I know getting loan is really hard, especially when you need to consider a lot of things like interest rate, building credit score, bankruptcy, and bad credit. But the question is can you or do you think you have the ability to get a loan after bankruptcy. Let say a house loan, which will be an impossible task. But it doesn't have to be, a house loan will help you to build and reestablish your credit score and credit history. Most finance companies won't deal with you if you are in the middle of bankruptcy. But they will when it is finalized as you can. Then, legally take on debt and reestablish yourself bad credit. Should not mean no credit you can still get a good house loan and even a reasonable or good rate in payment. Today I give you some excellent tips and pointers to help you get the best house loan in terms possible. Regardless of your credit history, first get a copy of your credit report this is a crucial step as your credit report may and probably will contain some erroneous and derogatory information. It is a known fact that over 90 percent of credit reports contain some sort of error or incorrect information. This can range from wrong contact or loan info to derogatory debt info that should be removed as it is older than the recommended or required years. The rule is that most derogatory credit and debt reporting can only stay on your credit report for the recommended or required years. Some bankruptcy is more than the recommended or required years, many collection companies and other creditors abuse this law by relisting bad credit with different loan numbers, and such this is actually illegal in a violation of the Fair Debt Reporting Act.
If you find any fraudulent reporting like this hire an attorney and sue the violating company basically anything that doesn't belong on your credit file can be investigated by inquiring with the credit bureaus. When an inquiry is opened they must contact the original creditor and receive proof that the debt is valid. If they do not receive proof within 30 days the disputed information must be removed. The credit bureau in question will then send you a free corrected credit file note. This dispute process is not to be abused for knowingly valid debts by correcting the data in your credit report. You can only improve your credit rating, you are also entitled to add a small entry to explain any valid derogatory entry. For instance if it was caused by a unexpected child's illness automotive accident by an uninsured motorist or something that was not your fault. The creditors may take this info into account and give you are better rate or terms or extend credit where they normally wouldn't make friends with the special finance manager at your local house broker. That handles bad credit this can only help as many times alone is made or determined on the finance managers. They can put in a good word for you or a personal favor or recommendation especially if they are at a large broker, and they do a lot of loans. They may be able to throw it in with a package of loans and get you approved or get you a better rate. Do not discount this, most creditors seen this happened. The special finance manager will also determine how much money you can put down and what payments you can afford. If you are friends with him you will most likely get a much better deal, house, and payments.
Look online before you sign the dotted line. There are numerous online finance companies and websites that may give you better terms and/or rate. But you will never know if you don't check. Just look up the keywords bad credit house loan on internet search engine. You will find plenty of them, find a few, and see what kinds of offers or terms you will get. If you can't still find anything, there is one last resort, but is very rare, the buy here pay here broker, these house brokers finance the house themselves and will usually expect monthly payments. Do not expect your house loan with them to be reported on your credit report. So it will probably not help your credit if you miss a payment they will tow your house. Then, you will have to pay extra fees and all other payments to get you up to date. To get the vehicle back is kind of like legalized loan sharking. But for some, it is an acceptable or only alternative to riding the bus or walking. They expect high interest rates or so depending on the year and price of the house being low.
Now once you have a house loan do not mess up and miss or make late payments your goal is to correct the mistakes of your past and build-up a good credit. If you keep making on-time payments and continue to build your credit with one to two years you will improve your credit and may even be able to do things like a business loan. Do your best to qualify for better rates and terms. You may even try to visit other website today to get a fast house loan approval today.
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