The Six Questions Lenders Will Ask You After Your Bankruptcy

When I began to apply the credit to bankruptcy after my first, I noticed a trend. 

The lender again and again would ask the same series of questions to me. They seemed to care about the things some keys of all. Of course, now, I am, they have realized you were trying to determine immediately whether I was to trust. 

When you consider whether to extend (and, of course) and your credit and after you filed for bankruptcy, see, lenders will be very careful they. 

Can you blame them? 

Mission number one is that now, you have to prove to the lender's low credit risk after bankruptcy. 

So, what do they want to see from you? Correct answer to the question of the following six. 

Question 1: You are discharged? 

There the first thing that need to lenders to check if your bankruptcy has been discharged. Or, in other words, if your bankruptcy is complete. 

"Open, and the" still bankruptcy if your are, because there is a possibility to add the account (including the lender you are applying) bankruptcy you still technically, you are the lender, there is reason to want to know that you are discharged. Many lenders are not necessarily trying to grant credit when you have the ability you want to include in the bankruptcy of your still. 

Your "filing" Please make sure that you do not confuse the term "discharge" to term. 

Hopefully, who had dismissed the bankruptcy not you one of the poor sap. 

Bad bad, having rejected the bankruptcy is bad. Bankruptcy because your not completed, advantage - you filing bankruptcy - basically affected by the negative of all but one. 

It's like pay off the account of one of your collection ... realizing the collection account and then will remain in your credit report it. So credit score of your FICO does not increase at all. They remain the same. 

However, even if it is rejected, you are expecting there. So do not throw in the towel yet. You look to prosperity ... and plant the seeds of some of Hope to dig garden it ... I ... still, you may begin the process of improving your credit score is life You can. 

Question 2: Your bankruptcy, was discharged? 

This is very simple. 

More time elapsed good your discharge. 

With a credit different guidelines, you can, please refer to each lender. In the credit guidelines of the lender, you are the minimum requirements of those that must be met in order for them to approve your application basically. 

For example, you can not until you are discharged, to raise funds for the new car through a low-interest lenders. It is a credit basic guidelines when financing a car after bankruptcy is discharged. 

Getting approval is relatively easy for Master Card or Visa collateral. However, the most important two criteria are discharged and are sending your deposit. 

Credit guidelines of lenders of unsecured credit card is changed. Until no longer appear in your credit report anymore, it does not touch you lenders some bankruptcy. To you, and to discharge the debt lenders and some (eg, American Express) to be repaid the debt, you'll never get another card with you too. To give a second chance to you, but there is a lender that you can not (and do not hold your breath so) immediately after discharge you. 

Mortgage lending requirements are complex. If you have post-discharge how much, you will determine the mortgage lending what kind of qualifications. 

Discharge after your 24 months, you seek, less than to believe that sub-prime borrowers. If you have 24 months after discharge more than, are eligible for mortgage programs more general. 

After bankruptcy, Chapter 13 filers have more options for most of it is determined by the amount of time from the date of filing you get the mortgage. 

So it is to keep track of how much time it is since your discharge. If you had to or because you filed Chapter 13, how much time, to be submitted. They are the important dates to memorize. 

Question 3: Since your discharge, how you are paying your bills? 

It is the kiss of death payment delay is displayed on the credit report after the bankruptcy was discharged. 

Please consider that the thing the lender some even is because they are to report the late payment of 30 days to the credit bureau enough was delayed one day after the due date. Technically, the reason is that they count everything in 1 to 30 delinquent same range. So it is a day at the latest, you can burn you. 

Bottom line - indifferent late. Early in time, I will pay the worst case. You, not afford to slow down simply. 

Lenders will continue to see how that has been dealing with your credit since your discharge. 

And, if ... collection account that seems delinquent and hurt you, it is determined, that nasty other like them, you bothering you much. 

You must ensure that you can early or, to tell the lender that you have paid all the time from the discharge. When you check your credit report, they will see that it is true that what they are saying. 

Have you since discharge and re-establish a new credit: Question 4? 

You can not recover avoided. 

It's good, but if you have reaffirmed the credit account of the small number through bankruptcy, if you're able to show the lender that you discharge since, you have to establish a new credit, it's even better. 

new type of credit you need to aim is as follows. 

- Home loan 

- Auto loans 

- Car Lease 

- Credit union loan 

- Bank loans 

- Overdraft protection 

- Credit Card 

- Retail Credit Card 

- Gasoline credit card 

- Home equity loans 

- Student Loans 

Catch-22 is that the lender you work really will not want to be the first to grant credit to you really. Can be frustrating when you try to open a which is why you need a strategic plan of attack is the first account it. In other words you can not, you will not be applied to it (which can be to get difficult) business loan that you qualify for a credit card that is still protected. 

However, it starts with you all. Even months worth of trial and error of the year, I have saved you. But you have to put into action to take the information. So, get it! 

unless you prove to the world that allows you to jump back into the fire, to manage credit effectively, you do not recover simply. 

Do you have for down payment: How much Question 5? 

It will be necessary in most cases to be able to come up with a deposit or down payment. So, start saving! It does not take the lender to check the post date or food stamps,. 

As agreed in the last car, and if you made the payment of all, as a general rule of thumb, if you want to finance the new car in the ordinary interest rate, you need to plan in no $ 500 or more What you are ... If you follow me know, bankruptcy after the seminar there, it is free credit. 

On the other hand, if either missed the delinquent auto loan your last, went through the finance company most likely, your only option will be 20% down at a high interest rate. 

The car dealership, if you are told that come up with more money, are at one of the store where you wrong ... or, you must wait until you re-establish your credit a little more you. 

If you want to plan a good collateral credit card about $ 250 to $ 500 deposited. Some credit card secure some that you can get to have a deposit of under there, but I do not recommend them. I do not have a high, more so that the normal start-up and reporting ... to credit reporting agency properly ... have hidden fees interest rates most of the low-deposit card. 

Down payment on a home is dependent on the amount of mortgage clearly. It is believed that 3% to 10% of the purchase price norm, it is more than possible that you get off the mortgage for the money. And, I'm not talking about TV crazy or some infomercial that promised the world of you. I'm talking real, for mortgage programs genuine. 

So please be prepared. You have to under a little money to show if Playa. 

Question 6: your credit score What is? 

Of course, right, you knew this was coming? 

When you recover from bankruptcy, credit scoring, was beginning to spread I just Back. Prior to 2003, you also did not buy all three of your credit score. 

Credit score today, is used by almost all lenders in the United States and Canada. 

To be if you do not know - the credit score of your FICO. 

And most importantly, you need to know credit bureau are to have you ... 

... HIGHEST credit score 
... MIDDLE your credit score 
And ... the lowest credit score you 

You to get the most influential of any lender will have to choose to work with lenders FICO score HIGHEST is using a credit-reporting agency. In this way, you will receive the words of the lowest and highest interest rates. 

A final note 

So, you've got it there. The lenders of the six questions, I will ask the bankruptcy later. The captain of I, as taught me many years ago ... Please preparation. 

Chances are, like the heart that has been prepared.