You should try to raise your credit score as much as you can if you are not willing to pay terribly high interest rates. The lower your credit score, the higher the risk for the lender to grant you a loan and the higher the risk, the higher the rate. There are, of course, special situations that may have caused your financial breakdown even if this is unavoidable but when it comes to fixing the interest rate, there are no means to avoid this and lenders can?t take subjective facts into consideration.
Repairing your credit It may take some time to repair your credit but there is a way you can start. When you open a savings account, start making regular deposits. You don?t need to deposit large amounts, but the fact that you have an income that lets you put away an amount of money regularly will soon be recorded to your credit history and will highly contribute to raising your credit score and improving your credit history. This would be your first step, but still it is also an important first step.
Credit Cards To apply for a secured credit card, you can use the reasonable amount of money you have in your savings account (once you have it). Secured Credit Cards are just like regular credit cards only that you can only borrow the money that you?ve previously transferred to an account. Because there will be no risk for the card issuer, you will be able to get it even if your credit is not that good and if your bankruptcy is close in time. After using your secured credit card for a while you can apply (if you haven?t been offered one yet by that time) for an unsecured credit card. Your credit score improvement will most surely let you get approved without hassles. Make sure you use the card wisely, make small purchases pay the credit card balance always in full if possible, and never miss a payment nor make late payments.
If you use your credit card wisely, then you can skyrocket your credit score. The time to start requesting small personal loans have come. If you want to get approved, then asking for small loan amounts will guarantee it. Your credit score will soon reach a status where you?ll be able to request personal loans at very reasonable interest rates and your regular monthly payments will do the rest.
Last Steps A good credit tag is what you should have reached at this time and you?ll be able to obtain any financial product that you need. In order to continue improving your credit score, refinancing your home would be the next wise step. Or you could request a home equity loan. Either of them will prove to future lenders that you are able to commit to repaying higher amount loans and that you?ve finally put behind your bankruptcy.
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