There are thousands of individuals that have been faced with the ugly truth of bankruptcy and are now wondering how to go about rebuilding credit after bankruptcy in Louisiana. It’s no secret that bankruptcy can severely damage your credit and consequently scare LA residents away from obtaining a credit card or bk auto financing. We are here to tell you those are the two best ways to get your credit back in good standing!
LA Credit Repair with Secured Credit Cards
Secured credits work differently than “normal” credit cards. The balance on the card is only what you deposit onto the card, this means if you only have an extra $200 to spend, you can deposit it onto the card and that is your limit. You then can make small purchases and pay the bill off in full each month.
Making these monthly payments in full – not the minimum required amount – is important. The payments will offer a positive payment history on your credit report, and therefore increase your scores accordingly. In order for these secured credit cards to work, make sure you choose a Louisiana company that reports to all three credit bureaus.
LA Credit Repair with Bankruptcy Auto Loans
A bankruptcy car loan is the second best way to rebuild your LA credit. It is an installment loan meaning you pay a fixed amount for a fixed amount of months. Installment loans, along with many others, are a huge factor in determining your credit score. Now you just need to know where and how to get one!
Believe it or not, you can get an auto loan in bankruptcy, and start rebuilding your credit before you are even discharged. Unfortunately, if you are filing a chapter 7 this might be a bit harder because of the short time between filing and discharge, but it can be done. Your 341 meeting must be over, and regardless of if you are filing chapter 7 or chapter 13, you must have your trustee and judge’s permission to obtain an additional debt.
Who Offers Bankruptcy Car Financing?
Here at BankruptcyAutoFinancing.com we have a network of Louisiana subprime lenders that work specifically bad credit including bankruptcy and repossession. They understand that sometimes bad things happen to good people and they are willing to give you a second chance. Apply online today using our quick and simple application.
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.