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Credit Repair Post Bankruptcy
If you recently fired for bankruptcy and wonder if your credit can ever be restored, take heart: it can. No, you may not be able to qualify for an auto loan or a mortgage for some time, but you could see credit improve at a steady pace if you follow the tips I will outline for you below.
Start Simply – One of the best ways to start mending your credit post bankruptcy is to simply make certain that all of your bills are paid on time. Your utility bills, your personal loan payments, everything that requires a monthly payment. Being late on even seemingly simple water bills can work against you especially if the water company decides to report you to the credit bureaus.
Apply for a Store Card – If you need new credit, and then apply for a store credit card. Over the next year make monthly purchases with that card and pay the card off on time every month. For existing cards that you did not lose upon filing for bankruptcy simply use them regularly as well and pay them off every month.
Your New Car – If you are able to swing new car payments, but fear that you will be turned down for a loan, don’t worry about that. Some automakers, including Ford, are offering loans even for the most risky borrower.
It is a tough road out there for Ford and they may welcome your business.
Even the purchase of a new home may not mean that you will have to wait many years post bankruptcy in order to qualify for one. If you are or were a veteran, a VA Loan could still be within your reach. For everyone else, an FHA backed loan could open up the door to home ownership for you. Simply visit a trusty mortgage lender and get their input on your financial condition; they may know of other programs for which you could be eligible to get a home.
Bankruptcies stay on the books for seven years but can stay on your credit report for as long as ten years time. Run copies of your credit reports every year and make certain that all errors are corrected and that all other information is up to date. Finally, obtain your credit scores as that figure will ultimately indicate if you can get additional credit and what rate you can expect to pay for a particular loan.
Jeff is a professional freelance writer the website credit help guide. We have lots of awesome info on the topics of debt, all the way to credit help. We encourage you to visit us today and see all we have to offer.
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