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Life After Bankruptcy

Know Your Lenders: Interviews and Lender Calls

Before you even start filling out an application for credit, find out if a bankruptcy will result in an automatic denial of credit. Every lender has standard underwriting guidelines. If you find out the guidelines prior to submitting your application, you’re able to avoid unnecessary inquiries. This takes you closer …

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Life After Bankruptcy

Avoid the Potholes on Your Road to Recovery

Potholes to Avoid: You’ve Got Credit, But You’re Not USING it! You should use the accounts each month and pay them off in full. Finance Companies: Finance accounts are the only type of credit that will hurt your credit score. Cosigning: It may seem like a good idea, but the …

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Life After Bankruptcy

Securing Good Credit After Bankruptcy: What Not To Do

Don’t Carry a Balance: Use the card and pay it off in full every month (or within a few months). This improves your credit score sooner and shows lenders that you have re-established good credit behavior. Don’t Assume Lenders Will Stay On Top Of Your Credit Report: Open credit is …

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Life After Bankruptcy

Securing Good Credit After Bankruptcy: Secured v. Unsecured

When attempting to obtain your initial credit right after receiving your bankruptcy discharge, it is important to understand the difference between secured and unsecured debt. Secured Credit Cards: The accountholder provides the lending institution with funds equaling the amount of “credit” offered. The funds are held in reserve as “security” …

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Life After Bankruptcy

Taking On Your Credit Report: Step Six

The last thing you have to do when it’s time to restore your credit after bankruptcy is to consider any information that has been reported post-bankruptcy. Do you have any new accounts that have been opened/active since you received your discharge of debt? Make sure that any new accounts and/or …

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Life After Bankruptcy

The Four C’s: Analyzing a Credit Application

There are four major elements of a general underwriter’s guidelines in reviewing and analyzing a credit application. We Call it The Four C’s: Credit – You’ll have a low credit score and a “bankruptcy” notation on your credit report. Be persistent in determining eligibility requirements before applying for credit. Capacity …

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