Should you ever face the unfortunate experience of filing bankruptcy chances are that you will see someone else who is filing bankruptcy for the 2nd time or maybe even the 3rd time. This simple means that although bankruptcy hampers your credit ratings substantially, it’s not impossible to get credit, you just have to know how. More importantly, you should try not to get into the same situation again.
You must remember is that although a bankruptcy can legally remain on your credit report for up to ten years your credit can start improving immediately after your case is closed. You must understand that while after bankruptcy you may be tempted to never use your credit card again in order to build up a credit score. It is better that you do – to the extent that you start using it immediately if you can muster the will power to use it wisely and pay your bills on time. (more…)
Presumably you looked at all your possible alternatives and determined that bankruptcy was the only way to go. So now the papers have been filed, your slate has been wiped clean and you are ready to start over, this time not making the same mistakes you did the first time around. But one of the things you will very likely need is a loan and you may think that it is impossible to get a loan after bankruptcy.
Nothing could be further from the truth. It is far from impossible to get a loan after bankruptcy, although you are going to need to look beyond what you might consider to be your traditional lending sources like your bank or credit union.
The reason for this is that your bankruptcy shows up on your credit report in the equivalent of flashing red lights and huge neon signs so that potential lenders are aware that you have filed. (more…)
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