Almost 6 years in November 08

March 28th, 2008 by Questions

My Girlfriend claimed bankruptcy and was discharged in November 2002. She is now finished her schooling and started working as a nurse. We have decied to buy a house and I was wondering if it would be best to pay off the bancruptcy that she had for $8,000 right now and start working on getting her credit up with a secured credit card or wait till November 2008. The reason I`m asking is the house we would be looking to buy would be complete in April 2009 after the bancrucy has been complete. Now I`m not sure if they would allow us to qualify with her bad credit even though she makes $28+ an hour. My question is if she pays it off now and we apply for a mortgage is it still going to show up on her credit score even though she pays it off??? and then it would seem like a waste of $8,000 if she did pay it off and was still frowned apon??? Thanks in advance for your help

Questions

One Response to “Almost 6 years in November 08”



March 31, 2008 at 6:17 am, A licensed trustee said:

Before you start repaying old debts go and speak to a mortgage officer – they will tell you that you are better off directing that $8,000 towards your down payment, rather than using it to repay old debts.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)