Improving Credit After Bankruptcy or Foreclosure
If you've filed for bankruptcy or recently gone through a foreclosure or short sale, it's important to know what effect those events will have on your credit score and credit report. When can you get another mortgage, car loan, or credit card?
In the case of bankruptcy, the hit to your credit is somewhat dependent on how good your credit was before bankruptcy. If you had good credit, your score will take a bigger hit than if your credit was already in the dumps. As for foreclosure, when you can get new credit depends, in part, on the reason for losing your home. If it was due to the recent economic recession, and not poor financial decisions, you may be able to get a new mortgage or car loan sooner. (You can see if you qualify for a car loan after your bankruptcy.)
Below you can find out how each of these negative events will affect your credit, when you can qualify for new loans, and what steps you can take to start rebuilding your credit.
Getting a car loan after bankruptcy is possible, although you'll pay a bundle in interest and fees.
Find out how bankruptcy might help you rebuild credit over the long-term.
New FHA guidelines mean you might be able to get an FHA mortgage one year after a bankruptcy, foreclosure, or short sale.
Whether you can get student loans after bankruptcy depends on the type of loan.
Learn how bankruptcy will impact your credit.
Learn whether your bankruptcy will affect your ability to rent an apartment, and what you can do to lessen the impact.
Foreclosure and its alternatives will cause your credit score to drop -- the amount depends on your credit history and other factors.
Find out how long you'll have to wait after foreclosure to get a new mortgage loan.
If you sold your home through a short sale, you'll have to wait before you can qualify for another mortgage. Find out how long.
New FHA guidelines mean you might be able to get an FHA mortgage one year after a bankruptcy, foreclosure, or short sale.
A timeshare foreclosure will cause your credit score to drop, which will affect your ability to get credit in the future.
Learn how long it takes to get an FHA, VA, USDA, or conventional mortgage loan after Chapter 7 or Chapter 13 bankruptcy.
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