Filing for bankruptcy hurts your credit, leaving you w/fewer options on loans. Fortunately, if you want to buy a new home you can qualify for an FHA loan. However, rebuilding your credit helps you get better options on home loans. DIY credit repair is possible, but it's easier w/help from a pro like Credit Glory.
How long do you have to wait to get an FHA loan after bankruptcy?
Bankruptcy seriously hurts your credit score. Luckily, if you're looking to buy a new home, an FHA loan is an option. There's a catch, though. You have to wait 1-2 years from the original discharge date.
Pros & Cons of an FHA loan
Having poor credit because of bankruptcy means having fewer options on loans (like mortgages). Fortunately, FHA loans are an option. While it has its benefits, it's important to consider the pros & cons of FHA loans before you get one.
- Can qualify w/a low credit score
- Low down payment
- No income limits
- Have to buy mortgage insurance
- Lower loan limits
- Fewer housing options
The good news is if you're looking to finance a new home and looking for better options on mortgages, it is possible. You can do it by rebuilding your credit. DIY credit repair is a headache. That's why it's easier with help from a pro like Credit Glory.
How to rebuild your credit after bankruptcy (& boost your score)
While bankruptcy can discharge debts, it seriously hurts your credit score. Luckily there are ways to minimize the impact of bankruptcy and start repairing your credit.
- Monitor your credit - Keeping an eye on your credit is an essential step in rebuilding it. It helps you track any progress you make and helps you quickly identify any errors and inaccuracies.
- Verify information - According to the FTC, 20% of the population has at least one error on their credit report. Inaccurate negative marks hurt your score. That's why it's essential to verify info on your report.
- Check your credit report for errors - Before you can dispute an error, you have to find it first. You can find common errors in personal info, account status, and balance & data mistakes.
- Dispute inaccuracies - Once you have found errors, you can dispute them. This means gathering evidence, writing a dispute letter to all 3 credit bureaus, & waiting.
Bottom line (& why it matters for you)
Bankruptcies have a long-lasting effect on your credit. Luckily, you have options. You can check your credit report for errors and dispute them yourself — but this is hard (& time-consuming). The easiest way to dispute errors (& boost your score)? Working with a credit repair expert (like Credit Glory).
Start repairing your credit (& boost your score) with help from Credit Glory
Disputing negative items on your credit report is hard work! It takes a lot of time, effort, organization, and follow up. The good news? Our team of credit repair professionals is here to simplify everything! Let your dedicated credit repair expert relieve you of the stress, hassle, and time needed to fight your inaccuracies and boost your credit score (FAST!)
Credit Glory is a credit repair company that empowers consumers with the opportunity and knowledge to reach their financial dreams in 2021 and beyond.
Call us at (855) 938-3044 or set up a consultation to get started, today!
Get Your Bankruptcy Removed Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (833) 766-4803 or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.