Your Credit Report After Bankruptcy-What To Look For

Do you KNOW what is on your credit report? Even if you have just filed bankruptcy it is EXTREMELY important that you KNOW how it is reported on your credit report. It is NOT the credit reporting agencies responsibility to make sure that your credit report is accurate. It is YOURS, and only you can make sure that it is.

After receiving your bankruptcy discharge papers the first thing you will want to do is get a copy of your credit report and make sure that the information reported on it is correct. Did you know that over 90% of the time it is incorrect?
ADSENSE PLACEHOLDER 336x280

You wll want to make sure that your report is showing the date the bankruptcy was filed and when it was discharged. Make sure that ALL creditors that you included in the bankruptcy are showing that they were and that your balance is $0 and nothing else. Profit & Loss or Charge Offs will lower your credit score. Make sure they report as "included in bankruptcy" with a $0.00 balance.
Tip! Write to the credit reporting company about the incorrect and inaccurate information. 2.

If a creditor shows any balance other than $0.00 and it was included in the bankruptcy it will lower your credit score. It will by your responsibility to contact the creditor and have them update your credit report to show the correct information. Be prepared, you may need to contact them several times before they get it right. But don't stop until it is.

Did you also know your credit score will go up after a bankruptcy? Why? Because all past due, profit & loss and charge offs will now show a balance of $0 instead of a balance past due.

Did you know that if your credit score is over 500 you can purchase a home and get 100% financing? That's right!! However, you need to realize that you will be paying a premium price in the closing costs and interest rate. If you do some credit repair and wait until the bankruptcy is two years old you can qualify for a Fannie Mae low interest rate loan.

Remember, you are responsible for your own credit report. No one else is going to care about it as much as you. Start working on it now, it's never to late.

Learn how to go from bankruptcy to living a life of financial freedom. At http://www.life-after-bankruptcy.com you will discover step by step how to change your life and finally live debt free and financially free.

Bankruptcy Law and How to Get Your Credit Back

Personal Bankruptcy what is it? Personal Bankruptcy is legal procedures that enables a debtor to for the time being or lastingly avoid paying some of their personal debt unpaid. The US Congress enacted the existing bankruptcy code in 1978, and newly amended it in the spring of 2005.The objective of the legislation is to give relief and structure to those people of society who have gotten themselves so deep into debt they can not possibly pay back. Currently there are 2 forms of bankruptcy that are available for individuals: chapter 13 & chapter 7.
ADSENSE PLACEHOLDER 336x280

Will you be able to get credit again? Undoubtedly, the banks have become better at working with people who have filed for personal bankruptcy. You can get a new kind of protected credit card, where a deposit is made to cover the line of credit. This card is the start of the process of credit restoration. Within a couple of years, the banks will start giving you credit again.
Tip! Write to the credit reporting company about the incorrect and inaccurate information. 2.

What about my creditors? You might worry about your creditors harassing you, and if they will ever get off your back. They will! By law all activities against a debtor must end when bankruptcy papers have been filed with the government.

Will anybody know that I filed? Very few people will know that you have filed for Bankruptcy. The file goes into the public record. Credit bureaus will keep a documentation of your filing for 10 years.

Changes made to the bankruptcy laws? The "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" was passed by congress in spring of 2005 and will be effective on October 17th, 2005. The purpose of the act was to force people who have enough money to make some of the payments on their debt make those payments instead than steer clear of the debt all together. The major changes are:
Tip! The most obvious: pay off your debt! This doesn't include a home mortgage, but revolving balances such as credit card debt, a car loan, etc.

Tests are performed to identify the ability of the debtor to pay their debts. The tests are: Is the family earning higher than the average income for their state? If yes, does the family have enough income to pay some or all of their debts?

Debtors wishing to filing for bankruptcy must give the government their most recent tax return.

A minimum 2 year residency is required to take advantage of state exceptions. Counselling: Debtors must have completed a federally approved credit counselling program within the six months prior to filing.

Child support and Alimony payments were moved to first priority when dividing the income.

Huge amount of Bankruptcy Law quality information on this site - Go there. http://www.bankruptcylaw.infostairs.com

Buying a Home after Bankruptcy - How to Buy a Home with a Low Credit Score

Following a bankruptcy, your credit score plummets. This makes it difficult to obtain credit on a home mortgage, vehicle loan, credit card, etc. If you are hoping to purchase a home after a bankruptcy, traditional lenders and mortgage companies will not propose the best terms. Moreover, these lenders may refuse to do business with you.

When searching for a mortgage lender, many people contact traditional lenders. However, these lenders primarily concentrate on conventional loans. To obtain a conventional loan you must have a credit score of at least 640. This score fluctuates according to lender. In some cases, lenders require a score of 660. Moreover, you must have a down payment. Standard down payments range from 3% to 20%.

Working with Sub Prime Mortgage Loan Lenders

If you do not fall into this category, you must obtain a mortgage loan from another source. Sub prime and high risks lenders offer loans to people with low credit scores. Low credit scores may be caused by bankruptcies, repossessions, bad credit, etc. Additionally, having excessive debt may also lower your credit score, making you a great candidate for a sub prime mortgage loan.
ADSENSE PLACEHOLDER 336x280

If purchasing a home after bankruptcy, it is suggested that you delay the process for at least 24 months. This allows time for you to boost your credit rating. This is not a requirement. You may buy a home as soon as your bankruptcy is discharged. Waiting is great for raising your credit score. While you may not qualify for a conventional loan, a credit score increase from 530 to 620 will improve your chances of receiving a reasonable mortgage rate from a sub prime lender.

Obtaining a Mortgage Loan from a Sub Prime Lender

Applying for a mortgage loan online is perfect for locating suitable and reputable sub prime lenders. You have the option of calling individual lenders, or requesting quotes from a mortgage broker. Working with a broker is recommended. Do not accept the first quote you receive. For the best rate, you have to research and obtain multiple quotes. Mortgage brokers will email you quotes from a choice of lenders. After you review the rate, services, and terms from at least three lenders, accept a sub prime loan with the best package.

Here are our Recommended Bad Credit Mortgage Companies Online.
Tip! Online resources: There is stiff competition online among various credit card companies to encourage people to apply for credit cards. Many a times you will find some companies even risking their necks to offer you a credit card, even though your credit history may be bad.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

Credit Repair After Bankruptcy: Your Options

When it comes to credit repair after bankruptcy you have essentially three options:

1) Hire a credit repair company

2) Buy credit repair software

3) Do it yourself (free!)

Before we go further, for the purpose of this article "credit repair" means the removal of any inaccurate or obsolete negative information from your credit report - not the removal of accurate non-obsolete negative information from your credit report.

Okay, now that we've defined "credit repair", let's look at each of the three credit repair options in more detail:

1) Hire a credit repair agency.

You can hire a credit repair company, which usually costs a few hundred dollars or more. The advantage here is it saves you some time.

The downside to hiring a credit repair company is that it can be expensive as mentioned above, costing a few hundred dollars or more.

If you do decide to hire a credit repair company, choose one very carefully. Stay away from credit repair companies promising to delete accurate non-obsolete negative items from your credit report.

Why? Because even if the credit repair company gets lucky and does manage to remove any accurate non-obsolete negative items from your credit report it may only be temporary - the credit reporting agencies update their files on a regular basis, so any accurate non-obsolete negative item that was removed from your credit report can re-appear again in the future.

While we're on the topic of "non-obsolete" versus "obsolete" negative information on your credit report, let's look at how long negative information can remain on your credit report: Most negative items can remain on your credit report for up to seven years from the date they were included in your bankruptcy. A Chapter 7 bankruptcy can remain on your credit report for ten years from the date it was filed, while a Chapter 13 can remain on your report for seven years from the date it was filed.
ADSENSE PLACEHOLDER 336x280

2) Buy credit repair software

There are a number of credit repair software programs on the market today. This option is typically less expensive than a credit repair company because you are doing the work. It also saves you time from having to compose your own letters.

Here's how most credit repair software works: You load it onto your computer, fill in the blanks with your information, and then print out the customized dispute letters the software creates.

The risk you run here is that the credit reporting agency may not investigate the dispute and respond by saying they believe your dispute is "frivolous and irrelevant". Why? Because when they see any sort of form letter they may think you are using a credit repair company.

3) Do it yourself

This is usually your best option, and it's free. You just need to know exactly what to do when it comes to credit repair. You can start by visiting each major credit reporting agency's website and reading their instructions on how to dispute any inaccurate or obsolete negative information on your credit report. The three major credit reporting agencies are: Experian, Equifax, and Trans Union.

In addition, you can also pick up a book on credit repair. One word of warning though: Some books and courses encourage you to do illegal things: For example, creating a "new" identity. Stay away from these! Others are excellent resources when it comes to showing you how to remove inaccurate or obsolete negative items from your credit report.

If you have discharged or dismissed bankruptcy and want to repair your credit, there are some specific steps you need to take. I have seen very few credit repair books that even mention them. In After Bankruptcy Credit Solutions, I go into detail on each one.
Tip! Some specific enhancements include: granting a security interest in additional equipment, real estate, inventory, accounts receivable, intellectual property rights or other company assets; pledging cash; pledging securities; third party guarantees; surety bonds; letters of credit; pledging cash value of insurance; increase in transaction rate; additional fees or other transaction compensation; shortening the term of certain transactions; granting first refusal rights on future transactions; permitting call options; obtaining re-marketing guarantees or agreements.

For example, if you are applying for a home loan after bankruptcy, any inaccurate or obsolete negative information on your credit report can cost you thousands or tens of thousands of dollars in extra interest - if it doesn't prevent you from qualifying for a loan. There is a way that you can get these negative items on your credit report removed or updated in as little as 48 hours!

So now you know what options you have when it comes to credit repair. Bottom line: Doing it yourself is usually the best, and most inexpensive, option when it comes to credit repair after bankruptcy. It just takes an investment of time on your part - but it can be well worth the effort.

Remember, if you have a discharged or dismissed bankruptcy on your credit report there are some specific steps you need to take when it comes to credit repair. Keep this in mind if you choose the "do it yourself" option and plan to shop for a book on credit repair.
Tip! Compare the debt consolidation loan programs that each lender can offer. If you have a very poor, low credit score like 450, 480 or 500 - your loan will be a subprime debt consolidation loan.

=============================================================

Copyright © 2006 Innovative Solutions Publishing, Inc. All rights reserved.

The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
Tip! Get a copy of your credit report. Take advantage of the free government credit report from each of the National Consumer Credit Bureaus: Equifax, TransUnion and Equifax.

================================================================

About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com

Building Credit After Bankruptcy: Three Strategies

Here are three "Building Credit After Bankruptcy" strategies you can use to increase your chances of being approved for auto loans, credit cards, and home loans if you have a bankruptcy on your credit report:

Building Credit After Bankruptcy Strategy #1

Apply for credit where you have a high probability of getting approved, and make the payments on time. Sounds simple, but most people go about applying for credit the WRONG way and make it more difficult than it needs to be.

By the way, don't go overboard when applying for credit. The whole purpose of getting a credit card or loan is to rebuild your credit history after bankruptcy - not to get in to debt up to your ears!
ADSENSE PLACEHOLDER 336x280

Be careful about the inquiries. When it comes to some types of inquiries, too many can hurt your credit score. Other types don't matter.

Building Credit After Bankruptcy Strategy #2

Another way to rebuild your credit after bankruptcy (one my favorite) is to add years of positive credit history to account. You can literally add a number of new positive items to credit your report. It's 100% legal but the technique is not widely known. When it comes to building credit after bankruptcy, this is a strategy you will want to consider. I don't have enough room to go into detail on it here, so I'll save it for another article.
Tip! Get a copy of your credit report. Take advantage of the free government credit report from each of the National Consumer Credit Bureaus: Equifax, TransUnion and Equifax.

Building Credit After Bankruptcy Strategy #3

Of course, cleaning up inaccurate and obsolete negative information on your credit reports is critical when building credit after a bankruptcy. And you don't need to use a credit repair company to do it. You can do it yourself and save a few hundred dollars. Just remember that you need to know exactly what to do.

For example, there are three ways to dispute information on your credit report. If you want to correct errors on your report FAST then there's a certain way you need to request your reports.

Here's another example: There may be some collection accounts or charge offs on your credit report that don't belong there. You need to know what to look for to determine if that's the case or not - and how to dispute such an item if it is. Most people would look at these items and not even realize they don't belong there.

Remember: When it comes to building credit after bankruptcy you don't want any inaccurate or obsolete information on your credit report!

I can keep going but I think you get the idea. There are a number of pieces you need to pull together when you are rebuilding your credit after bankruptcy.

But it's worth it. After all, if you can increase your credit score, and building credit after bankruptcy plays a key role, then you could literally save up to hundreds or even thousands of dollars in extra interest and other finance charges when it comes to future loans and lines of credit.

================================================================

Copyright (c) 2006 Innovative Solutions Publishing, Inc. All rights reserved.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

================================================================

About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com

Best Credit Card After Bankruptcy - How to Find One

Finding the best credit card after bankruptcy is not that difficult, if you know where to look and what to look for.

Let's start by talking about secured and unsecured credit cards. When it comes to applying for a credit card after bankruptcy one question that a lot of people seem to have is: Should I apply for a secured credit card or unsecured credit card?

In case you don't know the difference, a secured credit card is "secured" by a special savings account you establish with the credit card issuer which acts as collateral for your credit limit.

For example, you deposit $500 in a special savings account and then have a $500 credit limit. If you default, the credit card issuer simply takes the money in your special savings account.

Unsecured credit cards are just that - unsecured. Meaning the person fills out a credit application and, based on their credit report, income, etc. are approved for a certain credit limit. Of course, they could also be declined depending on the credit card issuer's guidelines.
ADSENSE PLACEHOLDER 336x280

So which is best? It depends on your credit history. However, if you apply for a secured credit card you have a higher chance of getting approved versus an unsecured credit card.

But be careful. Not all secured cards are created equal. And to make matters worse, there are tons of banks out there pushing secured credit cards!

So how do you find the best credit card after bankruptcy? Come up with a list of criteria that the secured card needs to meet in order for you to consider it. When I'm researching secured cards, I apply eight criteria. Not many meet these criteria so I'm able to narrow down the choices quickly.

What are the some of the eight criteria? For example, a low interest rate is important. While researching some secured credit cards I ran across one with an interest rate of 23.99% and another with an interest rate of only 9.25%.

This is just one of the criteria I use to find the best credit card after bankruptcy - and look at the potential savings! Over several years you could save hundreds or even thousands of dollars in interest depending on the balance you maintain.
Tip! Refinance: If you are making mortgage payments on your home, you can get a credit card account opened through your bank. The bank will refinance the loan amount and you will be able to use as much money as you have refinanced.

Okay, here's another criteria: application fees. Again, I found some secured credit cards that have no application fees and one that had a… are you ready for this… $120 application fee! Sadly, people have paid it!

Let me give you one more criteria you can use to find the best credit card after bankruptcy: You want to make sure the secured card issuer reports to all three credit bureaus. But you also want to make sure they report it a certain way.

I don't have room here for all eight criteria, but hopefully this gives you an idea of some of the things you need to look at when it comes to finding the best credit card after bankruptcy.
Tip! It helps to develop a credit enhancement strategy in the planning stage of your transaction. Start by understanding the transaction's credit strengths and weaknesses.

By the way, don't apply for too many credit cards at once. If you do, it can hurt your credit score. That's why if you're uncertain as to whether or not you'd be approved for an unsecured credit card it may be better to apply for a secured credit card.

Now you know some steps you can take toward finding the best credit card after bankruptcy!

=============================================================

Copyright © 2006 Innovative Solutions Publishing, Inc. All rights reserved.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
Tip! Choose the right features on the card and prioritize your payments: You cannot escape from the fact that your credit is bad. However you can make amends and start your financial life on a fresh note.

================================================================

About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com

Life After Bankruptcy: Qualifying for Credit & Loans

When it comes life after bankruptcy, most people are concerned with how it will affect their credit rating - and their ability to qualify for credit and loans as a result.

It's a legitimate concern and one that should be addressed. With that in mind, this article will discuss life after bankruptcy, and what you can expect.

First, let's assume your bankruptcy has been discharged. Your credit score will have been negatively impacted by your bankruptcy, as well as any other negative items appearing on your credit report. So what can you do?

The first step in your life after bankruptcy should be to rebuild your credit and increase your credit score. This is important for two reasons: First, it can mean the difference between qualifying or not qualifying for credit and loans.
ADSENSE PLACEHOLDER 336x280

Second, it can potentially lower the amount of interest you pay - depending on how much you are able to increase your credit score.

So how can you rebuild your credit and increase your credit score? Start by making sure to remove any inaccurate or obsolete negative information from your credit reports. This takes an investment of time on your part, but it is worth the effort.

Another way to rebuild your credit history, and improve your life after bankruptcy, is to keep all of your accounts current -especially those which are reported to the credit reporting agencies. Over time, this will play a key role in rebuilding your credit history and helping you to qualify for credit and loans.
Tip! If possible, pay over your minimum amount. This is especially important with credit card balances, and will reflect a slight boost in your score.

For example, let's suppose you want to apply for a home loan after bankruptcy. Generally speaking, among other criteria, lenders want to see that you've paid your accounts in a timely manner over the last two years or so since your discharged bankruptcy. If you've had any late payments placed on on your credit report since your discharged bankruptcy, it could hurt your chances of qualifying for a home loan. So to improve your life after bankruptcy, make a commitment to keep all of your accounts current.

In After Bankruptcy Credit Solutions, I cover a total of nine ways to increase your credit score after bankruptcy. I also explain how to clean up your credit reports. There's not enough space here to cover them all, but I mention them because you should know that there are a number of ways you can rebuild your credit and increase your credit score.

What about life after bankruptcy when it comes to auto loans? There are a number of lenders and dealerships that will finance someone with a discharged bankruptcy. You just need to know which ones to approach, and how to get the best interest rate. You may also need a larger down payment depending on your overall financial and credit situation.
Tip! If you have paid off all your debt, and your credit score seems to be at a stand still, you might want to make small purchases each month with your credit card and pay them off immediately. Often times the credit bureaus like to see at least some kind of activity.

What about qualifying for a credit card? Well, in this arena life after bankruptcy isn't too difficult if you go with a secured credit card. A secured credit card is "secured" by a special savings account you establish with the bank issuing the credit card, which serves as collateral for the credit line they give you.

By the way, many of the banks issuing secured credit cards don't even run a credit check on the applicant. That's why I say that life after bankruptcy isn't difficult when it comes qualifying for a secured credit card.

The secret is knowing which ones are the best credit cards after bankruptcy. As a starting point, only consider credit card issuers that have reasonable fees, and which do charge excessively high interest rates. If you have a criteria to apply to potential credit card issuers it can help you narrow down your choices very quickly and make life after bankruptcy easier.

Hopefully, this article has given you an idea of what to expect when it comes to life after bankruptcy. We also looked at actions you can take to make your life after bankruptcy easier when it comes to qualifying for credit and loans.
Tip! Online resources: There is stiff competition online among various credit card companies to encourage people to apply for credit cards. Many a times you will find some companies even risking their necks to offer you a credit card, even though your credit history may be bad.

=============================================================

Copyright © 2006 Innovative Solutions Publishing, Inc. All rights reserved.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

================================================================

About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com

Protecting Your Credit Report During Bankruptcy

Bankruptcy should always be a last resort (see our Debt Relief section for bankruptcy alternatives). However, if you are determined to file bankruptcy but have not done so yet, then please take your time and don't rush the process - it is more important to ensure that all your bases are covered rather than to make a mistake that may cost you later.

* Obtain Credit Reports. You absolutely need to obtain your credit reports from the three major credit-reporting agencies (Experian, Equifax, and TransUnion). Fortunately, you can conveniently obtain all three of your reports online in only minutes.

1. With the reports direct from each bureau you will have access to a file number and a phone number needed for accessing customer service.

2. You will see the addresses for each creditor on the credit report. If it is not there, then you can call customer service to ask them to provide you with the missing information.
ADSENSE PLACEHOLDER 336x280

3. When you call the bureau you can ask them to provide you with the phone numbers for each of the companies showing on the credit report.

* Get Updated Information. You need the most up to date information you can have when filing for bankruptcy.

1. Call each creditor and ask them how much is owed and for the address where payment should be sent.

2. If they don't handle the account, then ask them for the name and address of the collection agency that will take payment.

3. Call the collection agency and ask them how much is owed and for the address where payment should be sent.

4. When dealing with creditors and collection agencies don't let them bully you or upset you over outstanding balances. Just collect the information you need.
Tip! You must abide by the terms and conditions issued by the bank or credit card company. They want to give you a higher credit limit so don't give them an excuse not to.

All you have to say is, "Thanks. I will call your company back soon regarding this matter." Don't give them time for a rebuttal - just hang up.

If they push the matter, then only as a last resort tell them you will be filing bankruptcy. Give them the name and number of your attorney and end the call.

Some companies will take this as a reason to step in and offer a settlement to reduce the amount owed in order to get you to pay. And sometimes people do call creditors and suggest bankruptcy just for this edge in negotiating a settlement, even when they don't intend to file.

You absolutely don't want to use this tactic if you are going to follow through with the bankruptcy. They will try to default your bankruptcy petition if they can.

* Identify All Accounts. It is important to identify all of your accounts.

1. If you don't see a creditor or collection agency on the credit report you know for a fact you owe money to, then you need to find any billing statements or collection letters you may have received. These statements and letters will have necessary address information and phone numbers along with amounts still owed.
Tip! Online resources: There is stiff competition online among various credit card companies to encourage people to apply for credit cards. Many a times you will find some companies even risking their necks to offer you a credit card, even though your credit history may be bad.

2. If you have no such information, then try to skip trace online to locate these companies. I personally like using this site for look up:

http://www.bigbook.com/

You don't have to know what city the company is located in, but definitely try to find the state.

3. If that is still not helping, then you can also try the Better Business Bureau site:

http://search.bbb.org/search.html

* Make a list of accounts for your bankruptcy attorney. Your attorney will need the addresses, balances, and account numbers to complete the bankruptcy papers.

* If there are creditors that you want to continue paying, then it is very important at this time to tell your attorney that you want to offer reaffirming on the debt. The attorney will then send the offer to the creditors you have selected who must accept it. Then the judge must accept the offer too.

Tip! Get debt consolidation loan quotes from these lenders. Be honest on your loan application with your credit score and other aspects of financial history (bankruptcy, chargeoffs, etc), if the application requests that information.

The creditors will continue reporting the balance owed and show the status "reaffirmed" on your credit report.

* All other creditors depending on the bankruptcy:

1. Chapter 13. Once discharged then the balance will show as zero. The public record listing will remain 7 years from the file date. The accounts included in bankruptcy will remain on your credit report 7 years.

2. Chapter 7. Once discharged then the balance will show as zero. The public record listing will remain 10 years from the file date. The accounts included in bankruptcy will remain on your credit report 7 years.
Tip! All credit enhancements have a cost. In many instances the cost is the opportunity cost of not having the credit enhancement available for future use.

For further information on reporting periods please review the Fair Credit Reporting Act at the Federal Trade Commission web site, www.ftc.gov. Other recommended reading is the staff opinion letters regarding reporting periods.

* Usually prior to filing bankruptcy defaulted accounts go into collection or charge off status. The creditor stops reporting account information to the credit reporting agencies and turns the defaulted account over to a collection agency. The collection agency then picks up on the collection efforts and will from that point on report account information to the credit-reporting agency. The creditor is taken out of the loop.

Tip! Write to the credit reporting company about the incorrect and inaccurate information. 2.

Because account information is now handled by collection agencies instead of creditors, by the time your attorney sends your creditors notice of the account being included in bankruptcy, it is typically no longer "in their system" to properly notify the Credit Reporting Agencies to update zero balance and include in bankruptcy status.

Creditors have the means and responsibility to manually update account information with credit reporting agencies. But at this point no one is requiring creditors to change their policy and address this issue. If you have a complaint, you can do the following:

o File a complaint with the Federal Trade Commission. They regulate the Credit Reporting Agencies.

o File a complaint with your attorney generals office.

o File a complaint with the regulating company over each of the creditors.

o Your bankruptcy attorney can file complaints against creditors who do not report accurately.

Tip! Use credit enhancements to strengthen credit transactions and to improve pricing or terms. They may be used to entice credit providers to approve credit transactions that would otherwise be unacceptable because of the perceived risks.

When creditors don't update account information with the credit reporting agencies, then you get an incorrect credit report that still shows you owe on the accounts in question, and that they are currently in collections or charge off status when in fact they are not.

The problem with this is that if you apply for new credit after your bankruptcy is discharged, then you are likely going to be declined because the new lender will assume that you still owe on the debt.

The clear, quick way to fix this problem is to:

1. Obtain a copy of your bankruptcy and discharge papers from your attorney or the courthouse. This may include a copy fee.

2. Make three copies of the section of papers that list all of the creditors and collection agencies that were included in the bankruptcy - usually this is called the Schedule F.

3. Forward these documents along with the discharge to all of the credit-reporting agencies (listed below) requesting that each creditor included in the bankruptcy be updated to properly reflect a zero balance with the status included in bankruptcy.

Experian PO Box 2002 Allen, TX 95013

Equifax P.O. Box 740256 Atlanta, GA 30374

TransUnion P.O. Box 1000 Chester, PA 30374

4. Be sure when mailing correspondence to the credit reporting agencies to include a copy of your driver's license and mail "certified return receipt requested". This will ensure disputes are processed with little delay.

Finally, if you have a creditor or collection agency which is not honoring your bankruptcy and continuing collection efforts, then be sure to contact your bankruptcy lawyer. Give your lawyer the name and address of the company bothering you so that he or she can send them official notice. Follow up with the lawyer if the creditor persists in harassing you. It is a violation and they can be held accountable if they don't cease after notification of the bankruptcy.
Tip! Some specific enhancements include: granting a security interest in additional equipment, real estate, inventory, accounts receivable, intellectual property rights or other company assets; pledging cash; pledging securities; third party guarantees; surety bonds; letters of credit; pledging cash value of insurance; increase in transaction rate; additional fees or other transaction compensation; shortening the term of certain transactions; granting first refusal rights on future transactions; permitting call options; obtaining re-marketing guarantees or agreements.

As with all consumer issues, knowing your consumer rights throughout the bankruptcy process is essential. Taking a proactive approach at the onset of the process will help you on your "road to credit recovery".

Pammila Phillis is a staff writer for CardRatings.com She is also a frequent contributor to the http://www.CardRatings.com message board and to the Star Credit Repair forum, a forum that she administers.

Credit after Bankruptcy - Tips to Boost Credit Score

Establishing credit after a recent bankruptcy is very important. For the most part, many consumers acquire excessive debt because of using credit irresponsibly. Hence, after a bankruptcy is discharged, many people are hesitant to obtain new credit accounts.

However, opening new credit accounts is the first step to rebuilding credit. Low credit scores are common following a bankruptcy. This makes it difficult to obtain a mortgage, auto loan, etc. Here are a few tips to help you increase your credit score and re-establish a good credit history.

Understanding the Usefulness of Credit Scores

If you are hoping to make a purchase using credit, credit scores are essential. Prior to obtaining any sort of credit, lenders must assess a copy of your credit report. In some cases, lenders simply review your three digit score. This is practical when approving an applicant for instant credit. Those with a low credit score are at a disadvantage.
ADSENSE PLACEHOLDER 336x280

Following a bankruptcy, you can expect your credit score to nosedive. Thus, it is important to take the necessary steps to improve your credit standing. Bankruptcy does not last forever. However, you must put forth the effort to boost your credit and prove your creditworthiness.

Avoid Repeating Past Mistakes

If bad credit or bankruptcy occurred because of using credit unwisely, learn from your mistakes and move forward. Many young adults acquire an excessive amount of debt. In some instances, they do not fully understand how credit works.

If you are drowning in debt, bankruptcy may be the only alternative. If so, avoid making the same mistake twice. Sadly, there are individuals who file bankruptcy repeatedly. However, rebuilding credit takes time. Once you are on the path to increasing your credit standing, avoid bad credit decisions.
Tip! Use credit enhancements to strengthen credit transactions and to improve pricing or terms. They may be used to entice credit providers to approve credit transactions that would otherwise be unacceptable because of the perceived risks.

Establish New Credit Accounts

The only approach for establishing new credit is opening new credit accounts. At first, this may sound scary. However, this maneuver is necessary to quickly increase credit scores. New credit accounts may consist of a major credit card, store credit card, automobile loan, etc.

Secured credit cards are very effective and easy to qualify for. These sorts of credit cards require applicants to have a down payment. However, it's well worth the fee. Once you have obtained a new credit card, attempt to do three things: make timely payment, maintain low balances, payoff the balance each month. By doing so, each month your score will increase. Soon, you will qualify for an unsecured credit card. Within 24 months, you may also qualify for a mortgage or auto loan with a comparably low rate.
Tip! Be truthful on your loan application. Don't indicate a 'fair' credit rating (620 and above), when you have a 'poor' credit rating (any credit score below 600).

Get a Free Credit Report online

View our recommended sources for Credit Repair. ABC Loan Guide is a resource with lists of lenders for Bad Credit Loans.

After Filing Bankruptcy: Qualifying for Credit and Loans

After filing bankruptcy, is it difficult to qualify for credit and loans?

While much will depend on your specific situation (credit score, income, age of bankruptcy, etc.), it doesn't have to be as difficult as some people make it.

In After Bankruptcy Credit Solutions, I detail a three step process readers can use after filing bankruptcy to increase their chances of credit approval.

There's not nearly enough room to cover each one in detail here, so I'll summarize each step:
ADSENSE PLACEHOLDER 336x280

1) Increase your credit score

If you plan on applying for credit after filing bankruptcy, increasing your credit score is critical. Why? First, it can mean the difference between being approved or declined for a loan. Second, if you can increase your credit score enough after filing bankruptcy, you may be able to get a lower interest rate on any loans you qualify for - which could save you up to $100s or even $1,000s in interest.
Tip! Write to the credit reporting company about the incorrect and inaccurate information. 2.

What steps can be taken that could help increase your credit score after filing bankruptcy? There are a number of them. One step is to have any inaccurate negative information on your credit reports corrected. You also want to make sure any obsolete negative information is removed from your credit reports. As for other steps that could help increase your credit score after filing bankruptcy, I'll save those for another article.

2) Know How the Credit Approval Process Works

Knowing how the credit approval process works is very important when applying for loan after filing bankruptcy. For example, what are the lender's criteria? Do they have a minimum credit score criteria? What about income? How much of an impact will your bankruptcy have?
Tip! Use your credit card on a regular basis. Rather than paying with your debit card for everyday things, use your credit card then immediately pay it off.

After filing bankruptcy, you want to know the answer to these questions before you apply for credit. Knowing the answers in advance can help you find the lenders that will consider your application. There are other questions you can ask, but this at least gives you a starting point.

3) Know How to Apply for Credit and Loans

There are specific strategies you can use when applying for credit and loans after filing bankruptcy. For example, if you plan on financing a car, there are strategies you can use to increase your chances of being approved for the loan - and possibly save money on interest charges, and even on the car itself.

Here's another example: What if you want to buy a home after filing bankruptcy? Again, there are a number of strategies you can use to increase your chances of being approved - and potentially reducing the interest rate you pay. I go into detail on each one in After Bankruptcy Credit Solutions.

Qualifying for credit and loans after filing bankruptcy does not have to be as difficult as some people make it. In this article we looked at three steps you can take the next time you apply for credit and loans after bankruptcy to increase your chances of credit approval, and potentially reduce the interest rate you end up paying in the process.

===========================================

Copyright © 2006 Innovative Solutions Publishing, Inc. All rights reserved.

The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.
Tip! Some specific enhancements include: granting a security interest in additional equipment, real estate, inventory, accounts receivable, intellectual property rights or other company assets; pledging cash; pledging securities; third party guarantees; surety bonds; letters of credit; pledging cash value of insurance; increase in transaction rate; additional fees or other transaction compensation; shortening the term of certain transactions; granting first refusal rights on future transactions; permitting call options; obtaining re-marketing guarantees or agreements.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting, or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Tip! Pay off debts to improve credit scores.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

===========================================

About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after filing bankruptcy.

Credit After Bankruptcy

So you ran across some hard times. Maybe a loss of job, maybe sickness in the family. Or better yet, you were just foolish with your finances and ended up way over your head! (That's what I did!)

Bankruptcy happens to the best of us. The great news is that bankruptcy is no longer the end of the world! You can rebuild your credit rating in no time if you want to!

A couple suggestions:

- Change your habits! Most likely your over loaded yourself with debt. Even if you didn't, check your habits and see if you need to make new ones.

- Update all items on your credit report that were included in the bankruptcy. This prevents items from constantly hitting your score.

- Get a secured credit card. (Might actually be able to get an unsecured card!)

- Use your savings to create a secured loan. This is a no brainer! Credit without real debt!
ADSENSE PLACEHOLDER 336x280

- Think about asking if someone will make you an authorized user on their good credit. A parent, friend or even your spouse might be willing to help.

With these quick tips, you will find yourself with great credit in a short period of time. Best of luck in your new financial future!

Ed Nailor is works in the financial and credit fields. For new credit cards designed to rebuild credit, visit http://www.BestNewCreditCards.com/poor-credit-cards.htm(the most current credit card offers online.) For more credit tips, visit http://www.BestNewCreditCards.com/free-articles.htm.

How To Avoid Bankruptcy And Save Your Credit

If you think that filing for bankruptcy will solve all your debt problems, you are being misled. Bankruptcy filing can come to haunt you for years and that is why this decision should be taken after careful analysis and deliberation. Plus, you should do your research to explore other bankruptcy alternatives, like debt consolidation, loan deferment, grace periods, etc., as a way to avoid filing bankruptcy.

No one ever wants to file for bankruptcy, because your credit history is ruined for possibly up to 10 years. That means that you may not be able to apply for credit, rent apartments, secure jobs, order utilities, etc.
ADSENSE PLACEHOLDER 336x280

Bankruptcy does not mean that your debt will be wiped out and you will become debt-free and start fresh. Unfortunately that is the impression most people have and it is not correct. You may be able to lower or even eliminate some bills, but it comes at a heavy cost.

Another disadvantage to bankruptcy is that banks and other financial institutions will exploit you by charging a higher rate of interest. It will take years of good financial management to become 'clean' again.

There are many ways to avoid bankruptcy. One of the most standard ways is to do your research by exploring what other alternatives are available to you. You must speak to your creditors to see if you can work out a different payment plan while you solve your financial problems. For instance, if you lose your job and are unable to make some payments, and if you have a good credit history, most financial institutions will work out an arrangement under which you can avoid making full payments till you secure a job.
Tip! It helps to develop a credit enhancement strategy in the planning stage of your transaction. Start by understanding the transaction's credit strengths and weaknesses.

Some other ideas are to explore options for debt consolidation. Debt consolidation can be defined by the action of combining several loans or liabilities into one loan. Put another way, debt consolidation is the process of taking out a new loan to pay off a number of other debts. Most people who consolidate their debt are usually doing it to attain a lower interest rate, or the simplicity of a single loan.
Tip! Make every payment on time. This is the most important factor in your credit score rating.

You will need to make lifestyle changes as well. For instance, you may have 200 channels of cable television but might only watch it a couple of hours a week. There are a lot of good programs on regular channels that you can watch and entertain yourself. Similarly, stop buying coffee in the morning (buy your own coffee and brew some fresh each morning at home). Limit how many times you go out to eat, bring your own lunch box to work, avoid unnecessary trips in the car, don't talk too long on the phone, and avoid any waste that you see in your life.
Tip! All credit enhancements have a cost. In many instances the cost is the opportunity cost of not having the credit enhancement available for future use.

Save money all the time and spend less than you earn. Its a well-known saying that the more you save, the better off you will be. Buy insurance, particularly health insurance. The benefits of health insurance are innumerable and are well worth the cost.

Chris Simons is a prolific freelance writer. You are welcomed to visit http://bankruptcy.cyberinformer.com, for more information on Bankruptcy.

3 Ways To Get Credit After Bankruptcy

Declaring bankruptcy may seem like a financial disaster, but it is possible to bounce back in a short amount of time. In most cases, you have to give up your credit cards when you declare bankruptcy. But it's almost impossible to do certain things--like rent a car or reserve a hotel room--without a credit card. Fortunately, there are some ways you can get credit after bankruptcy.
ADSENSE PLACEHOLDER 336x280

Get a secured credit card.

Secured credit cards are available to almost everyone, even those who have recently declared bankruptcy. You make a cash deposit of a certain amount--say, $250--and you're given a credit card with a $250 limit. Your deposit "secures" your card so that, if in the future you can't make payments on it, the bank will have your deposit as payment. In many cases, if you use the credit card wisely and always make on-time payments, the bank will eventually expand your credit limit past the amount of your deposit.
Tip! On-time payments. Delayed payments appear on credit reports and adversely affect it.

Accept a higher rate.

Since bankruptcy makes you a higher risk customer, some banks or lending companies may offer you credit--but at an increased rate. Whether it's a loan or a credit card, you may pay a higher interest rate, higher fees or higher charges. And chances are the amount you'll qualify for is lower than it would have been if you had never declared bankruptcy. Still, it is possible to get a loan or credit card after bankruptcy if you're willing to accept these increased costs.
Tip! Once you have the card, do not max out your credit card. Try not to exceed 70% of the credit card's limit.

Use a little collateral.

If you own your own home or car, you can use it as collateral on a loan. In many cases, even after bankruptcy, this will get you a reasonable interest rate and reasonable fees. For example, if you have equity in your home, you can get a Home Equity Line Of Credit (HELOC) which draws on your home's equity as the collateral for your credit.
Tip! Write to the credit reporting company about the incorrect and inaccurate information. 2.

If you recently declared bankruptcy, there are some options available for you to obtain credit. And it's a good idea to get at least one credit card or small loan--and make regular, timely payments on it--so you can rebuild your credit history.
Tip! Routinely check payment history and the current credit debt held.

View our recommended after bankruptcy home equity line of credit lenders online.

Also, check out our recommended after bankruptcy auto financing lenders online, or view our recommended sources for secured credit cards online.

Surviving Bankruptcy: Qualifying for Credit and Loans

When many people think about surviving bankruptcy, they are usually worried about whether or not they will be able to qualify for credit and loans in the future.

So how does one go about surviving bankruptcy? First, you need to put together a game plan - then focus on working that plan.

For example, let's say that qualifying for credit and loans is one of your concerns when it comes to surviving bankruptcy - and by the way, it's a valid concern.
ADSENSE PLACEHOLDER 336x280

So what would your "surviving bankruptcy" game plan look like when it comes to qualifying for credit and loans? Here are three steps you could follow:

Surviving Bankruptcy Step #1: Rebuild your credit

Rebuilding your credit as soon as possible is critical when it comes to surviving bankruptcy. Why? Because rebuilding your credit history can increase your credit score. This in turn can mean the difference between qualifying or being declined for a loan. Second, if you increase your credit score enough it could help you get a lower interest rate - as a result, you could end up saving $100s or even $1,000s in extra interest.
Tip! Apply for a line of credit. You can apply for an unsecured credit card or a secured credit card.

Surviving Bankruptcy Step #2: Know how the credit approval process works

This is another key part of your surviving bankruptcy game plan. You need to know what lenders look for when evaluating a credit application, and how to use that information to your advantage. I cover this in detail in After Bankruptcy Credit Solutions. Timing is also critical - a lot of people who have had a bankruptcy get this wrong when applying for a loan.

Surviving Bankruptcy Step #3: Know how to apply for credit

If you've followed steps 1 and 2, then you're ready for step three. One key part in step 3 is knowing which lenders to apply with. If you don't, you could end up being in for disappointing results - which can make surviving bankruptcy unnecessarily difficult. Also, once you do find the right lender you want to reduce your interest expenses - there are specific steps you can take that can save you up to $100s or even $1,000s of dollars. There is not enough room to cover them here, but I do go through them in After Bankruptcy Credit Solutions.
Tip! One way of improving your credit standing with credit companies and lending agencies is to pay your bills on time. A punctual credit payer tells the creditor that you are able and willing to pay debts.

So now you know some steps you can take when it comes to surviving bankruptcy as far as credit and loans are concerned. Of course, much will depend on your personal financial situation, age of your bankruptcy, credit score, etc. But hopefully, you can use them as a starting point when it comes to credit and loans after bankruptcy.

=============================================================

Copyright © 2006 Innovative Solutions Publishing, Inc. All rights reserved.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

================================================================
Tip! The key to finding a lender, who specializes in low credit score refinance loans is to do your research. The power of the internet cannot be underestimated, when it comes to shopping for a poor credit refinance lender.

About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy - a valuable resource for anyone concerned about surviving bankruptcy when it comes to credit and loans.

Bankruptcy – The Effects of Bad Credit

There was a time when bankruptcy was probably the biggest stigma that could be attached to anyone in business. Thankfully those days are long gone. Today, bankruptcies are fast, efficient and frequent court procedures designed not as a punishment for the creditor, but as a means of drawing a line under un-payable debts and allowing everyone to move on. While most people would not exactly like to be made bankrupt, in most cases where it becomes necessary, it is seen as a welcome release rather than a humiliating penalty.
ADSENSE PLACEHOLDER 336x280

When You Become Bankrupt

Bankruptcy is what happens when you simply cannot repay your debts. How it comes about is one of your debtors, someone who you owe more than £1,500 to, will ask the court to make you bankrupt. A trustee will be appointed to carry out the task and then all your creditors will inform him of how much you owe them. He will gather up all of your assets, and use them to pay off the debts. Creditors will be paid proportionately, which means that if your assets are not enough to pay off the debts in full, they will each get the same proportion of their debt repaid.
Tip! Make more than the minimum repayments each month. A higher credit limit means potentially larger minimum repayment amounts.

What Are Bankruptcy's Disadvantages?

The disadvantages of this are obvious. By gathering up all your assets, the trustee will essentially leave you with nothing. Your home, your car, your savings, everything that he considers a worthwhile asset will be gathered up and sold. If you have a family, it can be quite traumatic, as they have to leave their home. If you rent your home then this will not affect you, as there is nothing there for the trustee to take. Your personal effects such as clothes and most furniture, will not be taken by the trustee, as they are considered too personal and insignificant to take.
Tip! Routinely check payment history and the current credit debt held.

And The Advantages?

The advantage of going bankrupt however is that it gives you a clean slate. Regardless of how much you owe, and how much you can afford to pay back, at the end of the process, you will emerge with a completely clean slate and will not owe anybody anything. Even if someone forgot to make a claim to the trustee, you will no longer owe them anything.

The Future After Bankruptcy

After your bankruptcy has been finalised and you have moved on you will be able to start rebuilding your financial, and probably personal, life again. Bad credit ratings will ensue, but rebuilding your credit is possible. Just like a child, baby steps are all that is required. Step by step, more credit options will become available and after several years your credit rating will become ‘average' if you keep focused and don't fall into any quick fix traps.
Tip! Use your credit card on a regular basis. Rather than paying with your debit card for everyday things, use your credit card then immediately pay it off.

While the process of bankruptcy may take a while, during which you will not be able to control your finances and may have to give part of your income to the trustee, it is generally seen as worth it, and you will emerge ready to make a new start.

You may freely reprint this article as long as the author bio and live links are left intact.

Joseph Kenny is the webmaster of the loan comparison site Personal Loan Store, visit the site today for more loan information, articles and links to UK loans.

Life after Bankruptcy - How to Restore Your Credit after a Bankruptcy and Obtain a Mortgage

It is unfortunate that many bankruptcy attorneys do not give their clients more direction with regard to restoring themselves after their bankruptcy. There are some simple steps that anyone who files a bankruptcy needs to take in order to restore themselves financially.

Using these steps below, you can restore your credit and prepare yourself to become a home owner.

1. Get a copy of your credit report. Many times (most times) the credit accounts that are absolved with your bankruptcy are not removed from your credit report immediately.

2. Have derogatory credit items removed from your credit report. For the items charged off in your bankruptcy, you will need to send a copy (not the original) of your bankruptcy discharge papers to all 3 of the credit bureaus asking them to remove these inaccuracies.
ADSENSE PLACEHOLDER 336x280

3. Pay all of your bills on time. Bankruptcy is a means to financial recovery. It is intended to allow you to "start over" financially. After your bankruptcy, you need to make sure that all of your bills are paid on time. If you are having trouble with an upcoming bill, DO NOT IGNORE IT. This is where most people go wrong. Call your creditors before they call you and let them know what your challenges are. If you can't get a reasonable rep on the line, ask for a supervisor, but again, do this as early as possible, not the day the bill is due or after it is late. If you are having trouble with your bills, you may need to solicit some help.
Tip! Get a copy of your credit report. Take advantage of the free government credit report from each of the National Consumer Credit Bureaus: Equifax, TransUnion and Equifax.

4. Have a strong documented rental history. This is pretty critical, as it is most likely the largest monthly expense that you have. Underwriters (the people that actually sign off on your loan's approval) will look very hard at how you have paid your rent as they are going to replace it with a mortgage payment of equal or greater size. It is very important to be able to document your rent payment history very specifically. If you rent from an apartment community, then all the bank will have to do is request a Verification of Rent (a.k.a. VOR).
Tip! Do not close old or paid off accounts. These show the credit history length and contribute to higher credit scores.

If you have a private landlord, then the BEST way to document this is with cancelled checks for the last 12 months rent. Banks can do VOR's for private landlords, but rarely do because they feel that a landlord may have a relationship with the borrower and say what the bank wants to hear to help them get a loan.

If you pay with cash or money orders, please stop doing this immediately and start paying with checks. Simply put, this is hurting you because by filing a bankruptcy you have already shown some financial instability. Paying your rent with cash or money order shows further financial instability and will not give you the positive rent history that the underwriter is looking for to give them the confidence in approving your loan.
Tip! Once you find a lender, ensure that you complete their application form, thoroughly. Remember that you are competing with other applicants, who have excellent credit scores.

5. Apply for a secured credit card - A secured credit card allows you to make a deposit into an account to secure a credit card and then borrow against it to establish a new positive payment history. As time progresses, the bank may increase your credit line to an amount greater than your deposit, and then eventually return your deposit to you. (They will also often pay you interest on your deposit.)

6. Prepare "non traditional" trade references - These are accounts that you pay on such as cell phones, car insurance, and store accounts which can be used to document a positive payment history, but would not be traditionally reported to a credit bureau. Ideally, if you can provide 3 of these accounts with a 12-month payment history, this will help us in convincing the bank that you are a good credit risk. The best way to document this is with a letter from the company stating that you have had a positive payment history with them for the past 12 months. Alternatively, you can provide 12 months of cancelled checks showing 12 months of timely payments.

7. Resist the urge (or encouragement) to buy a car. Some may tell you that this is the best way to rebuild your credit. The problem is that your interest rate will be so high, that your payments will make your debt ratios higher than normal, making it harder to qualify for a mortgage. Do you remember the figure of 45-50% of your monthly income that the bank will allow you to use towards your debts? This will quickly be absorbed by a car payment. Only buy a car if a) you NEED (not want) a car, and b) you have the income to cover the car payment, any of your current debts, and your proposed new car payment. We have seen SEVERAL people that have cars rather than homes because they went out and bought a car that they could not sell and their debt ratios were too high to qualify for a mortgage. It would be a shame to have a nice car (that depreciates daily), as opposed to a more humble car along with a mortgage on a home that gives you a tax break, and increases in value over time.

I hope this is helpful and helps get you on your way to finding the home of your dreams.

Anthony Kirlew is an entrepreneur, author, and mortgage industry veteran and is the founder of http://www.bankruptcyloans.info Over the past several years, he has helped countless individuals and families obtain mortgages even in the most desparate financial situtations.

Mortgage & Refinancing After Bankruptcy – You Can Re-Build Your Credit

There are creditors who are willing to offer credit in order to help people regain their financial status in life. They offer credit, loans and mortgages.

In order to regain what was lost from bankruptcy, we need to have the following reminders: that there is no such thing as forever in credit, secure and use a credit in order to reconstruct your credit status., there are no mistakes but lessons to learn, examine and evaluate your credit report, be sure to have a credit card that is protected, apply for an installment loan and be a member of a credit union.

There are two kinds of credit so as to reconstruct our credit score: installment basis like for example auto loans, student loans and mortgages; revolving credit which includes home equity lines of credit and credit cards.

Let us discuss the installment type of credit. Among the loans mentioned, the easiest way to obtain is a mortgage loan. There are some people who do not consider mortgage loans as the answer to their bankruptcy. However, it can be a viable option.

Tips To Help Re-Build Your Credit Fast With Mortgage After Bankruptcy

• Be faithful in the payment of your home and cars which were discharged in the bankruptcy.
ADSENSE PLACEHOLDER 336x280

• Put some limits in your debts like the bank loans and credit cards.

• Give the necessary documents to your loan consultant.

• You should not be frustrated if your loan application was not approved.

Refinancing After Bankruptcy - More Effective Tips To Help Re-Build Your Credit

When you think that your finances will no longer withstand due to bankruptcy you have the option of refinancing. Refinancing is a financial condition wherein the one in debt will find somebody or a company who will pay off the existing loan.

It is indeed a big test on your part when you decide to refinance after declaring bankruptcy. You will be free of paying your monthly loan obligations.

After declaring bankruptcy, you have to prepare in refinancing your mortgage.

Secure a new credit card account that will contribute to your credit score.

If it is possible, you could open a savings account for your cash assets.

Once you are ready for refinancing, look for lenders who are willing to pay your previous loan. Make a research on mortgage lenders and their corresponding rates. Some lenders will give you an attractive refinancing package. If you are going to refinance your mortgage, they will try to offer you a chance to cash out part of your home's equity.
Tip! If you have paid off all your debt, and your credit score seems to be at a stand still, you might want to make small purchases each month with your credit card and pay them off immediately. Often times the credit bureaus like to see at least some kind of activity.

After completing the requirements for refinancing, you can work out some means in order to lower the interest rates by refinancing for two years so that you will recover your credit history.

Dean Shainin offers online Bankruptcy and debt advice. For more information, articles, news, tools and valuable resources on bankruptcy and debt solutions, visit this site: Bankruptcy Attourneys

Credit Repair after Bankruptcy

Declaring bankruptcy will not repair or improve your credit score. According to legal experts, credit repair after bankruptcy is possible. Some companies will offer credit immediately after bankruptcy, at very high interest rates, but buying a home or a car may not be possible for several years. Unless a bankruptcy credit repair expert can help. There are a certain number of law firms that specialize in credit repair, for any reason, credit repair after bankruptcy is just one of many.

Bankruptcy is a last resort for those people who are swimming in debt and cannot pay their bills. Bankruptcy credit repair is an option for those people who have declared bankruptcy and would like to begin to reestablish themselves without paying exorbitant interest rates. Bankruptcy may allow them to keep their house and possibly one car payment. But, anything else of value goes.

Credit repair after bankruptcy may allow those who did not previously own a home, obtain a mortgage with a decent interest rate. A recent law requires that all persons who apply for bankruptcy relief have received credit counseling within the previous year. A Consumer Credit Counseling Services (CCCS) is a good place to start when a person is having trouble paying their bills. While credit counseling may prevent bankruptcy; credit repair counseling is not one of the services provided by the non-profit CCCS. The CCCS is allowed to charge a reasonable fee for their services, but the new bankruptcy law requires that if a person cannot afford credit counseling, it will be provided at no charge.
ADSENSE PLACEHOLDER 336x280

Credit repair after bankruptcy or after any event which damages one's credit rating, is not free. It can be expensive, but if you have a past bankruptcy, credit repair may save you hundreds or even thousands of dollars in interest each year. The experts recommend that before you make any major purchase (whether or not you have a past bankruptcy) credit repair may be beneficial. If you are considering a major purchase, a house or car, obtain a copy of your credit report and learn your credit score. If your score is below 680, then you can benefit from credit report repair services. If you have a past bankruptcy, credit repair may be beneficial.

Some credit repair companies suggest options which are illegal. The only way to be sure that credit repair after bankruptcy or bad credit repair of any kind is legal is to choose a law firm that specializes in credit repair. They are aware of all laws regarding credit repair issues and they can advise you of your legal rights. For more information about bankruptcy credit repair services, visit the Credit Repair Blog.

The writers and editors of the Credit Repair Blog are dedicated to providing accurate information about credit repair after bankruptcy or at any time. Visit us at http://creditfixnow.blogspot.com

Credit Counseling Clients Hurt by New Bankruptcy Requirements

The Bankruptcy Abuse and Consumer Protection Act was passed in early 2005 with the overwhelming support of the President, both houses of Congress and the major credit card companies. The law, which created sweeping changes in American bankruptcy law, was passed in order to reduce the possibility that consumers with heavy debts might avoid choose to avoid paying them by seeking debt relief through the courts. The Act has many provisions, but the one that may hurt consumers the most was the one provision that was intended to help - the requirement that debtors undergo mandatory credit counseling before filing for bankruptcy.

On the surface, the requirement seems to be laudable. Few people ever receive any sort of formal money management training, so a bit of counseling, even as bankruptcy approaches, might help debtors avoid further financial trouble in the future. The law was passed with the intention that, once educated, consumers would stay out of bankruptcy court in the years to come.

It hasn't worked out that way, and the bankruptcy law is largely to blame. The law did not set a fee for this required credit counseling, but a fee of $50 was suggested and consumers who cannot afford to pay the fee may ask to have it waived. Only certain nonprofit counseling agencies would be approved for pre-bankruptcy counseling. These requirements have resulted in a mess in the counseling industry that benefits virtually no one. Relatively few agencies have been approved; the ones that have are very busy. The suggested fee of $50, when paid at all, is not enough to cover the costs of keeping the agencies' offices open. Consumers are ending up getting their "counseling" via the Internet, or a conference call, or in a large group meeting. This sort of thing may satisfy the requirements of the law, but it isn't helping the people it was intended to help.
ADSENSE PLACEHOLDER 336x280

Credit counseling is certainly a worthwhile endeavor, but only if done properly. The counselor and the client should have sufficient time to become acquainted, discuss an overview of the counseling process and to have an in-depth discussion of the client's specific financial situation. After all, if the client cannot receive information that he or she can apply directly to his or her own finances, the entire point of providing the service becomes rather moot.

Instead, we have a situation where the clients are being poorly served and the counseling agencies are barely scraping by financially. It seems unlikely that this is what Congress had in mind when they passed the bill. Anyone who has a problem with debt would certainly benefit from counseling and is encouraged to seek it out. Those who do would be advised to select a counseling agency that has the time and resources to provide the in-depth sort of help from which a client can actually benefit. Otherwise, the result is a waste of time for all involved.

©Copyright 2006 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com, a site devoted to debt consolidation, personal bankruptcy, establishing credit and credit counseling. He also created The Debt Consolidator.

Getting A Credit Card After Bankruptcy - 3 Things You Should Know

Declaring bankruptcy doesn't mean that you'll never be able to get credit again. In fact, you may find that credit card companies are still sending you offers and applications in the mail! But before you decide to sign up for another piece of plastic, there are some things you should know.

YOU MAY HAVE TO PAY A HIGHER INTEREST RATE

Super low interest rates and zero percent offers are for the best customers with the best credit. Since you've declared bankruptcy, you're a higher risk for the credit card company. And because of that, chances are you'll have to pay a higher interest rate than the average customer. In fact, it's possible your rate will be as much as 5% higher! However, if you remember to pay off your balance each month, the higher rate shouldn't affect your finances.

YOU MAY HAVE TO SECURE THE CARD

A secured credit card requires you to pay a lump sum of cash--typically $250, $500 or more--to the credit card company. This cash is then used as collateral, and is usually the maximum limit on your card. However, if you pay regularly over time, your limit may get raised as you prove yourself a worthy customer. If you don't make payments, the credit card company will use that deposit as payment on your account.
ADSENSE PLACEHOLDER 336x280

YOU MAY HAVE TO PAY HIGHER FEES

Another way of protecting themselves against the higher risk of a post-bankruptcy customer is by charging a higher annual fee. In most cases, expect to pay about $30 or $40 a year for the privilege of having your credit card. Your over-the-limit fees, late fees and other charges are likely to be higher than average, too. Your terms may also be more stringent, and you may have a shorter grace period (or none at all!). Here is a list of recommended Credit Repair Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.

It is possible to get a credit card after bankruptcy. However, chances are you'll have more costs associated with it, such as higher fees and a higher interest rate. However, if you regularly make your payments on-time, and you pay off the balance every month, your costs should be minimal.

For more information regarding your credit, or for an Absolutely Free Credit Report, ABC Loan Guide can assist you. Also, they have more resources about life after bankruptcy and about Buying a Home and Bankruptcy.

Rebuilding Credit after Bankruptcy - 3 Things to Know

Now that you've filed bankruptcy and gotten rid of all of your debts, you want begin rebuilding your credit. Regardless of your reasons for filing bankruptcy -- doctor bills, divorce, job loss, or even just carelessness -- the best way to prove to lenders that you don't want to end up in the same situation again is to build new, good credit. This article discusses three things you need to know about rebuilding credit after bankruptcy:

You Can Get Credit
ADSENSE PLACEHOLDER 336x280

There's a myth about bankruptcy that makes people think that, after they file bankruptcy, they won't be able to get approved for any credit loans until that bankruptcy clears in seven years. This is not true. In fact, some people who have filed bankruptcy hold some of the highest credit scores even before the end of their seven year period. Their secret, they paid their bills on time, month after month, year after year. They built their credit slowly, making larger purchases after they learned that they could first pay off the smaller ones. Many lenders will be more than willing to lend you money after you've filed bankruptcy. The important thing to remember is, just because the credit is available to you, it doesn't mean that you need it.
Tip! Apply for a line of credit. You can apply for an unsecured credit card or a secured credit card.

Choose Your Debts Wisely

You've had trouble paying off your debts in the past, so the last thing you want to do is to start accumulating new debts that you'll have trouble paying. Start small. Get a credit card from a grocery store or gas station that you frequent. Use the card where you'd normally pay in cash. Then, at the end of the month, take the cash you would have used and pay it toward the balance of the card. Once you've developed a budget and allocated a portion of your monthly income toward larger purchases, allow yourself that new house or car you've been wanting. But first, make sure that you will be able to afford your payments every month for the lifetime of the loan. Here is a list of recommended Credit Repair Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.
Tip! Make more than the minimum repayments each month. A higher credit limit means potentially larger minimum repayment amounts.

Insure Your Debts

Most creditors offer insurance on your debts in the case that you become unable to pay them. If you've filed bankruptcy because of an unexpected life change, you may want to ensure that you won't end up in the same situation again. Include the cost of this insurance in your monthly payment and pay it every month. Then, should you again find yourself unable to pay your bills, you'll be covered.

For related links and help Understanding Your Credit Report and Credit Score, ABC Loan Guide can be a great resource. They also have lists of lenders that can facilitate Personal Debt Management.

Repairing Credit After Bankruptcy - The Best After-Bankruptcy Credit Cards

By Carrie Reeder
Tip! Avoid making late payments. This is primarily due to the late payment fee that will be applied to your account but also because every late payment will count as a point against you in your bid to get a higher credit limit.

Your bankruptcy is finalized, and now you're ready to start rebuilding your credit. The best way to do this is by applying for small amounts of credit first, so you'll want to get a credit card; however, you don't know what credit card to choose. This article will explain the best after-bankruptcy credit cards you can get in order to rebuild your credit and stay out of debt:

Secured Credit Cards

The best way to avoid bad debt is to gain credit from your own money. A secured credit card allows you to deposit money into an account and then withdraw it just like you would with a regular credit card. The difference between an unsecured credit card and a secured credit card is that you deposit the amount of money that makes your maximum balance into an account before you begin using it. This means that, if you become unable to pay the bill, you can simply close the account and withdraw the remainder of your balance.
ADSENSE PLACEHOLDER 336x280

Gas Station/Grocery Store Credit Cards

Gas station and grocery store credit cards are not hard to get approved for; in fact, they're probably the easiest to get of all unsecured credit cards. The best thing about applying for a grocery store or gas station card is the lowered temptation to make an unnecessary purchase. Most likely, you shop at these places every week and pay with either cash, check, or a debit card. Instead, you can pay with your store credit card, and then, at the end of the month, you can take the money you would have spent at the store and use it to pay down the balance on the card.

Credit Cards Specifically for Rebuilding Credit

Most reputable lenders offer credit cards to borrowers who need to rebuild their credit that are designed specifically for that purpose. You can expect to be charged high interest rates, and you'll most likely have a low credit limit; however, in turn, the company will report your payments to all three credit monitoring bureaus monthly. Additionally, once you've established a good payment history with the company, they'll likely lower your interest rate and raise your credit limit. Here is a list of recommended Personal Loan Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.
Tip! Compare the debt consolidation loan programs that each lender can offer. If you have a very poor, low credit score like 450, 480 or 500 - your loan will be a subprime debt consolidation loan.

Before applying for any credit card, do your research. Utilize the internet and compare interest rates and terms. Don't apply for a card with high interest rates and annual fees if you can get approved for a card with a better interest rate and no annual fee. Pay your bills on time every month. If anything looks worse than a bankruptcy, it's a bankruptcy followed by bad credit.
Tip! Routinely check payment history and the current credit debt held.

If you're interested in rebuilding your credit and want a Poor Credit Personal Loan, check out ABC Loan Guide's free listing of reputable lenders. There are also related links for more information about Subprime Mortgage Lenders.

How Bankruptcy Affects Interest Rates on Loans and Credit Cards

By Carrie Reeder
Tip! If you have paid off all your debt, and your credit score seems to be at a stand still, you might want to make small purchases each month with your credit card and pay them off immediately. Often times the credit bureaus like to see at least some kind of activity.

If you've recently filed bankruptcy, you may be concerned about what interest rates you'll receive on future loans and credit cards. This is a common concern. Though you may feel that the credit card offer you received in the mail has a ridiculously high interest rate, you're not sure whether or not it's the best you can get in your current situation. This article will offer some information on how bankruptcy affects interest rates on loans and credit cards:

Interest Rates on Credit Cards

In a perfect world, credit card interest rates would be comparable to those of mortgages. Unfortunately, credit cards are unsecured loans, and this represents a significant risk to the lender. For this reason, credit card interest rates will always be high, even for people will immaculate credit. After bankruptcy, you can expect the highest interest rates charged, which is generally between 25 and 29.9%. However, once you've established a relationship with that company and proven that you can pay your bill on time every month, they will most likely lower your interest rate. Compare credit cards from multiple companies in order to find the best rates and terms and choose a reputable lender. Make sure that they report to all three major credit reporting bureaus monthly so that you can start rebuilding your credit.
ADSENSE PLACEHOLDER 336x280

Interest Rates on Auto and Mortgage Loans

For a couple of years after you file bankruptcy, you'll be stuck with sub-prime mortgage and auto loan interest rates. This can require that you pay a much larger interest rate than someone else with credit that allows them to get approved for a prime loan. However, if you can wait a couple of years, you will be more likely to get approved for a prime loan. This can save you thousands of dollars over the life of the loan. In order to ensure better rates after a couple of years, start with small credit accounts and pay them on time every month. This will allow you to build credit and present yourself as a responsible borrower. This is a lenders biggest concern after a person has filed bankruptcy -- that they'll become unable to pay their debts again.
Tip! Choose the right features on the card and prioritize your payments: You cannot escape from the fact that your credit is bad. However you can make amends and start your financial life on a fresh note.

If you can prove that you can pay your debts, you will become much less of a risk. This results in interest rates that are much lower than they would be if you applied immediately after your bankruptcy was finalized. Here is a list of recommended Adverse Credit Home Mortgage Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.

If you are interested in a Bad Credit First Mortgage loan, check out ABC Loan Guide's free listing of reputable lenders. There are also lenders to help you find a Car Loan After Bankruptcy.

How Bankruptcy Can Affect Your Credit History

By Alan Bernstein
Tip! Refinance: If you are making mortgage payments on your home, you can get a credit card account opened through your bank. The bank will refinance the loan amount and you will be able to use as much money as you have refinanced.

You are laden with debt and experience grave difficulties in paying up. You work from dawn till dusk and hold two jobs, but your income is still inadequate to pay off your outstanding credit card balances. You feel like you are left with no choice but to declare bankrupt and get your debt wiped out. At least you can start on a clean slate and be more careful with your spending next time.

Before you file for Chapter 7 or Chapter 13, it pays to evaluate the consequences of declaring bankrupt. Although it may seem like the best option you have at the moment, it pays to consider the future consequences of going bankrupt.

For one thing, being bankrupt will leave mark on your credit history. If you had filed under Chapter 13, your bankruptcy record will usually remain for 7 years, while Chapter 7 will result in a bankruptcy record for between 7 and 10 years. This means that you will face much restriction on your finances at least for the next 7 years.
ADSENSE PLACEHOLDER 336x280

Although you may still be eligible for credit cards, your tarnished credit history will result in credit card companies charging you sky-high interest rates. You are of high credit risk to them, and they have every right to charge you a higher cost of offering you credit.

If you are thinking of getting a car loan, you will also be charged high interest rates. Does this mean that you will walk to work for the next 7 years? As cars are usually a necessity, you would probably have to bear the additional interest costs until your term is up. Of course, there have been circumstances where you can engage a car loan lender to negotiate for better terms with financing companies.

Another controversial consequence of a bad credit history has to do with your future employment possibilities. There have been cases where employees have been dismissed from well-paying jobs due to their credit history. This happened as these employees have been labeled a credit risk to the company they are working for. With their bankruptcy history, they are considered to be easier to bribe as compared to other employees.
Tip! One way of improving your credit standing with credit companies and lending agencies is to pay your bills on time. A punctual credit payer tells the creditor that you are able and willing to pay debts.

With all these consequences laid out, it truly pays to think it through before taking the easy way out. Declaring bankrupt may not always be your only choice, as there are better ways for you to deal with your debt. These could include borrowing from friends and family to finance your debt, implement better budgeting strategies or refinancing your home to acquire funds at lower interest rates to pay off your debt.

Alan Bernstein recommends Find Credit Cards to apply for an Advanta credit card today.

Bankruptcy - Getting Your Credit Back

By Michael Russell
Tip! Once you find a lender, ensure that you complete their application form, thoroughly. Remember that you are competing with other applicants, who have excellent credit scores.

Your bankruptcy case has gone through and you're trying to put all of this behind you. You want to get a fresh start and not make the same mistakes again in the future. It's time to start thinking about rebuilding your credit.

No matter what caused you to file bankruptcy, be it from doctor and hospital bills, a divorce, a loss of your job, or perhaps even your own foolishness, you're going to have to start over again. You will need to prove to lenders that you are a good risk. This is going to take some time and effort on your part, but it can be done. Here are some good tips to help you get started rebuilding your credit after a bankruptcy.

Getting New Credit

Many people mistakenly believe that if will take 7 years after your bankruptcy before you can ever get any kind of a loan or credit card again. This is completely false. Did you know that many people come out of a bankruptcy with higher credit scores than they ever had in their financial life?
ADSENSE PLACEHOLDER 336x280

There is no real big secret to this. These people began paying their bills on time again. And they did it consistently month after month. To help begin rebuilding your credit you should consider getting one credit card as quickly as possible, even if it is a pre-deposit credit card. Many credit card companies will give you a credit card after a bankruptcy. You just need to do some searching.

Then make a few small charges to it and pay it off every month. Do not carry a forwarding balance. Simply pay it off every month. This will help rebuild your credit faster than anything else you can do after a bankruptcy. It shows lenders that they can trust you again. Then slowly begin building up to higher purchases and pay those off in a couple of months. Never only make a minimum monthly payment.

Pick Your Debts

Get a credit card to use at your local gas station or grocery store. Then begin using it instead of paying cash. Take the cash to cover these purchases and sit it aside. At the end of the month take the cash and pay off the credit card statement. This will go even further towards rebuilding your credit after your bankruptcy.
Tip! Avoid making late payments. This is primarily due to the late payment fee that will be applied to your account but also because every late payment will count as a point against you in your bid to get a higher credit limit.

By following these steps you're going to be in a position of being able to finance a new car or home within a couple of years. You first just have to show you can be trusted to pay off your debts every month. Then you're showing you're responsible and you'll be able to make bigger purchases.

Insurance

Most all credit card companies offer insurance to cover your monthly payments in the event you lose your job. Be sure you take advantage of this insurance. If something unexpected does occur, then you're covered. Don't take any unnecessary chances with your financial future. You don't want to put yourself in the same situation as you did before. The cost of this insurance is very low.
Tip! Once you have the card, do not max out your credit card. Try not to exceed 70% of the credit card's limit.

Michael Russell

Your Independent guide to Bankruptcy

Mortgage Loan Tips: How to Rebuild Bad Credit after a Bankruptcy

By Maria Ny
Tip! Be truthful on your loan application. Don't indicate a 'fair' credit rating (620 and above), when you have a 'poor' credit rating (any credit score below 600).

1f63

According to both the Bankruptcy Code and the Fair Credit Reporting Act (FCRA), information on a Chapter 7 and Chapter 13 bankruptcy can remain on your credit profile for 10 years from the commencement of the case. But, the devastating effects don't have to last forever, and you can immediately start rebuilding your credit by following these tips:

Clean Up Your Credit Reports

Many people find that when their Chapter 7 bankruptcies discharge, their credit reports still show several, if not all, accounts as open and overdue instead of being closed with the obligation wiped out as part of the bankruptcy. Contacting the credit bureaus and insisting that those accounts be properly reported as "included in bankruptcy" will help lessen the damage by a surprising amount. See "How to Raise Your Credit Score" for more information on cleaning up your credit reports.
ADSENSE PLACEHOLDER 336x280

Rebuilding Your Credit

Most people know that getting a secured credit card (with a typical credit line of $200 to $500) will help raise your credit score and rebuild your credit provided that you don't charge more than about 30% of your credit limit, and you make the payments on time each month. But did you know that getting a mortgage or a home equity loan (second mortgage) also helps rebuild your credit?

If you are a first-time buyer, there are government incentives to help you buy a home in just the right neighborhood. If you are already a homeowner, a home equity loan or line of credit can be used to remodel your kitchen or make other home improvements that will help improve the curb appeal of your home. And, if you currently have an adjustable rate mortgage (ARM), you may want to consider mortgage refinancing to a fixed mortgage rate to avoid the next interest hike and possibly cash out on some of your home equity for home improvements or loan consolidation. Believe it or not, a mortgage refinance can also help you rebuild your credit and raise your FICO scores.
Tip! Secured cards: These are a good alternative for people who have a bad credit. The secured cards work in a principle similar to gift cards.

Maria Ny is a respected free-lance writer from San Diego, California. She has written many articles that covered a broad range of subjects ranging from Bankruptcy Reform, Credit Repair to Second Mortgage Financing. Check out her interesting articles online at Nationwide Second Mortgage & Refinance.

To learn more information and get accurate interest rates quotes for Bad Credit Mortage Loans. We suggest you learn more about the benefits of the Second Mortgages to 125% from the loan experts at BD Nationwide.