Bounce Back from Bankruptcy: Step-By-Step Guide to Getting Back on Your Financial Feet - Softcover

Ryan, Paula Langguth

Softcover

ISBN 10: 1889605018 ISBN 13: 9781889605012

Publisher: Pellingham Casper Communications, 1998

Synopsis

Whether you're worried you'll never, ever get a credit card again after bankruptcy, or are glad to be rid of credit cards forever, this book will guide you through the steps to help you get on your financial feet after bankruptcy. You'll learn how to painlessly pay off undischarged debt, how to select a secured credit card that helps you rebuild your credit, avoid discrimination on the job as a result of your bankruptcy, avoid credit repair scams, get a car loan without paying an outrageous interest rate, travel without credit--even discover what to do if you get in over your head again!

About this title

About the Author

Baltimore resident Paula Langguth Ryan teaches a weekly prosperity course, The 4T's of Prosperity, in Severna Park, MD. She presents her groundbreaking seminars, BREAK THE DEBT CYCLE--FOR GOOD! and HOW TO BECOME A MONEY MAGNET IN 21 DAYS OR LESS! across the country. For an upcoming schedule, call 800-507-9244. Ryan has appeared on countless television and radio shows, including PBS' "Financial Freedom" and WOR's "Smart Money With the Dolans." She is also the bankruptcy and prosperity guru for theWhiz.com.

From the Inside Flap

Here's what you'll find in BOUNCE BACK FROM BANKRUPTCY: Painless ways to pay off your undischarged debt The only secured credit cards that help you rebuild your credit Step-by-step strategy to help you clean up your credit report Sample letters to force creditors to take action--in your favor How to avoid discrimination on the job after your bankruptcy Common credit repair scams and how to avoid them Smartest ways to get a new car--with our without credit How to rent, buy or refinance your home after bankruptcy How to buy plane tickets, rent cars or hotel rooms without credit What to do if you get in over your head again

Excerpt. © Reprinted by permission. All rights reserved.

EXCERPT FROM CHAPTER 1

Taking the First Step Toward

Rebuilding Your Credit

Your credit problems are now a thing of the past, whether you declared bankruptcy through Chapter 7 or Chapter 13.

Even so, you may find that creditors still turn you down, because of problems that show up on your credit report - even if the problem occurred as many as ten years ago. So don't be discouraged! Your first step once your bankruptcy has been discharged is to check all of your credit reports.

Creditors use your credit report to determine how safe a credit risk you are. Luckily, bankruptcy doesn't automatically make you a bad credit risk. In fact, as long as all your other credit information is good, bankruptcy can actually make getting credit easier. That's because you can only declare bankruptcy once every seven years. So, you're much less likely to default on a creditor.

There are ways you can re-establish yourself as a good credit risk, no matter what your credit history may be. But you need to look at your credit report to see what your creditors see about your bill-paying habits. And, even more importantly, you need to make sure the information in your credit report is correct.

Getting a Copy of Your Credit Reports

You have the right to know what information is in your credit reports.

There are three major credit bureaus (CBI/Equifax, Experian, and TransUnion), plus many smaller regional and local ones. If there are no local credit bureaus listed in your phone book, call your local bank or a local department store and ask them the name of your regional credit bureau and the town where it is located.

Anytime you are denied credit, you can find out - for free - what's in the credit report which that creditor used. You can also get a free copy of your credit report once a year from any credit bureau if you live in Georgia, Maryland, Massachusetts or Vermont, whether or not you've been denied credit.

To get a report from your credit bureaus if you live in any other state (or to get a second annual copy in Maryland, Massachusetts or Vermont, or to get a third annual copy in Georgia), you'll have to pay a small fee of around $8 for each credit report. This fee is capped in five states - Colorado ($5), Connecticut ($5), Maine ($3, plus a charge for copying), Maryland ($5), and Vermont ($7.50). Believe me, this will be the most worthwhile $15-$24 investment you will ever make in your financial future!

You might be tempted to use a credit report compiling company like Credco, which takes information from all your credit reports and merges them together. I don't recommend doing this, for one important reason. When you merge all three credit reports, especially if there are any errors, all you get is one big mess. You'll wind up with a summary page loaded with incorrect information that will take you weeks to sort out -- if you can sort it out at all! Instead of getting a complied credit report, go ahead and get each individual credit report. Then work on clearing up any errors, one credit report at a time.

When a creditor denies you credit based on information from your credit report, that creditor must give you the name and address of the credit bureau where they got your report. If you've recently been turned down for credit, start by requesting a copy of your credit report from that credit bureau, since you won't have to pay for it, no matter what.

Even if you have not been denied credit recently, you should still order a copy of your credit report from each credit bureau, so you can see what potential creditors see when they consider you for credit, such as a car loan or a mortgage.

Getting Your Experian Credit Report

Send the following letter to Experian requesting a copy of your credit report:

Edition details

• Publisher: Pellingham Casper Communications
• Publication date: 1998
• Language: English
• ISBN 10: 1889605018
• ISBN 13: 9781889605012
• Binding: Paperback
• Number of pages: 224