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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...
Credit Card Debt Management
Credit cards that are used in moderation could be helpful in
managing your finances. This means that splurging through the
use of credit cards is almost financial suicide.
Here are few tips to manage the way you use your credit card...
Genuineness of credit card processing
According to buyerzone,consumers increasingly are turning to
plastic over paper when they open their wallets. Yet many small
businesses still don't accept credit cards. If you're one of the
laggards, the entire transaction may retain the...
Home Loans For People With Bad Credit - When You Should Wait And When You Should Get A Home Loan
Home loans may seem like a bad idea for people with bad credit, but there are times when a home loan can help your credit score and your budget. To know if a home loan is best for you, consider factors such as your current financial situation,...
Why Your Credit Score is Important
Your credit score can either haunt you or reward you. It all depends on how you handle your credit and payment activities. Your credit score determines what interest rates you will pay and if you are even approved for a loan or a credit card at all....
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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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| 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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