There is Life After Bankruptcy
The American Chronicle had a fabulous article recently about “The Six Questions Lenders Will Ask You After Your Bankruptcy.” The largely first-person article by Stephen Snyder, founder and president of the After Bankruptcy Foundation, offers sound, common sense advice for those who have undergone the financial nightmare that is bankruptcy. Don’t forget, however — nightmare as it is, bankruptcy is not the end of the world. There is life after bankruptcy, and here are a few of the highlights to help you along:
Pay on time, especially after bankruptcy.
Establish new credit. These are typically going to be high-interest loans and lines of credit. Retail credit cards are a good way to get started. They’re not terribly picky about credit scores, but they are higher interest. Whatever new credit you choose to get back on your feet, use it responsibly or it will be all for nothing.
Know your credit score. Knowing your FICO score is essential to gaining a slight upper hand when going in to talk to a lender. Knowledge truly is power.
January 22nd, 2008 at 10:12 pm
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