Bankruptcy Credit Repair Service

Bankruptcy Credit Repair Service

Rebuilding:

The first step towards Rebuilding Your Credit is to always pay your bills on time. Avoid making any late payments on any of your bills, even the ones that you do not think report late payments to the Credit Bureaus. This step is not negotiable. The ability to pay your bills indicates that your financial troubles are in the past. If you make late payments creditors will believe that bankruptcy did not put an end to your financial difficulties for you.

Improve your Credit Score with a secure Credit Card. While it might be tempting to avoid Credit Cards altogether, they are essential to improving your credit. Naturally, it is difficult to obtain most cards after declaring bankruptcy. However, a secure credit card, which is a card secured by an initial deposit, is easier to qualify for when your credit is less than perfect. They have interest and monthly payments, but the deposit protects the bank in case you default.

Secure credit cards generally do have higher interest rates than unsecured cards, so shop around before signing up for one. Also make sure that the bank reports secure cards to the major credit bureaus. Banks have different policies on reporting secure credit cards; do not just assume that your activity will be reported. If the card is not reported it will do little to boost Your Credit Score. However, by carefully using a secure credit card, it is possible to build credibility with different vendors. Over time, responsibly using a secure credit card may lead to offers for Unsecured Credit cards.

Credit Reports:

Looking at your Credit Report after filing for bankruptcy may be somewhat depressing since the bankruptcy is displayed for 10 years, but it must be done. Everyone should monitor his or her credit report, regardless of personal feelings. Many people who declared bankruptcy face unexpected problems with their credit reports because financial institutions do not update reports on the debts that are cancelled by bankruptcy. Check to make sure that everything on your credit report is up to date. Banks and other lenders are legally obligated to update your records to the credit bureaus after a bankruptcy. Leaving cancelled debt on your credit reports counts against you.

Besides removing cancelled debt, monitoring your credit report makes perfect sense. It will help you prevent or catch identity theft. You can also spot and correct any inaccurate reports. There are Three Major Credit Bureaus, and everyone is entitled to a free report from each one every year. The three bureaus are TransUnion, Equifax and Experian. Because these bureaus do not compare information, you should check each one individually.

Loans:

It is now possible to obtain a loan before a bankruptcy is removed from your Credit History. However, do not expect to get a loan within a year of declaring bankruptcy. Take the first year to build credibility by paying bills on time and using a secure credit card.

You might be able to get a bank loan after declaring bankruptcy, but it will probably come at a price. These loans usually have higher interest rates. Banks also prefer that collateral or cosigners secure high-risk loans. This is often the only way to get a loan until your credit is fully repaired. You must determine whether or not want to take the loan on these terms. However, you might not have nine years to wait for a Better Credit Score.

Rebuilding Credit is not easy. It is a long and lengthy process. The good news is that it is much easier for people or businesses that declared bankruptcy to obtain credit now than it used to be. Be patient and responsible. Do not max out the credit that you do get and slowly pay back the minimum payments. High balances count against you. If paying your bills early means that you will pay them on time then pay them early. However, early payments are not reported and do not reflect your credit score. Always pay your bills on time. This is something that all people can do to increase their Credit Scores, regardless of their current financial situation.

For more information on how Bridge Capital can provide accelerated cash flow solutions for your business in the Suffolk and Nassau area of Long Island, NY;

For more helpful tips and information, Please visit us at http://www.bridgecapitalsolutionscorp.com

Bridge Capital Solutions Corp.
300 Motor Parkway, Suite 215B
Hauppauge, NY 11788
(631) 236-5119
Twitter @BridgeCapital

Selling off assets to pay creditors?

I have a small business and am a sole proprietor in the service and repair business. I used to have 3 trucks and 4 employees and now just down to myself.
Is there anything to prevent me from having an auction to sell all excess tools and equipment along with inventory to pay off debt?
I don't want to file for bankruptcy or stop my business completely.
I have already exceeded My Credit so that is not an option. I am in the heating business so within a few months it will pick up some.

As long as you own the company, the only thing that would prevent you from selling business assets to raise cash for ANY business purpose would be any liens against specific assets. If you have a loan for any of the trucks, you would have to pay off those loans immediately upon sale of the trucks.

Bankruptcy Credit Repair

 

---

We hope you liked our selection of Bankruptcy Credit Repair Service, here a few more related products that might interest you;

 

---

Other recommended sites for Bankruptcy Credit Repair Service

 

---

Bankruptcy Credit Repair Service

Tagged with: banking • business • credit • finance • money

Filed under: Repair Your Credit

Like this post? Subscribe to my RSS feed and get loads more!