Closing existing lines of credit, such as credit card accounts, can raise your debt utilization ratio and also eliminate
years of good payment history.
After a wait period of about maybe not even two years
of good payment history on your credit since the bankruptcy was filed and a decent income, you may be able to qualify for a mortgage loan much sooner than typical.
Oftentimes the higher rate paid by bad credit borrowers can be reduced after just a year or
so of good payment history, at which time they qualify to refinance at a reduced rate.
You will need to put down a $ 300 deposit that you won't get back until a year or two
of good payment history.