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Buying a Home After Bankruptcy
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Buying a Home After Bankruptcy
In Texas, a bankruptcy can remain on your credit report for ten years. While this can make getting a loan and other types of credit difficult, it certainly doesn't mean that it is impossible. If you are looking for a way to boost your credit or if you want to take full advantage of the fresh start that declaring bankruptcy has provided, you may want to consider investing in homeownership.
... Read bankruptcy article
Buying a Home After Bankruptcy
In Texas, a bankruptcy can remain on your credit report for ten years. While this can make getting a loan and other types of credit difficult, it certainly doesn't mean that it is impossible. If you are looking for a way to boost your credit or if you want to take full advantage of the fresh start that declaring bankruptcy has provided, you may want to consider investing in homeownership.
... Read bankruptcy article
Buying a Home After Bankruptcy
In Texas, a bankruptcy can remain on your credit report for ten years. While this can make getting a loan and other types of credit difficult, it certainly doesn't mean that it is impossible. If you are looking for a way to boost your credit or if you want to take full advantage of the fresh start that declaring bankruptcy has provided, you may want to consider investing in homeownership.
Why Buy a Home in Texas
Homes in Texas are an excellent investment. Values in the state increase consistently and equity builds quickly. Buying a home after bankruptcy in Texas gives you the chance to invest in a solid opportunity while you rebuild your credit with timely mortgage payments.
Getting Approved for a Texas Mortgage Loan After Bankruptcy
Although you can apply for a mortgage loan at any point after your bankruptcy has discharged, most Texas mortgage lenders will make you wait two to three years before they will consider approving you for this type of loan. If you have good income, a sizable down payment, and a flawless payment history since the bankruptcy, you may be able to get approved for a Texas mortgage loan even sooner.
Finding a Lender
More and more lenders are creating special home mortgage loan programs designed for borrowers who have a bankruptcy on their credit report. For this reason, it has never been easier to buy a home after bankruptcy in Texas. If you are thinking about applying for a Texas mortgage loan, it is a good idea to see one of these lenders out. You will greatly increase your chances of getting approved for your loan by working with a lender who specializes in sub-prime lending and bad credit mortgage loans.
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How to Rebuild Your Credit after Bankruptcy
Bankruptcy often is the last ultimate solution for many debtors who have unbearable debts. With filing a bankruptcy, you will get rid of your debts instantly and relief you from the harassing call of your creditors.
Although bankruptcy has many undesirable consequences such as your bad credit record will remain on your credit report for 7-10 years, but with a little work, you can improve your credit even before these negative records expire. Here are five easy steps you can take to rebuild your credit.
Step 1: Get to know your current credit status
The first step to rebuilding your credit is to look at exactly where you stand. Order all your three credit reports from those three national credit bureaus: TransUnion, Equifax, and Experian. You can order these reports online, it easy and secure.
Print each report and review it closely. Try to understand the information listed in your credit reports and highlight any negative records or inaccuracies that are damaging your credit score.
Step 2: Check the expiration dates
By law, your bad credit record will remain in your credit report for 7 to 10 years, but the exact expiry date might be different among these 3 reports. Your bad record will still remain at your credit report although you have pay off your old debts and discharge from bankruptcy.
Look up the exact date of each of bad records including judgments, liens, charge-offs, late payments, bankruptcy filings, and collection records. You will likely see a major improvement in your credit score when these records expire.
Step 3: Request For Correct On Any Inaccurate Records
If you find inaccurate records, fraudulent accounts, or records that should have expired on you credit reports, you have the right to send a separate dispute letter to each of the credit bureaus to correct your Equifax, Experian, and TransUnion records. The bureaus will initial a 30 days investigation to see whether your requests are valid and if so, they will correct the inaccuracy in your credit report.
Just one note, don't try to dispute any of the positive information listed in your credit reports and it is a waste of time to attempt to dispute these records. Disputing positive information may actually harm your credit scores.
Step 4: Start to create good credits
Since there is no way to remove your bad record from your credit report, the best way to improve your credit score is to add good credits and building up your credit from there. You can easy do this by open up a new credit card from banks like Orchard Bank (Orchard bank has credit card plan designed specially to help people rebuild their credit after bankruptcy).
Use this new credit card responsibly and make the monthly payment timely; with this you are building new history of good credit behavior on your credit report. Over time, you may want to open additional credit card accounts or obtain a loan to boost your credit score even higher.
Step 5: Monitor your progress
Subscribe to a credit card monitoring service or get a credit card monitoring software and use it to track your credit score progress closely. Your credit score should improve steadily as you continue to use credit responsibly and add new positive information to your credit reports.
Summary
Bankruptcy does not need to chain you to bad credit for the next seven to ten years, but you have to be proactive in order to recover and rebuild your credit.
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