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Bad Credit folks helped by New FICO
(NextGen FICO Scores) New FICO Score eases bad credit repair as FICO Corp. 'relaxes' scoring model. Bad credit folks who sign up for Credit Counseling or Debt Consolidation plan hear this a lot: "your Beacon score is too low...", "you must improve...
Bad credit loans - if you did not know bad credit could be rescued
One financial mistake and you are down in dumps. It is under no circumstances a very choicest place to be. But only when you hit the rock bottom you realize that there is no way, except the way up. "Way up" not only sounds good, it is good. In the...
Credit Cards
Credit cards are a form of unsecured credit. The issuer is extending you a line of credit, usually tacking on all sorts of little surprises in the fine print. This type of credit is probably the most commonly used. If you have a great credit...
How to Write a Credit Policy for your Business
A new book says it’s different for every business. According to a new book by Michelle Dunn, writing a credit policy is a daunting task but if you don’t have one, it can cost you sales. The book, “Become the Squeaky Wheel,” by New Hampshire author...
On Credit Card Instant Approval
Credit card applications nowadays have begun to provide clients
with an instant approval feature. Meaning, the person applying
for a credit card would easily know whether he or she is
eligible for applying. This process of instant 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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