way to get into a home asap, while you take your time “fixing” your credit. Good luck.

FYI..Bankruptcy is NOT the end of the world, it’s NOT as bad as people make it out to seem..there are some things you should NOT do right after Banktruptcy (apply like crazy for new credit) but all in all you will be fine.
big_cat_1999 on August 10, 2009 at 6:26 am

If you have not filed yet, don’t do it. If you have, there are lenders who will look at you, your down payment would be at least 20-25% and the rate would not be real favorable. After two years you can apply for a FHA loan. FHA guidline is two years after discharge and reestablished credit or proof of solid credit history with all of the following, phone, cell phone, cable, electric, and or gas bill. Also pay your rent with checks so that can proove how well you have paid your rent. It’s always better if you can rent from an apartment complex rather than individual. I am a mortgage banker since 1994 if you have questions e mail me at I lend nationally in all 50 states.
lovemy2babies on August 10, 2009 at 4:25 pm

In Alabama its 2 years. Good luck!! I feel your pain.