Getting credit after bankruptcy may seem somewhat nonsensical. However, most of us will need credit in the very near future. We live in a credit driven economy, which is a fact that cannot be escaped. Therefore, you would be wise to explore how credit will play a part in your future and takes steps to become credit worthy again.
A perfect example of needing credit after bankruptcy is the purchase of a house. Without a mortgage, this would be well out of bounds for most. Other common examples are a car, mobile phone contract, business purposes or any service with a contract that binds you to a cost up front but spreads the repayments, such as insurance or some property rentals.
After bankruptcy you will be seen as a high risk, this will make obtaining credit difficult and expensive. So you need a strategy to become credit worthy again. There are a number of factors that you should consider.
To become credit worthy again, understand what the lenders want. For example, they will favour an individual who:
Clearly, after bankruptcy some of these will be almost impossible to immediately change. However, you can plan and make changes for the future. If you want to start rebuilding your credit now, a good start is the APS credit rebuilder product - credit rebuilder.
Bottom line is that you are assessed at the time of application. You may qualify for the following types of credit:
After bankruptcy you may find credit more expensive due to the lenders seeing you as higher risk. The resources below will explain some steps to help mitigate this cost.
I have added significant information on this site to aid you in your quest to become credit worthy again. Take a look at the following links:
So let's say you have come to a cross roads where you need credit but your rating is still abysmal. What can you do? Well, absolutely embark on your quest to become credit worthy again. Aside from that you have a couple of options: