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Alternatives to Credit Cards that You need to Know
Are you one of those people who only ever got a credit card for the convenience of being able to pay without cash, or because you weren't aware of any other easy way to borrow money? Millions of us are, thanks to the unavoidable advertising of the...
Buying property with a Bad credit record
When I first moved up to Johannesburg and my career was just starting to flourish many years ago, I heard of and spoke to a number of people in a relatively short period of time with above average salaries who had lost everything and had to start...
Child and Dependent Care Credit can help you save on your taxes
The cost of raising a child is elevating every day. Paying for
baseball leagues, dance lessons, day care, clothing, food and
school supplies can add up to be a large sum of money. On the
other hand, if you are caring for a parent, a spouse or...
Good vs. Bad Credit Debt
Do you know the difference between good and bad credit debt? Most everyone seems to think that all debt is bad, but that is not always the case. In fact, there are some instances where good debt can actually help your financial situation. The...
Grants, Loans, "Free" Credit Cards And Credit Repair: The Whole Truth And Nothing But The Truth
You got creditors calling you everyday. You could lose the car or house. Your teetering on the edge financial ruin - then you see an ad that may safe your butt! Typical headlines say something like "Millionaire reveals Hidden Cash Sources, or help...
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Credit After Bankruptcy - What To Expect
If you have recently filed bankruptcy, it won't be long before
you are starting to ask yourself, "Ok, now, what do I do when I
need a loan? Where do I got to get approved? Can I get
approved?" Here are some overall basics about getting any kind
of credit after a bankruptcy.
2-3 Years after bankruptcy discharge is the magic number - Once
you have filed bankruptcy, even the next day you can still get a
car loan and possibly a mortgage loan. But, getting an unsecured
loan like a credit card or a personal is usually out of the
question until you have some collateral or until 2-3 years have
passed.
Most lenders will not approve any loan, auto or home loan
included, until 2-3 years has passed from the discharge of the
bankruptcy. This is just a basic rule of thumb for most lenders.
If you are seeking a loan sooner than the 2-3 year mark, you
will need to apply with a subprime lender (a lender who
specializes in loans for people with bad credit). Even with a
subprime lender, you may still need to have a down payment in
order to get approved for the loan.
Credit Cards and Unsecured Debt Will Be Very Difficult to Obtain
- The best way to combat this factor is to start rebuilding your
credit. Apply for a credit card with a store that uses in house
financing. This means that the same
company that sells you the
merchandise also finances it for you. These places are usually
fairly easy to get approved with. They will usually start you
out with a small credit limit like a $3-500 limit. If you make
all of your payments on time, they will usually bump your credit
limit up about every 6 months.
There are some credit card companies that will charge you a high
processing fee, from $30-$200 or more just to have a $300-$400
credit limit. Maybe get just one of these card and make on time
payments with this card too. After a while this company will
start raising your credit limit as well. After a year or so of
on time payments, you should see your credit score going up and
you might be able to qualify for a small unsecured loan.
A bankruptcy can stay on your credit report for 7-10 years.
However, after 3-4 years, you may start seeing your credit
options open up quite a bit, almost as if you had not filed
bankruptcy before. It depends, though, on if you make your other
monthly payments on time, from the time your bankruptcy is
discharged.
About the author:
See our list of recommended "After Bankruptcy" Lenders
online. Carrie Reeder is the owner of ABC Loan Guide, an
informational website about various types of loans.
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| News and resource directory about credit unions. |
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| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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