Thursday, February 21, 2008

Tampa Bankruptcy: Rebuilding Credit

Tampa Bankruptcy:
Rebuilding Your Credit Quickly and Efficiently
After Bankruptcy

Those considering bankruptcy should always have a checklist to run through before making such a substantive move.
File a Credit Report
Your credit report has information which affects whether you can get a loan – and how much you will have to pay to borrow money. You want a copy of your credit report to:
make sure the information is accurate, complete, and up-to-date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.
help you to guard against identity theft.

2. Examine Your Credit after bankruptcy
Those considering bankruptcy frequently worry that they will never get credit after a bankruptcy, or that it will be 10 years before they can get credit. Neither is true.

Can I keep a credit card out of the bankruptcy for use later?
If you owe money on a credit card at the time you file bankruptcy, you must list the card as a debt.
If you don't owe anything on the card, you don't have to give the credit card company notice of your bankruptcy. Note, however, that they may find out through other means and cancel the card as a precaution.

Can I get new credit after bankruptcy?

In today's competitive lending environment, credit is available to the recently bankrupt. It may be more expensive than before, and available with lower limits, but it will be offered. A secured credit card is usually available post bankruptcy at lower rates than unsecured cards.
Can I buy a house after filing bankruptcy?
Absolutely. Studies show that 18-24 months after a bankruptcy discharge, bankruptcy debtors can qualify for a loan on the same terms as if they had not filed bankruptcy
Is my credit record ruined by filing bankruptcy?
Bankruptcy in reality is no more harmful to your credit record than the financial circumstances that lead to the bankruptcy filing. It is much more important for your future financial health to look at your net worth (assets minus debts) than at your ability to borrow in the future.

Credit in Tampa
Tampa has made a name for itself in regards to streamlining the process from credit awareness to credit reconstruction. Here is one website in particular that easily spells out the steps towards securing oneself onto the path of credit stability:

The website spells out in 5 steps how to improve your credit rating. Here are a few:

Examining your reports carefully
Nearly every consumer has an error on at least one credit report from one of the major credit bureaus. Credit bureaus generate your report on information they receive from your creditors; they don't verify.
Keeping your credit report a true reflection of you is your responsibility. Get ready to clean and polish. Carefully look for everything from typing errors, outdated and incomplete information to inaccurate account histories. Make a thorough list of items you dispute and why.

No comments: