- If you must buy a car, focus on transportation as opposed to style. Buy an inexpensive, used car, and try to get a loan for it. It’s a good idea to figure out what your budget allows in terms of a dollar amount first. This means obtaining financing prior to looking for a car.
- Get a secured credit card. Secured credit cards allow for the cardholder to deposit a said amount of money into an account, thus establishing the spending limit of the card. Missed payments result in deductions from the account. Some of these cards will reward responsible borrowers by upping the limit without an additional deposit. Some will even convert the account into a traditional credit card (be wary of offers of “easy credit” or any card which asks you to call a 900 number-you will be charged for the call). I can recommend several banks.
- Meet with a credit repair specialist or myself. While they can help you clean up the damage to your credit report, I can advise you on specific ways to rebuild the credit you lost as well.
- While it does take time, there is definitely life (and credit) after bankruptcy. Some of my lenders will even lend to you within a year or so after a bankruptcy with extenuating circumstances. If you’re in serious financial trouble, the trick is to get the help and advice you need from professionals you trust.
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- No Cost Mortgage Loans – Fact or Fiction? - February 24, 2017
- Can you buy your dream home with no money down? - August 23, 2016
- Homeownership Satisfies Family Needs - November 30, 2015
- Mortgage Approval Before You Start Your Home Search - November 23, 2015
- Rebuilding Credit After Bankruptcy - November 16, 2015
- Vital Strategies For Homeowners In Bankruptcy - November 9, 2015
- Mortgage Restructuring To Avoid Bankruptcy? - November 2, 2015
- Preparing Your Home for an Appraisal - October 26, 2015
- How Soon Can You Purchase A Home After A Bankruptcy, Foreclosure, Or Short Sale? - September 22, 2015
November 16th, 2015 by Herb Levin