No. of Recommendations: 0
OK. My last post was very negative. The point I was trying to make is that there is a misconception "out there" that in 2 years after a BK, all is going to be well. That's not true.
I have not met any type of lender that isn't going to consider it when making their decision. I have credit cards - Providian and Discover. They charged me over 18% because of the BK. I have a used car loan at 14.95%. My wife and I consolidated our CC's thanks to a loan program through my wifes' employer and we had to do some real talking to get it.
Other than the BK, my credit was excellent before and after. We have paid very aggressively on all our debts. We currently have only 2 months of our net income in debt other than our house. It has made little difference to the credit and lending industry.
They see the BK and it has been insurmountable for us. We earn pretty good money (upper 5 figures) and have been very cautious. You will need to get your financing set before looking at a house. If you do get the financing, consider yourself lucky.
I am sorry to give you this news. It's just my personal experience. Good luck to you!
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement