If you have filed for bankruptcy, you may be wondering how long it is going to take until you are able to get credit again.
Read on to find out about credit repair after bankruptcy and how long you can expect it to take you to be able to qualify for a loan.
The most important thing that you need to remember is that it is important for you to begin working to repair your credit as soon as you can.
The first step is to credit repair is getting copies of your three credit bureaus.
Once you have these, you will need to carefully take the time to review them.
In all likelihood there are a number of accounts that were included in your bankruptcy that are being reported as open and past due.
You will want to dispute any information that is not reporting accurately.
The next thing you will want to do is get a secured credit card.
This will require that you make a deposit with the lender in exchange for them issuing you a credit line.
Once this has been done go to your bank and see if they offer loans secured by a Certificate of Deposit.
Like a secured card, you will be required to use cash as collateral for your loan.
You personal situation will impact just how long it takes for you to qualify for other loans.
A mortgage loan will take the longest as you will need to be a minimum of two years out from the date of your bankruptcy filing.
Raise the time frame to three years if you also had a foreclosure.
Buying a car can happen fairly quickly after your bankruptcy.
There are many dealerships that run promotional targeting those who are post bankruptcy.
Chances are as long as you have a stable job, you will be able to find a lender that will work with you.
In the absence of this you can go to a buy here pay here lot if you need a car.
There are also smaller dealerships that have access to private financing that may be able to help you.
No matter what type of credit you are seeking, you need to be a smart consumer and shop around.
It is important to note that shopping for loans and applying for credit in a bunch of different places at once is not the same thing.
Too many inquires can really take a toll on your credit score.
Rather than making application, call the lenders and get a good understanding of what they have to offer you.
Only after you decide that it is a good fit should you make application.
Read on to find out about credit repair after bankruptcy and how long you can expect it to take you to be able to qualify for a loan.
The most important thing that you need to remember is that it is important for you to begin working to repair your credit as soon as you can.
The first step is to credit repair is getting copies of your three credit bureaus.
Once you have these, you will need to carefully take the time to review them.
In all likelihood there are a number of accounts that were included in your bankruptcy that are being reported as open and past due.
You will want to dispute any information that is not reporting accurately.
The next thing you will want to do is get a secured credit card.
This will require that you make a deposit with the lender in exchange for them issuing you a credit line.
Once this has been done go to your bank and see if they offer loans secured by a Certificate of Deposit.
Like a secured card, you will be required to use cash as collateral for your loan.
You personal situation will impact just how long it takes for you to qualify for other loans.
A mortgage loan will take the longest as you will need to be a minimum of two years out from the date of your bankruptcy filing.
Raise the time frame to three years if you also had a foreclosure.
Buying a car can happen fairly quickly after your bankruptcy.
There are many dealerships that run promotional targeting those who are post bankruptcy.
Chances are as long as you have a stable job, you will be able to find a lender that will work with you.
In the absence of this you can go to a buy here pay here lot if you need a car.
There are also smaller dealerships that have access to private financing that may be able to help you.
No matter what type of credit you are seeking, you need to be a smart consumer and shop around.
It is important to note that shopping for loans and applying for credit in a bunch of different places at once is not the same thing.
Too many inquires can really take a toll on your credit score.
Rather than making application, call the lenders and get a good understanding of what they have to offer you.
Only after you decide that it is a good fit should you make application.