| Attaining homeownership is a great goal. If you have a | | | | credit score following abankruptcy, some lenders, or |
| good creditrating, reaching this goal is easy. On the | | | | credit card companies will be hesitant to approveyour |
| other hand, if you have a fewcredit blemishes or filed | | | | loan request. Thus, a secured credit card may be your |
| a recent bankruptcy, you may have to | | | | best option. |
| delayhomeownership until your credit situation | | | | If applying for a secured card, you are required to |
| improves. Several lendersspecialize in bad credit | | | | provide a downpayment. For example, if you offer a |
| mortgages, and offer loans to people afterbankruptcy. | | | | $500 down payment, then your creditlimit will be $500. |
| However, before accepting an offer, consider the | | | | After acquiring a credit card, maintain current |
| following points. | | | | payments. Keep balanceslow, and try to payoff the |
| When was the Bankruptcy Discharged? | | | | balance each month. A good payment historywill |
| There is no mandatory waiting period for obtaining a | | | | increase your credit score. Soon, you will qualify for |
| mortgage afterbankruptcy. Those who are eager to | | | | unsecuredcredit cards. Try and get approved for three |
| purchase a home may get a loanimmediately following | | | | new credit accounts. As yourcredit improves, so do |
| their discharge. Unfortunately, this may not be the | | | | your chances for getting a low rate mortgage. |
| bestplan. Mortgage interest rates following a | | | | Choosing a Good Mortgage Lender |
| bankruptcy are outrageouslyhigh, which may greatly | | | | Depending on your credit rating, you may get |
| increase your mortgage payment. In fact,mortgage | | | | approved for either aprime or sub prime loan. Prime |
| and credit experts may encourage you to wait at | | | | mortgage loans are offered to individualswith excellent |
| least 24 month beforeapplying for a home loan. By | | | | credit. On the contrary, sub prime loans are intended |
| doing so, you have the opportunity toreceive a | | | | forthose with lower credit scores. Prior to applying for |
| comparable low interest rate on your home loan. | | | | a loan, requestan online quote from a mortgage broker. |
| Have You Established New Credit Accounts? | | | | Based on your creditinformation, a broker will provide |
| To rebuild your credit, it is important to open new credit | | | | multiple quotes from sub prime or primelenders. |
| accounts andre-establish credit. Because of a low | | | | |