Two Things That You Need to Keep in Mind After You File for Bankruptcy
Normal rates and even mortgage is possible even after bankruptcy - although not immediately - but within a year or two.
All you have to do is rebuild your credit.
People are often dejected by the common misconception that bankruptcy can render your credit useless forever.
They feel that mortgage after bankruptcy is an idea that can never come true.
While it is true that filing for bankruptcy may significantly affect your credit standing and credit score, it can still be mended.
All you have to do is know how to do it.
Getting Broke: A Facet of Life There are actually two things that you need to keep in mind after you file for bankruptcy: 1.
There is no such thing as "forever" with credit.
As soon as your case is closed, you can start rebuilding your credit.
Do not get the idea, however, that your bankruptcy status will not be reflected on your credit report.
Of course it will and it may stay there for the next ten years or so but that does not mean, also, that your credit status would have to remain like so for the next decade.
What you need to do is practice responsible credit habits like paying your monthly bills or payables on time and making sure that you do not max out your credit card.
2.
You can't live on cash alone.
People who get hopeless with their credit opt for a cash-full life.
This can be a pretty wise choice but if you plan to apply for mortgage sooner or later, then you need to rebuild your credit is to use it.
Mortgage after bankruptcy is always possible.
Cleaning Your Credit Report The first thing that you need to do after filing for bankruptcy is to clean your credit report, that is, if you want to file for mortgage after bankruptcy.
People often find that there are still accounts that are reflected as open and overdue on their credit reports even if they've been closed already and obligations have been paid.
If this happens to you, then you need to contact the credit bureau and have all these errors corrected.
You can also try to get a secured credit card.
Secured credit cards are those that require you to deposit a certain amount on the bank before you are issued with a card.
Make sure that you don't max out your credit limit and pay your bills on time so you can still file for a mortgage after bankruptcy as soon as your credit report is clean.
All you have to do is rebuild your credit.
People are often dejected by the common misconception that bankruptcy can render your credit useless forever.
They feel that mortgage after bankruptcy is an idea that can never come true.
While it is true that filing for bankruptcy may significantly affect your credit standing and credit score, it can still be mended.
All you have to do is know how to do it.
Getting Broke: A Facet of Life There are actually two things that you need to keep in mind after you file for bankruptcy: 1.
There is no such thing as "forever" with credit.
As soon as your case is closed, you can start rebuilding your credit.
Do not get the idea, however, that your bankruptcy status will not be reflected on your credit report.
Of course it will and it may stay there for the next ten years or so but that does not mean, also, that your credit status would have to remain like so for the next decade.
What you need to do is practice responsible credit habits like paying your monthly bills or payables on time and making sure that you do not max out your credit card.
2.
You can't live on cash alone.
People who get hopeless with their credit opt for a cash-full life.
This can be a pretty wise choice but if you plan to apply for mortgage sooner or later, then you need to rebuild your credit is to use it.
Mortgage after bankruptcy is always possible.
Cleaning Your Credit Report The first thing that you need to do after filing for bankruptcy is to clean your credit report, that is, if you want to file for mortgage after bankruptcy.
People often find that there are still accounts that are reflected as open and overdue on their credit reports even if they've been closed already and obligations have been paid.
If this happens to you, then you need to contact the credit bureau and have all these errors corrected.
You can also try to get a secured credit card.
Secured credit cards are those that require you to deposit a certain amount on the bank before you are issued with a card.
Make sure that you don't max out your credit limit and pay your bills on time so you can still file for a mortgage after bankruptcy as soon as your credit report is clean.