|
|
|
Credit Card Late Charges And How To Avoid Them
It is simply getting ridiculous the charges credit card companies are imposing on consumers who are late making payments. Yes, creditors have a legal right to do what they are doing, however ethically speaking that is certainly open to debate! Let's...
Credit Cards and Home Equity Loans – Read the Fine Print
These days, everyone’s lives are burdened with paperwork. With newspapers, magazines, bills, junk mail, and who-knows-what taking up space in their day, few people have time to look at every piece of paper that comes their way. Unfortunately, it’s...
No Credit Car Loans - Car Loan Approval With No Credit History
Getting an approval for a car loan when you have no credit
history can often times be almost as difficult as getting a car
loan approved when you have bad credit. There are things that
can be done, however, which will improve your chances of...
Options to Avoid in Credit Repair and Building
There are several options available that make people believe it
is a solution for freeing themselves of debts. One solution you
want to avoid is borrowing money from finance companies. The
companies that advances for consolidating loans and...
The Best Credit Card - Shopping For A Credit Card
Credit cards are just like any form of credit, you should shop
around to find the best deal. Depending on your situation, you
may want to find a card with low rates, a reward program, or a
0% APR for transfers. Make sure you look at several...
|
|
| |
|
|
|
|
|
|
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.
|
|
|
|
|
|