ErikOk 10 Report post Posted February 7, 2013 I have a buyer that has a 470 credit score, because according to them they filed medical bankruptcy 1 year ago. What would be the likelihood of them being able to finance within a 2 year lease period? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 7, 2013 Erik, with a score of 470 there's more to the story than a medical caused bankruptcy. I think you'd need to dig deeper, (or better still, have a mortgage broker do so), to have a better look at their financial history past and present. Share this post Link to post Share on other sites
nashvegas 2 Report post Posted February 7, 2013 Erik, just for a reference, I did a credit check on a potential tenant/buyer and found out that they had two bankruptcies. Chapter 7 in 2005, and chapter 13 now. Plus, judgments and charge offs.Their scores were in the mid to upper 500s. My Mortgage guy said if they got their act together and established good credit that they could qualify in two years or so. But he also said that is easier saidthan done, Some people just plain have poor habits, and will always continue to make poor financial decisions. (Oddly, after presenting the owner with all the credit info, they still decide to go with them.) I do know that mortgage companies look at medical collections differently than other debt. Some don't count it against you at all. Share this post Link to post Share on other sites
