If you filed for bankruptcy at least 7 years already how could you start back to living a better life.?

Question

how could you go about getting,loans and so on.to start a better life if possible.

Answer 1

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I not sure about credit cards and home loans but after the bankruptcy is discharged you should be eligible for an auto loan.

The first car you finance after bankruptcy will be at a higher rate than you are used to so I would recommend buying a car that meets you needs in the short term, not your dream car.

I've seen allot of people buy expensive cars right after bankruptcy for a 72 month loan term. The problem with this is that after 12 or 18 months the borrower qualifies for a better interest rate but cannot trade or refinance the auto because of the Loan to Value is to high (negative equity).

If you finance a car with payments that do not exceed 15% of your income for 36 months you should be able to trade-in in 18 months and qualify for a better rate.

Whether its a credit card, home loan, or auto loan, you have to get credit to re-establish your credit and start living a better life.

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Asker's Comment:

more informative thank you

Answer 2

Often, as soon as your bankruptcy is discharged people will bombard you with credit card offers etc. They know you will have to pay it because you cannot file bankruptcy again. Most places simply want the bankruptcy to be discharged (no dismissed) and then you build your credit back up by being very responsible with credit cards etc.

Answer 3

Contact a real estate broker and buy a house. That will get your credit score up there. But the best thing you can do is continue living off of cash like you have been for 7 years.

Source(s):

http://www.komickaze.com

Answer 4

What? You are barely legible, here. Do you mean you filed for bankruptcy seven years ago, and you're only just now working on building your credit back up, how do you do it?

Start small. Get a credit card with a $200 limit on it, and use it for gasoline, or just one bill every month. Pay that off at the end of the month. Just keep doing it, and don't use the card for anything else. Eventually, they'll see that you're keeping up a good payment history, it will build your score up. You can move up from there, but always remember to pay it off, and never, ever let it go to collections.

Answer 5

Have you checked your score, applied and been turned down for credit, conducted your credit life in a completely clean way since the BK, checked your 3 major credit reports to make sure the BK is listed properly.

You should have a relatively great score after this time if you have behaved yourself if not then you proved you learned nothing from the BK.

Answer 6

Take it slowly. Rebuild your credit by applying for low fixed rate cards with no annual fees and pay off your entire balance every month. Do not accrue any more debt and keep to a budget. As you continue to build up a record of good payments, you will see your credit and financial health improve.

It will be difficult, but living debt free is living a great life.