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After Bankruptcy, Rebuild your Credit Before Buying Real Estate

You have gone through bankruptcy and you docounseling, and the counseling will help you
not owe anyone. Now is the perfect time toin several ways. A good credit counseling
purchase that home you have always wantedagency will help you create a budget and
right? Wrong! Yes, you can probably locate acounsel you in how to use and stick to it.
real estate mortgage lender, since you cannotThey offer counseling on using credit in your
declare chapter 7 bankruptcy again for atfuture, as well as how to re-establish your
least 6 years. The problem is that you willcredit. They can help you move toward your
pay the highest finance charges for thegoal of buying real estate. Once you have
privilege of obtaining that real estatesuccessfully completed credit counseling, ask
mortgage, charges that will extend over thethem for something in writing to that effect.
life  of  the  real  estate  loan.It can help when applying for your real
estate  loan
Before even looking at real estate, get your
credit straightened up first. The bankruptcyThe problem is finding a reputable agency.
will appear on all three of your creditSome are downright questionable. Here are a
reports from seven-to-ten years, which willfew ideas to assist you in locating a
make you a higher risk to real estatereputable  agency:
lenders. You cannot do anything about this;
however, you can show real estate lendersThey should be a member of either the
that you are handling credit much better nowNational Foundation for Credit Counseling or
by rebuilding it. This can lower your riskthe Association of Independent Consumer
factor, when obtaining a real estateCredit Counseling Agencies. Both are national
mortgage. Using the following improvementtrade  associations.
steps, you actually can rebuild your credit
in  a  relatively  short  time.Agencies approved by the U.S. Trustee's
office (part of the Department of Justice)
First, get copies of your credit report fromare good agencies. You can see those for your
the credit agencies, and clean them up. Youarea  at:
have the right to one free report from all
three agencies annually, which can beInterview the agencies, asking what they
obtained  throughoffer and the cost for each service. Good
agencies should meet with you for 60-to-90
Ensure that creditors, who were listed inminutes, reviewing your financial situation
your bankruptcy, have cleared theirand offering budgeting advice before doing
information from your credit reports.any  credit  repair.
Otherwise, it will appear as if you still owe
them  money  and  are  not  paying.Ask for costs in writing from the agency you
choose. They should charge around $50 or
Ensure any creditors not listed in yourless, with budget counseling sessions for
bankruptcy and you are paying regularly haveless  than  $20  each.
been reporting your good credit record to all
three agencies. Contact any not reportingSteer clear of those who push their debt
this and ask them to do so. This willmanagement program, where they want you to
increase your chances of getting a loan forpay all your remaining creditors through
your  real  estate.them.
If there was a specific event or cause forCheck for more ideas from the Federal Trade
your bankruptcy, you can add up to a 100-wordCommission.
explanation to your credit report at each
agency. The real estate lender will get thisUse the credit counseling agencies to help
explanation  as  part  of your credit report.you rebuild your credit the right way. It can
take less than a year to achieve; yet, it
It will look especially good to real estatewill make a big difference when you obtain
lenders if you have received creditthat real estate mortgage.



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