Loans After Bankruptcy

Many people find the need to borrow after completing their Tampa bankruptcy case. The good news is borrowing is exactly what you need to do in order to repair the damage from your prior negative payment histories you resolved in bankruptcy. However, not all credit is good credit and there are things you should consider before applying for that loan or line of credit.

Proceed With Caution

You may be surprised to learn that filing bankruptcy doesn’t damage your credit, but can actually improve it. Why? Because your delinquent account standings will be removed and your credit history can start fresh. Although this is good news, it does mean you have some work ahead of you.

First, make sure your credit report is accurate and up to date. Not all creditors are quick to report your newly resolved debt account standings to the credit bureau. Check your report and be sure to request for your accounts to reflect the most accurate information.

Next, shop around for the best line of credit or loan. The goal is to find a line of credit that offers the best terms and conditions. You may have to trade a higher spending limit for a lower interest rate, but that is okay for now. Remember your goal is to get in good financial habits and carrying a high interest line is likely to lead to trouble.

Last, make a plan for your new credit lines. Using credit wisely is best done with one idea in mind; that credit is a tool to mark your place as a responsible borrower, not a matter of convenience for spending. Know what you can afford and plan out a few small purchases so that you can maintain a consistent payment schedule.

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