If you have recently completed a Tampa bankruptcy case, you may be anxious to get back into the credit scene. Pleasantly, getting credit and loans after bankruptcy is not impossible and may be more within your reach than you imagined. However, the road to new credit is one that should be pursued with caution and purpose.
Starting Over
Now that you have a fresh start you are at a unique opportunity to pave the way for a stable credit future. The most important thing to remember at this point is that rebuilding credit takes patience.
The first place to start is by checking your credit report. Not all creditors update your information right away with the credit bureau, and your report could be full of inaccuracies. Be sure your debt accounts reflect the resolved status set forth by your bankruptcy discharge. If your report is inaccurate, request to have your creditor update the information right away.
Once your credit report is in order, shop around for a good loan. At this point, an unsecured loan is your best option. You don’t need a large loan amount, rather choose a lender that is offering low interest rates with favorable repayment terms. Remember that this loan is not to be use for quick and easy money, but as a tool for establishing yourself as a good borrower. You may need to start with a smaller loan amount and repay it in a matter of three to six months.
Having established a record of responsible payments on one or more smaller loans or lines of credit, you can apply for a secured loan. Again, avoid lenders that offer higher balances with little questioning of your application, as this could be a sign of a loan with high interest rates and hidden conditions. Remember that there will be an asset tied to this loan, which means that the lender has the right to seize the asset if you default.