| Getting a loan after bankruptcy is, of course, difficult, | | | | getting a loan after bankruptcy. |
| but as long as you accept that up front you can move | | | | You're going to want to have prepared a short |
| forward deciding how to work through that situation, | | | | explanation (one to two sentences) as to why you |
| and even try to make doing this part of a plan to | | | | had these financial problems-they will care, but you |
| rebuild your credit for the future, so things will be easier | | | | also don't want to draw too much focus on this. Then |
| for you later. | | | | you want to emphasize your other strengths, for |
| You want to start rebuilding your credit immediately | | | | instance, a healthy income, your secured credit card |
| after everything has been finalized. Of course, it will be | | | | payments in your recent history, your goals for credit |
| nearly impossible finding a lender at this point, but that's | | | | rebuilding, and your stability in the community if you've |
| ok. There are two kinds of payments that make up | | | | lived at your same residence for a long period of time |
| credit history: revolving (credit cards) and installment | | | | and had the same employer for a while. |
| (loan) payments. In order to find a lender we'll start with | | | | You will probably have to shop around for a lender, |
| giving you a bit of positive history after the filing. | | | | and talk to special financing departments, but this is ok. |
| Of course, you won't be able to go out and get a | | | | High interest rates are going to be a part of the deal, |
| traditional credit card, but banks have created a | | | | inevitably. This is a part of the deal that really has to be |
| product for this, secured credit cards. Basically, you | | | | accepted. But, once you pay this off and handle those |
| deposit a few hundred dollars into a savings account, | | | | high rates, you'll improve your score, and be offered |
| and this works as the collateral for your card, and sets | | | | lower rates in the future, so even though things are not |
| your credit limit. You use this card, lightly (preferably | | | | great now, there is still hope! |
| less than thirty person of your limit each month) and | | | | Getting a loan after bankruptcy is difficult, but it doesn't |
| pay it off each month. | | | | have to be impossible as long as you shop around, and |
| Six months to a year after doing this you can look into | | | | keep working on your credit. |