Future financing & loans after bankruptcy

Credit Cards after bankruptcy

Often it is easier to obtain credit cards after filing a bankruptcy than prior to filing. This is primarily because the creditors understand that you typically cannot file a bankruptcy again for another 8 years, and you have no other bills to pay, meaning you are a great credit risk and now have the ability to pay your new credit card bills.

Moreover, your FICO score typically increases immediately after a bankruptcy filing, as 1/3 of your entire credit score is based upon the outstanding debt which is wiped out with bankruptcy.

It is not uncommon to get numerous credit card solicitations right after filing your case. Good advice is to get 4 credit cards, but pay them off each month. This will start to set a positive track record and further improve your credit.

Auto Financing after bankruptcy

The Local Auto Dealerships in Southern California all want to sell you a new car fresh out of bankruptcy. Just like with Credit Cards, they understand you are now a better credit risk after your case is filed.

Moreover, they are further protected since they hold a security interest in the vehicle and can repossess the car if you fail to pay. Shop around, though, since interest rates after bankruptcy should run about 10% to 15% and many times they will try to charge a rate closer to 20% if you are not careful.

Home Financing after bankruptcy

Our Southern California Real Estate affiliates, First Platinum Financial and First Platinum Properties, can help you find your new home and provide the financing needed to complete your purchase. Despite poor credit and/or a bankruptcy filing, we can help you obtain the American Dream of owning a home.

We offer a variety of products, from 30 year mortgages, 15 year mortgages, Interest only loans, Negative amortization loans, Option ARMS, to Mobile Home Loans and Refinancing. We also do Deeds in Lieu, Short Sales, Second Mortgage Lien Stripping, and other various real estate needs.

Despite a bankruptcy filing, it is not uncommon to finance a home 4 months out of bankruptcy and be able to do 100% financing at the same time! No Down Payment right out of Bankruptcy!