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Bankruptcy is better on your credit report than a
foreclosure. Believe it or not, it’s true. You can get
credit the day after a bankruptcy is discharged and buy a
car or even a house. The interest rate will be higher than
what you would truly like to pay, but the option is there.
Rebuild Your Credit
There is a way to re-build your credit slowly. It will test
your ability to pay new bills on time. When offered a credit
card for a high interest rate, take it. Get a $300 or $500
credit limit ONLY. Charge $50 each month. Here is the
IMPORTANT PART: pay it each month on time and in full. Never
be late with this payment. It is a test you must pass to
build your credit. Over time, the credit companies will see
that you can pay bills on time. This will help reduce your
interest rate when you are ready to apply for credit on a
home or a car.
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