November 5th, 2007 by Questions
how long after you have made all the payments in a proposal before you can get credit again. I want to purchase a house.
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November 06, 2007 at 4:14 pm, Barton Goth GCO Bankruptcy Trustees said:
Technically speaking you can get credit the day after a proposal is filed, the trick is each different instiution has their own approval process.
The banks will review a number of things when considering whether or not to lend, including your credit rating, income, stability of employment, nature loan etc.
The best thing for you to do is to start working right now to rebuild your credit.
The process is quite straight forward, once you are finished the proposal you can begin to rebuild your credit by obtaining credit, perhaps by getting a secured Visa card. You give Visa a $1,000 security deposit, and you get a Visa card with a $1,000 limit; this access to credit begins to re-establish your credit, and increase your chances of qualifying for additional credit, such as a mortgage.
The key to regaining your credit is proving to the lender that you are responsible with money. Saving money is the best way to do that, and it gives you money to use for a down payment on a car or a house in the future.
For a more detailed overview of this process you can review follow our credit repair link.