Wednesday, May 31, 2006

Credit after bankruptcy

How to get credit after bankruptcy--
By-Satyajit Das(MBA--Finance)Mr.Das is a famouse credit consultant and regular contributor to top article directories on net.

There are some simple steps that anyone who files a bankruptcy possible to bounce back in a short amount of time.
The first step is-Restore Your Credit after Bankruptcy.
Get a copy of 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.
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.

The second step is-build a good credit history afterwards.Pay all of your bills on time. Bankruptcy is a means to financial recovery. It is intended to allow you to “start over” financially.And it's a good idea to get at least one credit card after bankruptcy or small loan--and make regular, timely payments on it--so you can rebuild your credit history.
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.


The third step is you should know how the credit approval process works. This is another key part of your credit after bankruptcy and credit card 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 after bankruptcy as far as credit and loans are concerned.Best Of Luck.

credit after bankruptcy.
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Wednesday, April 19, 2006

Credit card after bankruptcy

credit card after bankruptcy


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.

This post is about some steps and techniques you should know toward finding the best credit card after bankruptcy!

You should know finding the best credit card after bankruptcy is not that difficult, if you know where to look and what to look for.

When it comes to applying for a credit card after bankruptcy one question is-Should I apply for a secured credit card or unsecured credit card after bankruptcy?

Get a secured credit card.

Secured credit cards are available to almost everyone, even those who have recently declared bankruptcy. You make a cash deposit of a certain amount--say, $500--and you're given a credit card with a $500 limit.

Unsecured credit cards are just that – unsecured. Meaning the person fills out a credit application and, based on their credit report, income, etc. are approved for a certain credit limit.

So which is best? It depends on your credit history. However, if you apply for a secured credit card you have a higher chance of getting approved versus an unsecured credit card after bankruptcy.

So how do you find the best credit card after bankruptcy?-- 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%.
Since bankruptcy makes you a higher risk customer, some banks or lending companies may offer you credit--but at an increased rate. Whether it's a loan or a credit card after bankruptcy, you may pay a higher interest rate, higher fees or higher charges.

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! Sadly, many people have paid it!

Now , i think you know some steps you can take toward finding the best credit card after bankruptcy!Best of luck!



credit card after bankruptcy.
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