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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:

• Experian
• Equifax
• Transunion

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.

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I was honored recently with reviewing the book, The News Rules for Mortgages.   This book was written by Dale Robyn Siegel.  Dale Siegel is a renowned attorney and current president of Circle Mortgage Group in White Plains, NY.

Her new book is unprecedented and I felt it would be beneficial to the readers to reveal more strategies that a reader will receive if he or she get his or her copy of the book.

Did you know that certain things that you do with your credit has a weight of importance?  For instance, paying on time is 35 percent of the FICO score.

“Controlling your debt” is 30 percent of your FICO score.

Cancellation of credit cards is a “no no” because longevity of credit makes up 15 percent of your FICO score.

In Siegel’s book, she reveals exact how you can use the latter information to improve your credit score.  Get your copy today by click on this link.

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