Unsecured Credit Card Approval With Bad Credit And Bankruptcy

• Unsecured Credit Card Approval is even possible for consumers after a bankruptcy discharge
• Credit card companies want to grant unsecured credit to consumers
• However, they want to make sure consumers will not default on their credit obligations and pay their debts timely
• Credit card companies take on a lot of risks
• They have no collateral when issuing unsecured credit cards
• The only thing next to collateral is the consumer’s prior payment history
• Prior payment history is an indication and prediction the consumer will continue to pay their bills on time and not default on their credit card obligations
• Consumers can get unsecured credit card approval with prior bad credit
• Consumers can get unsecured credit card approval after a bankruptcy as well
• However, credit card companies want to see re-established credit after a period of bad credit and/or bankruptcy prior to issuing unsecured credit cards
• Credit cards have a huge impact on credit scores
• Gustan Cho Associates is a five-star national mortgage company licensed in multiple states with no lender overlays on government and conventional loans
• The team at Gustan Cho Associates are experts in helping borrowers with bad credit qualify for home mortgages and help them boost their credit scores

• Credit card companies rake in billions of dollars in revenues
• They want to issue as many credit cards as possible
• However, they do not want consumers defaulting on the credit cards they issue
• Therefore, there are ways credit card providers issue credit cards to consumers
• They base their decisions on who gets approved for unsecured credit cards
• Credit scores are not the only factor card providers base their decisions
• There are two types of credit cards: Unsecured and secured cards
• Most consumers prefer unsecured versus secured credit cards

• Consumer credit scores: Shows creditworthiness and risk level of the consumer
• Number of delinquent versus timely tradelines: Shows financial responsibility
• Credit history: Shows payment patterns of the consumer over a period of several years
• Income: Shows ability to repay
• Credit utilization ratio: Shows spending habits and patterns
• Hard inquiries: Shows desperation in obtaining credit

Many people think it is impossible to get an unsecured credit card after bankruptcy. This is not true. Consumers can get unsecured credit cards a few months after bankruptcy. We will show you the steps in re-establishing credit after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale.

Home Loan With Bad Credit

The housing market is booming. Homebuyers can qualify for a mortgage with bad credit and after bankruptcy.

• There are mandatory waiting period requirements to qualify for home mortgages after bankruptcy
• However, just passing the minimum waiting period requirements is not enough to qualify for a mortgage
• Lenders want to see borrowers have no derogatory credit after the bankruptcy discharged date
• Lenders consider borrowers late payments after a bankruptcy as second offenders and most do not want anything to do with them
• One or two late payments after bankruptcy may not always be deal killers with some lender like Gustan Cho Associates but for most lenders, it is an automatic mortgage denial
• Lenders want to see re-establish credit after bankruptcy
• The easiest and fastest way of re-establishing your credit after bankruptcy is through secured credit cards

The team at Gustan Cho Associates has helped countless homebuyers with bad credit boost their credit scores and reestablish their credit to over 700 FICO after bankruptcy.

Purchasing A Home During The Hot Housing Market With Bad Credit

• Never in history has the housing market been thriving as it is now
• The housing market is stronger today and it was prior to the coronavirus pandemic
• There is more demand for housing than inventory
• The lowest mortgage rates in history are adding fuel to the fire to the housing market
• Home prices are rising to record levels
• There are floods of renters entering the home purchase market
• This includes consumers with prior bad credit and recent bankruptcy
• Homebuyers can qualify for a mortgage with prior bad credit and/or a prior bankruptcy
• However, the keyword is PRIOR
• Mortgage companies want to see timely payments after a period of bad credit and/or a prior bankruptcy
• Lenders want to see re-established credit after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale, or a period of bad credit

The team at Gustan Cho Associates can help homebuyers prepare for a mortgage after bankruptcy and/or period of bad credit.

Steps To Unsecured Credit Card Approval After Bankruptcy And Prepare For A Home Mortgage

The team at Gustan Cho Associates can help homebuyers for a mortgage after bankruptcy. When do you start reestablishing credit after bankruptcy discharged date? The answer is as soon as possible. Your credit scores will most likely be in the low 500’s or even 400’s after bankruptcy discharge. However, the team at Gustan Cho Associates can help you re-establish your credit and help you get a credit score of over 700 FICO in less than one year of the bankruptcy discharged date. Just follow our formula. By the time your waiting period is over to qualify for a home mortgage, you will have stellar credit and high credit scores and will be able to get the lowest mortgage rate in the market. A prior bankruptcy has no pricing adjustment impact on mortgage rates. But how can you re-establish your credit with new credit after bankruptcy with such low credit scores? The answer is secured credit cards. Secured credit cards are your road to getting unsecured credit card approval. Get three to five secured credit cards.  Be religiously timely on them. One late payment will ruin your chances of qualifying for a home mortgage. Late payments and missed payments on secured credit cards report to credit bureaus. Late payments will remain on your credit report for seven years. Use your secured credit cards regularly. However, always pay them off to a zero balance prior to the credit card provider reporting them on the credit bureaus. If you follow this process, your secured credit card company will increase your secured card limit.  You can check your credit scores for free periodically on Credit Karma. Once you have had your secured credit cards for at least six months, apply for unsecured credit cards. You will most definitely get approved for unsecured credit cards if your credit scores reach 660 or higher. Gustan Cho Associates has prepared a one-page credit guide that lists the step of step instructions on reestablishing your credit after bankruptcy. Please click on this link on reestablishing credit and boosting your credit scores.