Category: Life After Bankruptcy Archive
Taking On Your Credit Report: Step Three
Justin Harelik
August 5, 2016
Now that you’ve removed erroneous information, made sure any “holes” were filled with the accurate information and done an overall Spring Cleaning on your credit report, you’re ready for Step Three. Step Three: Verify That Accounts Are Reporting Accurately Remember the reason you filed for bankruptcy? It was for the ...
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Taking On Your Credit Report: Step Two
Justin Harelik
August 3, 2016
After you’ve pulled your credit report, adjusted your mindset to your new, lower credit score, and made your credit score goal of 720, you’re ready for the next step. Step Two: Update Your Information with the Credit Bureaus Start at the beginning and make sure that all the information reflected ...
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Taking On Your Credit Report: Step One
Justin Harelik
August 1, 2016
The first thing you have to do when it’s time to restore your credit after bankruptcy is to access your credit. Pull your report and get a good understanding of where you are and where you want to go. What do I mean by that? Step One: Pull Your Credit ...
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Determining Whether You Owe on a 2nd Mortgage Post-Bankruptcy
Justin Harelik
July 7, 2016
Was your home equity loan reaffirmed during your bankruptcy? Have you been making payments towards the debt religiously ever since your discharge without being sure if they are being applied or not? Do you actually owe the debt or was it included in your bankruptcy discharge? These are huge questions ...
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The Four C’s: Analyzing a Credit Application
Justin Harelik
June 29, 2016
There are four major elements of a general underwriter’s guidelines in reviewing and analyzing a credit application for the lender. We like to call it the Four C’s: credit, capacity, collateral, and character. The Four C’s: Credit – The applications you submit immediately after bankruptcy, at the beginning of your ...
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What Makes Up Your Credit Score?
Justin Harelik
June 28, 2016
It’s one thing to decide that you are going to rebuild your credit score after bankruptcy, but it’s another thing to do it – particularly when you aren’t sure where credit scores come from. What makes up your credit score? Payment History (35%) Outstanding Debt (30%) Age of Your Credit ...
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Tell Your Bankruptcy Story: Your Very Own Sound Bite
Justin Harelik
June 27, 2016
According research, over 80% of bankruptcy petitioners have dealt with: illness, divorce, or unemployment. What’s your bankruptcy story? Prepare your very own 30-40 second sound bite explaining why you filed for bankruptcy protection. This is important because as you begin your quest towards a credit score of 720, you are ...
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Walking Away from the House Post-Bankruptcy
Justin Harelik
May 25, 2016
“Walking away from the house” has become a common enough phrase that it is regularly bandied about amongst the public. This is a result of the recession in recent years that resulted in so many losing their homes, finding themselves upside down in their homes or considering moving out and ...
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Receiving an Inheritance Post-Bankruptcy
Justin Harelik
May 23, 2016
Bankruptcy in and of itself is a simple idea. It is the process by which a consumer applies for a discharge of debts due to severe financial strain. The complexity occurs when you realize that those consumers are people who are living their lives. They experience surprises, unplanned events, complications ...
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The Importance of Being “Credit Worthy”
Justin Harelik
April 22, 2016
What does it mean to be “credit worthy” and why does everyone care so much? Is it actually that important? Credit scores in today’s society can actually be critical. They are used as a determination of a borrower’s risk. They are used to determine insurance rates. They are used to ...
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