At some point in time at least half of Americans have suffered from situational credit issues and the biggest one being bankruptcy. So how are those individuals living in Seattle, WA supposed to repair their credit post bankruptcy? The best way is to obtain the two most important types of credit: installment loans (auto loans) and revolving credit (credit cards).
Yes it’s true there are auto loans for people with bankruptcy on their credit history available, and you are able to get more credit cards after filing bk. Be careful though, you don’t want to end up strolling down Bankruptcy Lane again.
Secured Credit Cards After Bankruptcy
After filing bankruptcy you will might receive a lot of credit card offers. Why so many? Because there's a catch! Don’t be fooled by these offers, they might sound great, but just like the fine print explains; they come with extremely high interest rates and extremely poor terms.
A secured credit card is obtained through a reputable Seattle, WA company that reports to the credit bureaus. It is a card that YOU deposit money onto, meaning you have only a certain amount of money to spend. Put small purchases on the card each month and then pay the balance off in full. By doing this each month you report timely payments to the credit bureau on a revolving credit account, and it will increase you score dramatically.
Seattle Bankruptcy Auto Loans
Auto loans work in a little different way than secured credit cards. Car financing is an installment loan which is a fixed amount for a fixed time. By paying your loan payments on time every month you again are reporting timely payments to the bureaus, and your credit will increase accordingly.
Seattle Subprime Lending Dealerships
It is a common myth heard around the world that car financing is nearly impossible after bk because of your bad credit, but that’s exactly what it is – a myth. If you are asking yourself, “How can I get an auto loan after having bankruptcy?” we are here to tell you.
There are Seattle companies, like the dealerships we work with here at BankrutpcyAutoFinancing.com, that deal specifically with questionable credit auto loans after bankruptcy. They are experts in their field, and can get you the best deals in the Seattle area.
If you are ready to start re-establishing your credit after bankruptcy then fill out our quick and simple application today.
Remember we are not lawyers and cannot give legal advice. The situations discussed are only our experiences over the years and may vary with each customer.