If you are not willing to pay terribly high interest rates, then raising your credit score as much as possible is what you should try to do. If you have lower credit score, then this means higher risk for the lender to grant you a loan and if the risk is higher, then the rate would be higher as well. There are no means to avoid this and lenders can?t take subjective facts into consideration when it comes to fixing the interest rate even if this is unavoidable and there are special situations that may have caused your financial breakdown.
How to repair your credit
Repairing your credit may take some time, but here is the way to start. Open a savings account and start making regular deposits. 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 and it also means you don?t need to deposit large amounts. This would be your first step, but still it is also an important first step.
Using Credit Cards
Use the reasonable amount of money in your savings account (once you have it) to for a secured credit card. Secured credit cards will only allow you to borrow the money that you?ve previously transferred to an account even though they are just like regular credit cards. You will be able to get it even if your bankruptcy is close in time and your credit is not that good because there is no risk for the card issuer.
If you haven?t been offered one yet by that time, you can apply for an unsecured credit card after you use your secured credit card for a while. With your credit score improvement, you will surely get approved without any hassles. You need to make sure you use the card wisely, always pay the credit balance in full if possible, make small purchases, and never miss a payment nor make late payments.
Using your credit card wisely will help you skyrocket your credit score. The time to start requesting small personal loans have come. Asking for small loan amounts will guarantee that you?ll get approved. Your regular monthly payments will do the rest, your credit score will soon reach a status where you?ll be able to request personal loans at very reasonable interest rates.
Final Steps
You should have reached a good credit tag at this time and you will be able to obtain any official product that you need. In order to continue improving your credit score, refinancing your home would be the next wise step. Or a home equity loan is what you could request. With either of these, future lenders will be assured that you are able to commit to repaying higher amount loans and that you?ve finally put behind your bankruptcy.
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Source: http://www.bonnieandhide.com/important-tips-to-remember-to-get-finance-after-bankruptcy/
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