If you've recently filed bankruptcy, you're no doubt currently beginning to think about how you're going to get approved for a loan, or if it's even possible to get any credit.
Use these tips to help you get back on your feet.
As a general rule, anywhere between two and four years will be the length of time before you will be able to get an unsecured loan such as a credit card, however, it's possible to get a car loan and in some instances a mortgage loan as soon as a day or two after you have filed bankruptcy.
Because of the difficulties of obtaining an unsecured loan, the best course of action for you is to begin rebuilding your credit score.
A good way to do this is by using a company which provides in house financing.
Basically, this means that you'll be receiving the merchandise from the same company that finances it for you.
Although they will only allow you to have a small limit initially, if you make the payments on time they will steadily increase your limit.
Some credit card companies will charge you an above normal processing fee.
Sometimes you may be looking at paying up to as much as $250 for $400-$500 credit limit.
In my opinion, this would be your best shot.
If you are to do that, you need to ensure that you always make your payments on time.
As a result, after a year or so your credit score will begin to rise and you very well may be eligible for a small unsecured loan.
Bankruptcy can be a difficult time and can stay on your report for as long as 10 years.
However, it's common that you will begin to see much more options in regards to credit in as little as 3-4 years time.
Begin rebuilding your score today.