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13th August 2008 - 11:57pm
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Credit And Loans After Bankruptcy 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:
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.
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? 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. Good Alternatives For Debt Consolidation Debt consolidation is an excellent solution for these problems that are generated by debt accumulation. It provides enough funds for repaying all your debt and you?ll end up paying a single and lower monthly installment. Thus all your debt payments get reduced to only one payment that you can easily budget and keep in mind. Different Types Of Debt Consolidation Many people resort to another credit card with a 0% APR promotional period. However, this requires that you cancel all your debt before the promotional period ends and that you transfer all your balances to your new credit card. Bear in mind also that some credit cards charge a fee for balance transfers and thus compensate for the loses implied in financing all your debt for free. Unsecured debt consolidation loans are available and provide the necessary funds for repaying credit card debt. These loans provide funds with lower rates than credit cards and thus are a good tool for consolidating credit card debt. However, the rate is significantly higher than the rate charged for secured consolidation loans and the qualification requirements are harder to meet. Secured debt consolidation loans are probably the best tool for debt consolidation. They provide cheap financing due to the little risk that they imply for the lender but at the same time they carry the risk of repossession of the property that was used as collateral to secure the loan. The interest rate charged is low and the repayment programs can reach up to 30 years. In order to obtain one of these loans you need to have equity available on your home though. Another option is to contact a debt consolidation agency. These agencies provide various services that will contribute to debt elimination and financial management of your debt. Seeking help when you debt overwhelms you is a smart thing to do, especially because wrong decisions can aggravate the problem. A debt consolidation agency can negotiate with your creditors new loan programs to substitute the outstanding debt and will require from you a single monthly payment to handle all your debt. This solution can be articulated in two ways: The debt consolidation agency can collect the amount and then repay each new renegotiated debt or provide you with a debt consolidation loan which will be used to repay all your debt after negotiation so you end up with a single monthly payment that you?ll handle yourself.......... A Simple Debt Consolidation Loan Can Save You Money Immediately
A simple debt consolidation loan would take of all these troubles. By using the equity in your home all the debts would be paid off and you are left with a clean slate and generally spending less money every month. One benefit to a debt consolidation loan that often overlooked is the tax advantage. Interest on a home loan is tax deductible where interest on credit cards and cars are not. Our office received a call early one morning from a man desperate to save his home and needed foreclosure help. He was already 90 days late on his mortgage and desperately needed to refinance and pull out money to pay off enormous debts. He had just started a new job where he actually was making less money than before, and was in a real financial bind. His poor credit made it difficult for him to even qualify for a loan, let alone a low interest rate. To make matters worse, the next day he received a notice of default on his property. This man was worried that his family would have no place to live. He was reassured that we would save his home and help him through this difficult ordeal. We began immediately researching ways to help this client and found a lender willing to work with him and save his home just in the nick of time. His mortgage payment stayed about the same and he was able to pay off more than $25,000 in other debts, which alleviated several hundred dollars in credit card payments every month.......... |