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Credit After Bankruptcy
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How to Rebuild your Credit After Bankruptcy:
- Open a checking and/or savings account. When lenders see that you
can responsibly handle these accounts, this facilitates your ability
to get loans.
- Apply for department or other store credit cards or gas credit cards.
Even if you would normally pay cash at these locations, as you use the
credit cards and make the payments each month, this goes a long way
in helping you to reestablish your credit.
- Apply for a secured credit card. Here you secure the credit card
with a cash deposit and charge against this cash deposit. This will
be reflected in positive marks on your credit report.
- Make sure you pay your utility bills and rent or mortgage payment
on time.
- Have a friend or relative cosign on a loan with you and pay the loan
back on time.
- In looking for auto or home loans, look for car deals and mortgage
brokers that indicate that they are "bankruptcy friendly".
Buy a used car so that you don't get hit with the depreciation occurring
during the first two years of a new car purchase.
- Don't fall into the "bad credit" trap of high interest
payday loans.
- Write a letter to each credit reporting agency explaining the circumstances
that lead to you filing bankruptcy.
- Make sure that you live within your means. Don't unnecessarily increase
your debt to income ration by taking on credit to purchase luxury items.
Your payments on consumer debt should not be more than 20% of your expendable
income after costs for housing and a car.
- Pay your reaffirmed, pre-bankruptcy debts on time.
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