Remember that you will be required to actively engage in money management skills if you are to have any chance of achieving success. This means that once your debts are paid off, it is up to you to bounce back swiftly and have future credit opportunities. This is particularly true for secured obligations, such as auto loans and mortgages. Generally speaking, there are a few things you can do to improve your chances of obtaining secured debt loans once more.
Be diligent
After declaring bankruptcy, life is anything but a contest. In fact, the best strategy for repairing your credit and regaining control of your financial life is to take things slowly and steadily. The type of bankruptcy you filed can have varying effects on your post-bankruptcy life, which can tell you a great deal about how to apply for a mortgage loan.
If you filed for Chapter 7 bankruptcy, your prospective credit risk rating is significantly higher than if you filed for Chapter 13 bankruptcy. Before considering a secured loan, you should devise a plan to obtain low-limit unsecured credit lines and make consistent payments for the next 12 months. The objective is to rewrite your credit history and demonstrate your borrowing responsibility. If you filed for Chapter 13 bankruptcy, you may still be considered a credit risk, but it should take you less time to rewrite your credit history. In either case, a good rule of thumb is to take at least six to twelve months to rehabilitate your credit and demonstrate your ability to responsibly manage two credit lines.
Get Organized
You may feel fortunate to have emerged from bankruptcy and completed all the documentation, but don't get too comfortable just yet. After your debts are discharged, you must fulfill a number of tasks. First, draft a letter describing your financial hardship to retain in case a potential creditor inquires about your bankruptcy filing. Check your credit report to ensure that the information is current. If you discover inaccurate information, dispute it immediately and have your creditors correct their reporting. Here is where organization becomes essential. Ensure that you have kept all of your bankruptcy documents and provide copies to creditors who request them in order to rectify errors. Obtain debt resolution letters from your creditors, particularly those who have been paid in full or deemed ""satisfied"" Possessing these letters to present to a potential lender will significantly improve your chances of obtaining a secured loan.""
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