How to Get a Credit Line after Bankruptcy

Written by on October 24, 2013 in Money - No comments | Print this page

|

credit_cardsThe impact of filing for bankruptcy on your financial record is undoubtedly huge enough to ignite a financial crisis on you.

It greatly destroys your credit score to the extent that you completely stand to chance to secure another loan or even purchase products on credit.

However, filing for bankruptcy is seemingly the only option one is normally left with if he or she is completely unable to service a loan.

It simply means that your credit worthiness is jeopardized and no financial institution may be willing to engage you in a credit business just because of your bad loan repayment record.

That does not necessarily mean that you cannot find your financial freedom again after filing for bankruptcy. There are a number of tips that people already declared bankrupt can apply to enable them improve their credit score and get credit line. Below are some of the useful detailed tips.

Set Your Credit Record Straight and Correct

Sometimes, you may have filed for bankruptcy with the necessary agencies but still your credit reports shows the debt amount you owed your lender before filing for bankruptcy.

Such cases are relatively numerous and you may also find yourself in the same scenario. The best thing to do in case you want to improve your credit score and get a credit line after bankruptcy is to visit credit bureau and inform them of your credit report.

You should then ensure that they accurately report your credit so as to enable you regain your creditworthiness.

Timely Serving of Your Bills

This is the trickiest part of it since several people always line postponing payment of bills. However, if you have filed for bankruptcy and still intend to get a credit line then you must learn to consistently pay your bills in time.

This will help towards enhancing lenders confidence in you hence enabling you to once again become creditworthiness. Contrary, if you do not pay your other bills as required within the time frame given, you may not be able to get a credit line after bankruptcy

Stay Positive about Your Financial Status

Financial crisis are events that surround every individuals life. These situations are non permanent and may change depending on a number of circumstances from time to time.

Filing for bankruptcy means that this kind of calamity has befallen you, right? Well, that does not mean the end of your financial journey. Just stay positive about everything that is taking place in your life and tirelessly work out a way of reversing the whole situation.

Remember we said that it is not permanent. Sooner or later, you will begin to start climbing ladder in your financial ability and regain credit line after bankruptcy

Request for Moderately Small Loans and Repay Them as Required

As a person who has been declared bankrupt and still wants to get credit line, it is advisable that you start again by borrowing relatively small loans and repaying them within the stipulated time frame.

Continuous borrowing and repaying in time will definitely earn you lenders trust and enable you to get credit line after bankruptcy.

Financial institutions may begin to trust your ability to repay loans and soon you will be having a better credit score. No doubt on that, just give it a try.

Ensure you get a Secured Credit Card

Using a secured credit is also another important way you can use to get credit line after bankruptcy.

Usually, applying for a credit card may not be that easy but the benefits that are associated with it are worth that difficulty. Using a secured credit card enables lenders to have more trust on you and enhancing your creditworthiness.

Author Bio- This post has been written by Tressy Jones. She loves to write about Finance and Legal issues. She recommends billigerekredittkort.no for providing discounts, bonus and Billig kredittkort to their clients.

|

About the Author

Guest Blogger

This article was written by a guest contributor. You will find their details at the bottom of the post. To submit your own Guest Post to our website, please visit our SUBMIT page for details about adding your article.