Improving Credit After Bankruptcy

Improving Credit After Bankruptcy To Qualify For A Mortgage

Gustan Cho Associates are mortgage brokers licensed in 48 states

This Article On The Fastest And Easiest Way Of Improving Credit After Bankruptcy To Qualify For A Mortgage

The fastest and easiest way of Improving Credit After Bankruptcy is by re-establishing credit through new credit.

  • As soon as your bankruptcy discharge has been completed, you should start working on establishing new credit
  • A bankruptcy on your credit report can drop your credit scores by more than 150 points
  • However, the team at Gustan Cho Associates can help people achieve a credit score of over 700 FICO in one year after a bankruptcy discharge
  • Homebuyers can purchase a home after bankruptcy
  • However, there are mandatory waiting period requirements after bankruptcy on government and conventional loans
  • Gustan Cho Associates has alternative home mortgage programs called Non-QM loans where there is no waiting period after bankruptcy and/or foreclosure
  • However, a 20% down payment is normally required on non-QM loans
  • While borrowers are waiting to pass the mandatory waiting period requirements, they should start working on improving credit after bankruptcy
  • You do not need an expensive credit repair company to help you reestablish your credit
  • Just follow the instructions of this blog
  • The team at Gustan Cho Associates has helped thousands of borrowers in Improving Credit After Bankruptcy to qualify for a home mortgage over the years

In this article, we will discuss and cover on the fastest and easiest ways in Improving Your Credit After Bankruptcy To Qualify For A Mortgage.

Getting New Credit Is The Fastest And Easiest Way In Improving Credit After Bankruptcy To Qualify For A Mortgage
Getting New Credit Is The Fastest And Easiest Way In Improving Credit After Bankruptcy To Qualify For A Mortgage

How can you get new credit after bankruptcy discharge is often one of the most common questions we get asked at Gustan Cho Associates.

  • Many consumers who filed bankruptcy are under the belief they will never be able to get credit
  • They often think they now have to purchase everything cash
  • People who filed bankruptcy think their hopes of ever owning a home is and will always be a dream
  • Credit card?
  • Never
  • People who recently got a bankruptcy discharge think they will never be able to get a credit card
  • Many consumers do not even ask about credit after a bankruptcy
  • This is all wrong

Bankruptcy is actually a good thing.

Fast-Track Road To High Credit Scores And Re-Establishing Credit After Bankruptcy

Bankruptcy is a federal law that gives a consumer a second chance in their financial life.

  • A bankruptcy discharge wipes out all previous consumer debt where consumers have a fresh financial start with zero debt
  • There are certain debts like federal income taxes, fraud, and other government debts that cannot be discharged in bankruptcy
  • However, most debts such as judgments, collections, charged-off accounts can be discharged in bankruptcy
  • Lenders and creditors know once a consumer files bankruptcy, they cannot file another bankruptcy for the next seven years
  • The team at Gustan Cho Associates has helped countless borrowers achieve over 700 credit scores in less than one year after bankruptcy discharged date

The easiest and quickest way of Improving Credit After Bankruptcy is by getting three secured credit cards and one installment loan after bankruptcy discharged date.

Improving Credit After Bankruptcy With Secured Credit Cards

It is very difficult to get an unsecured credit card after a bankruptcy discharge.

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  • However, consumers should not have an issue with getting secured credit cards
  • Secured credit cards work the same way unsecured credit cards work
  • However, consumers need to put a deposit to get secured credit cards
  • The amount of deposit you make, the credit card company will issue a credit limit equivalent to the deposit
  • For maximum optimization, getting three $500 credit limit secured credit cards is highly recommended
  • Secured credit card companies will report your monthly payment history on all three credit bureaus
  • Make sure the secured credit card you get to report your payment history to all three credit reporting agencies
  • As time progresses and the card ages, your credit scores will keep on going up and your credit profile will get stronger
  • After 8 months, many secured cards will reevaluate your credit profile and payment patterns

If you have religiously paid your monthly payment on time, the secured card company will increase your credit limit without requesting an additional deposit.

Recommendations On Secured Credit Cards After Bankruptcy
Recommendations On Secured Credit Cards After Bankruptcy

Here are the three best secured credit cards you should get after bankruptcy:

The team at Gustan Cho Associates also recommends getting an unsecured jewelry credit card. You can get a $5,000 unsecured jewelry card after bankruptcy to rebuild your credit. Click on this link and follow the instructions on how to get approved for a $5,000 unsecured jewelry card to boost your credit. Another easy to get approved credit card to help you boost your credit is Fingerhut.

Besides secured credit cards, you should get an installment credit tradeline.

Having A Variety Of Credit Types After Bankruptcy

As mentioned earlier, three to five secured credit cards right after bankruptcy discharge is the fastest and easiest road to good credit and the best way to prepare for a home mortgage.

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  • Gustan Cho Associates also recommend that you get an installment loan through the Credit Rebuilder Program
  • How this works is you open up an FDIC with
  • You make a $25 to $50 monthly deposit for 12 months
  • As you are making monthly payments, the payments get reported on all of the three credit reporting agencies
  • After 12 months, you have a CD that you have paid off

The best part about this credit rebuilder program with is after four payments, will issue you a secured credit card for a $150 credit limit to help you further boost your credit scores and credit profile.

Contact Us At Gustan Cho Associates To Qualify For A Home Mortgage With Bad Credit

For more information about the fastest and easiest way of improving credit after bankruptcy to qualify for a mortgage, please contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at  The team at Gustan Cho Associates is available 7 days a week, evenings, weekends, and holidays. Gustan Cho Associates is a five-star national mortgage company licensed in multiple states with no lender overlays on government and conventional loans.

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