Thursday, July 27, 2006

Rebuilding Credit After Bankruptcy

Rebuilding Credit After Bankruptcy--
when you can rebuild credit after bankruptcy? After you erase all your bad credits , right?
So,when you are rebuilding credit after bankruptcy consider some factors --while you take loan (with mortgage or without mortgage) and when you take new credit card after bankruptcy and when you buy new or old car or house with the aid of other financial institutions.
I alaways advice to take a pre-approved or secured credit card but -- a low interest rate is important. While researching some secured credit cards I ran across one with an interest rate of 23.99% and another with an interest rate of only 9.25%.
Next thing you should consider is a lower application fee. Again, I found some secured credit cards that have no application fees and one that had a-- are you ready for this?.....90$- $120 application fee!I advice you to search extensivly through internet a after bankruptcy credit card with very less or without application fee.


The second thing to consider while rebuilding credit after bankruptcy is low interest and long repay period car loan or any such type of loan from reputable lender online to make sure your personal information is secure.
Dont go for buy-here-pay-here car lot offers.

The third thing to consider while rebuilding credit after bankruptcy is rebuilding your credit history to increase your credit score. Be careful in this case. It can take one or two year for you. Rebuilding your credit history can increase your credit score. This in turn can mean the difference between qualifying or being declined for a loan.

If you increase your credit score enough it could help you get a lower interest rate - as a result, you could end up saving $100s or even $1,000s in extra interest.

Go for a sub-prime mortgage loan.
If you can, wait a couple of years after your bankruptcy has gone through before you apply for a mortgage loan. If you start small and prove that you can handle your small debts, within two years you will likely be able to qualify for a mortgage that is not sub-prime. This means lower interest rates. On a home loan, an interest rate that is even one point higher can cost you thousands of dollars of the life of the loan.

By Satyajit Das--Mr.Das is a famouse credit consultant and he is a regular contributor to some of the leading article directories on the net.
Rebuilding credit after bankruptcy.


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Wednesday, May 31, 2006

Credit repair after bankruptcy

credit repair after bankruptcy

By-Satyajit Das(M.B.A--Finance)--Mr.Das is a famouse credit consultant and a regular contributor to some leading directories on the net.
This blog post is about credit repair after bankruptcy exclusively written by him for this blog only.

When many people think about credit repair after bankruptcy, they are usually worried about whether or not they will be able to qualify for credit after bankruptcy and loans in the future.

If you consider that that qualifying for credit and loans is one of your concerns when it comes to credit repair after bankruptcy - and by the way, it's a valid concern.

The first thing is-

Do you know what is on your credit report? Even if you have just filed bankruptcy it is extremely important that you know how it is reported on your credit report.

After receiving your bankruptcy discharge papers the first thing you will want to do is get a copy of your credit report and make sure that the information reported on it is correct.

Rebuilding your credit as soon as possible is critical when it comes to credit repair after bankruptcy. Why? Because rebuilding your credit history can increase your credit score. This in turn can mean the difference between qualifying or being declined for a loan.

If you increase your credit score enough it could help you get a lower interest rate - as a result, you could end up saving $100s or even $1,000s in extra interest.

Make sure that ALL creditors that you included in the bankruptcy are showing that they were and that your balance is $0 and nothing else. Profit & Loss or Charge Offs will lower your credit score. Make sure they report as "included in bankruptcy" with a $0.00 balance.

If a creditor shows any balance other than $0.00 and it was included in the bankruptcy it will lower your credit score.

You should know Make sure that ALL creditors that you included in the bankruptcy are showing that they were and that your balance is $0 and nothing else. Profit & Loss or Charge Offs will lower your credit score. Make sure they report as "included in bankruptcy" with a $0.00 balance.

If a creditor shows any balance other than $0.00 and it was included in the bankruptcy it will lower your credit score.

The second step is you should know how the credit approval process works. This is another key part of your credit repair after bankruptcy game plan. You need to know what lenders look for when evaluating a credit application, and how to use that information to your advantage.

I think now you know some steps you can take when it comes to credit repair after bankruptcy as far as credit and loans are concerned.Best Of Luck.

credit repair after bankruptcy.
You can give a look at his another post on credit after bankruptcy

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