Loans And Credit Cards Following Bankruptcy

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When you have your bankruptcy discharged, you will need to start rebuilding your credit right away in order to deflect some of the damage that bankruptcy does to your credit file. And while you will not qualify for major loans right away, like a home loan, for instance, you can get smaller loans and credit cards within the first six months or so after your bankruptcy is over.Credit Cards Useful Credit Rebuilding ToolsOne of the fastest proven methods of raising your credit score after bankruptcy is to open one or more secured credit card accounts. A secured credit card issuer requires that you deposit an amount of money that equals the credit line that you wish to have; this money is held for a period of time in order to allow yourself to establish credit, and is usually around a year or more. You will have use of the credit card and the money that you deposited, but you will have a regular monthly credit card bill and statement.These types of credit cards report either monthly or every three months to the credit bureaus, so the more of them you have, the better – although you do not want to get more than three secured credit cards at one time. Pay on your secured credit card as agreed, and do not exceed your credit limit. Most credit card companies that offer secured cards will offer better cards later on down the road that are not secured – if you show them that you can manage your secured card well. Look for unsecured cards that charge very little interest on your running balance, and that have no annual fees or account fees.Small Personal LoansYou should also look into taking out a small personal loan, even if you do not have a need to borrow money right away. You can always take the money that is borrowed and place it in an interest-bearing savings account. The point of taking out a small personal loan of less than $5,000 is to have the points that are derived for your credit file when you take the loan out and pay as agreed. Many lenders specialize in writing short term loans of less than $5,000 to those who have recently been discharged from bankruptcy, and although you will pay more interest, you can really use the boost to your credit record, so consider any interest paid as money well-spent towards repairing your credit.Automobile LoansThere has never been a better time to take advantage of automobile loans than after bankruptcy. Nearly everyone with a good employment record that reflects your positive work ethic can qualify for a post bankruptcy automobile loan with just a regular down payment. If you have been looking to buy a new car, then most people are approved shortly after bankruptcy discharge. Most automobile loan servicers see the vehicle itself as security for the loan, so it makes sense to them to finance you a car, even if you have had bankruptcy on your credit record.The most important thing to remember about post bankruptcy loans and post bankruptcy credit cards is that paying on time, each time a payment is due is crucial. One missed payment can cause any positive effects you have had on your credit record to be overshadowed by negative indications that you are not a good borrower. Always pay on time and you will see your credit score elevate.

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ABOUT THE AUTHOR

Amanda Hash is a Bad Credit Personal Loans Consultant with more than twenty years of experience. For more information about Guaranteed Military Loans, Credit Cards, Unsecured Loans, Fresh Start Loans, Debt Consolidation, Student Loans and others please visit http://www.yourloanservices.com
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How Do You Accept Credit Card

How Do You Accept Credit Card

Nowadays, everything seems to revolve around plastics. That is, more and more people are finding credit cards as the most convenient way to shopping, whether it is online or not.
Hence, with the arrival of credit cards in the market today, most businesses have found its feasible ways when engaging into online business. It has continuously provided online businesses to accept their customer’s payment online. What’s more it makes them accept payments even through phone or fax.
But there are still many businesses who kept on wondering what credit card merchant accounts is all about. They even kept on asking how other businesses get to accept credit card payments.
There are only two ways how to accept credit cards. These are:
1. Establish a merchant account with the credit card companies.
It is a must for every business who wants to accept credit card online is to build a merchant account, especially to the credit card companies that the business will be receive credit card payments. The application for this one will vary from one bank to another. That is why it is a must that the company must first learn the primary services of a bank before committing to such service.
Also, most banks do not allow new businesses and home businesses to get a new merchant account for fear of some frauds. And so, the best way to gain the bank’s trust is for the company to establish strong relationship with the bank and to maintain a good credit history.
2. Third Party Merchant
This third party merchant refers to the other companies that are willing to accept credit cards on behalf of the company who wishes to accept credit card payments.
One of the most popular third party merchants today is PayPal. It acts as a mediator between the seller and the buyer. PayPal usually requires their client’s buyers to register for their program. That is why; most people find this really wearisome activity.
Both methods can help businesses to accept credit cards. However, there are areas where the first may offer greater features than the other.
Take for example the differences between the two methods. In most case, the primary rates for merchant accounts are higher than the third party merchant account. Plus, the third merchant party accounts more convenient than what the merchant account can do.
And so, for those who are still deliberating whether to get merchant account or the third party merchant account, it is strongly suggested that whatever methods is used, remember to take into consideration the pros and cons of the two method so as to accept credit card.
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