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Credit and Loan Help for Mortgage Loans
Mortgage loans are some of the most difficult loans to receive if you have bad credit because lenders focus heavily on your credit score and history of making payments on time. However, there is credit and loan help for individuals interested in...
Getting a credit card is a big responsibility
Owning a credit card can be quite an advantage. Whether making online purchases, booking an air ticket or a hotel room on the phone or simply being in need of some emergency cash, having a credit card can be a big help. However, getting a credit...
How Customer Friendly is Your Credit Policy?
It's a classic mistake for business owners. They start a business that is focused on their product and not on the credit end of their business.
Luckily, a popular new book by Michelle Dunn makes it easy to solve this problem. The book, Become the...
How to score with credit
With a massive £1.3 trillion of personal debt in the UK, obtaining credit and staying financially afloat are daily dilemmas for the British consumer. Many major banks, including Lloyds TSB, have recently declared an increase in the number of...
Why Does A Credit Card Expire And How Do You Renew It?
Besides the long string of numbers that identify your account, there is a short little series of numbers that makes up your card's expiration date. Most of us don't even pay any attention to that date, but you can bet that the credit card approval...
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Credit after Bankruptcy is not Impossible
If you are going to file for bankruptcy, it is true that you will not have very good credit after bankruptcy. However, this does not mean that you will never be able to get loans, and it certainly doesn't mean that you will never have a good credit history again. While it is true that there will be a short period of time during which it will be exceptionally hard to get credit, it is not true that you will have to wait for an entire ten years to get credit after bankruptcy.
For instance, if you do not have a lot of debt on your credit card, or if you have no debt on it at all, you may be able to keep your card. If you do not owe any money at all, then you do not even have to inform your credit card company about the bankruptcy - however, if they do find out that you are going through bankruptcy proceedings it is always possible that they could cancel your card anyway, just to make sure that you do not charge purchases to that card.
Most of the credit card companies will require that you affirm that you still owe money on the card before they will let you
keep it. What this means is that you need to state that you will still be responsible for paying back the card balance, even if you have filed for bankruptcy already.
One thing that you should keep in mind is that in the case of credit cards, this may result in very high monthly fees. You can also get new credit after you file for bankruptcy, however, this credit might be very hard to pay off due to the interest fees. If you are at all worried that you will not be able to pay off your credit cards in the future, then you should be wary about jumping right into new credit situations. However, if you are able to pay back your credit cards, then you will be able to start building better credit right away.
Credit after bankruptcy is difficult to achieve, but if you need credit, you should be able to get it - and you may even be able to purchase a house.
About the Author
Jakob Jelling is the founder of Cashbazar.com. Please visit http://www.cashbazar.com/bankruptcy.shtml and learn all about bankruptcy.
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