After Bankruptcy

First, work on increasing your credit score

First, work on increasing your credit score. This is very important, because most lenders will review your credit report when deciding whether or not to extend you a loan after bankruptcy. This is true

whether you are talking about a car loan after bankruptcy, a conventional home loan after bankruptcy, or a personal loan after bankruptcy.

Next, you will want to work with an experienced mortgage broker. Why? Because buying a home is probably going to be one of the biggest investments you'll make. You will want to have an experienced professional guiding you through the lending process - especially when it comes to applying for a mortgage after bankruptcy.

If it turns out that the lender would not even consider your application for a consumer loan after bankruptcy, then you save the time and effort of submitting it in the first place. In addition, you also avoided having an inquiry placed on your credit report from the lender.

It is a good idea to ask questions until you understand what your options are. Do not be afraid to interview a lawyer and leave without retaining one if you are not satisfied. Look for a certified specialist or a lawyer with significant experience in bankruptcy.

Its still possible to get credit again. (If someones that good in filing bankruptcy then he must also be good with credit.) Banks and mortgage or credit institutions have become better at cooperating with people who have gone through a personal bankruptcy.

There are also credit rebuilding (or "credit repair") services that offer people help after bankruptcy for a fee. In addition there is credit repair software on the market that people looking for help after bankruptcy can buy. Some services and software packages are good, but there others you will want to avoid.

The very first thing that you need to do when trying to find a mortgage after bankruptcy is to be upfront and honest about the situation when you speak to mortgage companies. Mortgage companies will find out whether you have had a bankruptcy or not anyway, so being honest is the best policy!

There are firms and people out there that specialize in giving loans to people who have bankruptcy on their record and or bad credit. There are some instances, were if you filed bankruptcy you will have to wait until the case is dismissed or the creditors are paid to get a loan, but that isn't always true.

Credit score: In order to qualify for a personal loan after bankruptcy you will need to meet the lenders minimum credit score criteria, provided the lender extends loans to individuals with a recent bankruptcy. Youll want to find out before applying for a loan: Simply ask the lender if they consider applicants with a bankruptcy on their credit report.

On that note, another step you will want to take is to improve your car buying skills. How? Visit websites that provide car buying tips. Another way is to pick up a good book on how to buy a car - you can find quite a few of them out there.

by: Alfred Patrick

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