A Bankruptcy Does Not Have to End Your Credit Life
Posted By admin on December 18, 2009
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A bankruptcy does not have to end your credit life. Did you know that you can apply for a mortgage after only four years if you file a Chapter 7, 11, or 12 bankruptcy and two years after a Chapter 13 bankruptcy? However, to be eligible you must do certain very simple but important things.
First, you must re-establish your credit right away.
Secondly, send a copy of the discharge letter and list of creditors included in the bankruptcy to all three credit bureaus, and request that the bureaus update your credit report to show all creditors involved in the bankruptcy balance as zero and request the bureau to list all creditors involved in the bankruptcy. By completing the latter it will demonstrate that the creditor is no longer owed. Once this update is complete you should receive an updated copy of your credit report.
Once again, the three credit bureaus are:
Do not give up on every purchasing a home just because life happened and you had to file a bankruptcy. Just remember, that paying your rent on time for at least 24 months gives you alternative credit that may help you to be able to qualify to buy a home.
Still yet, paying your utilities, car insurance, cell phone bill, etc. on time are also alternative credit or industry termed alternate trade-lines of credit.
If you are interested in more tips similar to the tips above, then purchase and read, Dale Robyn Siegel’s new book, The New Rules for Mortgages.
She has 28 pages dedicated to help you improve or maintain your credit so you can purchase or refinance a home. Purchase it today at a bookstore near you.
Related articles on bankruptcy
- Can unpaid consumer debt speed recovery? Don’t bank on it (dailyfinance.com)
- Corporate insolvency rate ‘will rise again’ warn experts (telegraph.co.uk)
- Asset Resolution LLC Files for Chapter 11 (netdocketsblog.com)
- CIT Group Files for Chapter 11 Protection (netdocketsblog.com)
- History of Credit Bureaus: Equifax, Experian, TransUnion & Innovis (bargaineering.com)
- ‘Free’ credit reports scam (tech.bl0x.info)
- 5 Ways To Kill Your Credit Scores (creditra.blogspot.com)
- Bankruptcy dilemma: Will the real Ellen Tracy please stand up! (dailyfinance.com)
- Bankruptcies spike 33% (money.cnn.com)
- Bankruptcies in Canada decline 27 per cent (thestar.com)
- Debt Settlement Company Rivals Credit Counseling Debt Consolidation with Superior Debt Relief Benefit to Help Unemployment Victims Avoid Bankruptcy and Foreclosure (prweb.com)
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