Being faced with the possibility or reality of bankruptcy is a frightening prospect. Those facing this dire financial situation are definitely likely to have concern regarding their financial options after bankruptcy. One question people frequently have relates to whether or not they will be able to benefit from refinancing after bankruptcy.
Refinancing is not impossible right after bankruptcy. However, immediately after you file bankruptcy is not the best time to try to refinance. You should wait until your credit scores begin to show improvement before filing for bankruptcy. The best way to improve your credit score after bankruptcy is to consistently pay all of your bills on time.
Additionally, it is a good idea to wait until you are able to get a credit card before attempting to refinance as well. Of course, you dont necessarily need to use the credit card, but lenders will look upon the fact that you have one as a way to demonstrate creditworthiness.
Keep in mind that as long as lenders see the bankruptcy on your credit report, you will feel the impact in higher interest rates and payments.
Special Situations for Refinancing After Bankruptcy...
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