If you've ever felt bankruptcy, you may be wondering how to get in after bankruptcy loan. It's not as difficult as you think! Today I'm going to discuss the most frequently asked questions about getting a loan after bankruptcy.
How long after bankruptcy do I need to begin thinking about credit repair?
You need to get credit repair immediately. Repairing your credit will not happen overnight! There are a lot of moving parts, and the best way to ensure success is to begin immediately.
What's the first thing I should do?
The first thing you want to do is to get a copy of your credit report. You want to make sure that all accounts that were included and discharged in your bankruptcy are reporting accurately. Chances are that we numerous mistakes and you want to get them cleaned up.
How long will it take to be approved for credit after bankruptcy?
It really depends on what type of credit you are talking about. You can get secured credit cards immediately. You can also get a CD loan right after a bankruptcy. Unsecured credit cards will take longer, but typically if you done everything right, you can be approved for an unsecured credit card within six months to a year of filing bankruptcy. Car loans can also be it approved in this time frame.
Mortgages will take a bit longer. Currently, lenders want to see that at least two years has passed from the time of your bankruptcy discharge. If you had a foreclosure at the time of your bankruptcy, this time limit increases to three years.
What are the steps I need to take when I apply for credit?
Assuming that you've already cleaned up your credit report, the first thing you want to do is shop around. Now this doesn't mean that you want to go apply for credit and a bunch of different places. What you wanted to is seek out lenders who specialize in working with people just like you. Call these companies and asked to speak with underwriter, processor or someone who can help you understand their underwriting guidelines. The reason you want to do this is to make sure that you are wasting your time and theirs. It doesn't make sense to put in an application at a bank who only wants to deal with people who have 700 and above credit scores. Once you've narrowed it down to a few companies, you need to be prepared to explain your situation. Explain what happened that led up to your bankruptcy and why it won't happen again. A good letter of explanation can make the difference in approval and being declined.
Getting credit after bankruptcy is not as difficult as many people think! The key is beginning credit repair immediately, looking for companies that specialize in working with people with bad credit, and explaining your situation. If you follow these steps, you should be able to be approved for credit in the time frame set forth above.
How long after bankruptcy do I need to begin thinking about credit repair?
You need to get credit repair immediately. Repairing your credit will not happen overnight! There are a lot of moving parts, and the best way to ensure success is to begin immediately.
What's the first thing I should do?
The first thing you want to do is to get a copy of your credit report. You want to make sure that all accounts that were included and discharged in your bankruptcy are reporting accurately. Chances are that we numerous mistakes and you want to get them cleaned up.
How long will it take to be approved for credit after bankruptcy?
It really depends on what type of credit you are talking about. You can get secured credit cards immediately. You can also get a CD loan right after a bankruptcy. Unsecured credit cards will take longer, but typically if you done everything right, you can be approved for an unsecured credit card within six months to a year of filing bankruptcy. Car loans can also be it approved in this time frame.
Mortgages will take a bit longer. Currently, lenders want to see that at least two years has passed from the time of your bankruptcy discharge. If you had a foreclosure at the time of your bankruptcy, this time limit increases to three years.
What are the steps I need to take when I apply for credit?
Assuming that you've already cleaned up your credit report, the first thing you want to do is shop around. Now this doesn't mean that you want to go apply for credit and a bunch of different places. What you wanted to is seek out lenders who specialize in working with people just like you. Call these companies and asked to speak with underwriter, processor or someone who can help you understand their underwriting guidelines. The reason you want to do this is to make sure that you are wasting your time and theirs. It doesn't make sense to put in an application at a bank who only wants to deal with people who have 700 and above credit scores. Once you've narrowed it down to a few companies, you need to be prepared to explain your situation. Explain what happened that led up to your bankruptcy and why it won't happen again. A good letter of explanation can make the difference in approval and being declined.
Getting credit after bankruptcy is not as difficult as many people think! The key is beginning credit repair immediately, looking for companies that specialize in working with people with bad credit, and explaining your situation. If you follow these steps, you should be able to be approved for credit in the time frame set forth above.