Posted on: 27th Dec, 2012 01:23 am
Hello there… I bought a foreclosed home which was free and clear and now I need to take money out of the property to make home improvements. My issue is I had a bankruptcy over a year ago. even with that, my scores hover around 700. Will I be able to get a home improvement loan?
Hi Kevin,
You have mentioned that you had filed bankruptcy a year ago. In such a situation, you won't be able to qualify for a home improvement loan so soon even if you have a score of around 700.
Thanks,
Jerry
You have mentioned that you had filed bankruptcy a year ago. In such a situation, you won't be able to qualify for a home improvement loan so soon even if you have a score of around 700.
Thanks,
Jerry
no, you will not be able to get a home improvement loan since you have filed bankruptcy before a year. you need to know that filing bankruptcy hurts your credit score to a great extent and it will remain on your credit report for 7 to 10 years.
The waiting period to get approved for a loan after bankruptcy is 2 years. You will have to wait at least 2 years to obtain a home improvement loan, despite the fact that you have excellent credit.