Bankruptcy Friendly Creditors

Warren Law Firm has strong relationships with creditors who understand why you needed to file bankruptcy, and are ready to do business with you. These creditors make lending decisions based mostly on your current income instead of your past problems. Immediately after bankruptcy, you can get a home mortgage, purchase a car, or buy a mobile home by contacting these creditors:

• Car dealer:
  www.coughlincircleville.com
  Sales Consultant Forest Kegley
  (800)325-8434 ext. 236
  24001 Highway 23, Circleville, OH
  
  
• Car finance specialist:
  www.722redemption.com
  Loan Specialist Damielle Miller
  (888)721-2800 ext. 222
  
  
• Mortgage lender:

  

  Jennifer A.Conley
  Preferred Mortgage Consultants, Inc.
  425 Metro Place North, Suite 500
  Dublin, OH 43017
  888-761-4126 Ext. 227 Toll Free
  614-339-1440 Direct Line
  614-761-4127 Fax
  jconley@pmcrefi.com

Credit After Bankruptcy

A bankruptcy can appear on your credit report for as long as ten years. Potential lenders are not that interested in bankruptcy, so the three major credit reporting agencies only report it for seven years. But, you will find that it takes much less time to rebuild your credit—you should have the same credit as anybody else with your income two years after your debts are discharged.

Order your credit report from the three major credit reporting agencies (see our website for addresses) to be sure that the information on the report is accurate. The only thing that should be reported is that the debts were discharged in bankruptcy—all earlier negative reports should be removed. If you see any wrong information, report it immediately to the agency, then follow up to make sure they correct it.

Rebuilding Credit

Credit is based mostly on your income. So, the best way to rebuild credit is to increase your income. Here are other things to build credit more quickly.

• Pay your bills on time.
• Don't apply for credit you don't need.
• Get a gas or store credit card for purchases you would normally make in cash.
• Have a friend or relative co-sign a loan for you, and make all payments on time.
• Look for car dealers and mortgage brokers who are “bankruptcy friendly”.
• Do not use payday cash advance loans or high interest finance companies.
• Live within your means.
• Open a savings account and put money in it every week.

Use Credit Wisely After Bankruptcy

You only want to file bankruptcy once. So, here are ideas to keep in mind to prevent problems.

• If you don't need it, don't buy it. Instead, save your money for something more important.
• Understand what you are doing. Read before you sign.
• Shop around. Compare credit terms.
• Avoid gimmicks like variable rates and “teaser” introductory rates.
• Pay balances in full each month and on time. Never pay just the minimum payment. Avoid late fees and all other service fees.
• Avoid high cost lenders, credit repair companies, rent-to-own, automatic credit card payments, or any credit aimed at recent bankruptcy filers.