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Rebuilding Credit after Bankruptcy: Thinking about Refinancing

The longer someone recovering from a recent bankrupcty waits to refinance a mortgage, the easier the process of refinancing becomes. This is because it is important to rebuild a credit score before applying to refinance a home. If one tries to do so before a year has passed since they declared bankruptcy they could potentially see themselves facing high interest charges. Giving yourself time to recoup from a recent bankruptcy will be more beneficial in the long run. Usually one to two years after a bankruptcy is a decent amount of time to rebuild one's credit score. Having a better credit score when looking to refinance, will make interest rates much more affordable.

Mortgage refinance companies do not only look at how much time has passed since a borrower's bankruptcy, they also need to see proof of re-established credit. This can be represented through a safe and secure credit card, and a loan taken out on a car. Safely rebuilding your credit before opting to refinance puts you in a good position, that when you meet with refinance companies they see you as a good credit risk for them. To keep a clean and responsible credit report, use a credit card for small purchases; when you do so the payments each month on the card won't be overwhelming.

Maintaining low credit card bills is a big step in recovering from bankruptcy, and also when looking to refinance. If someone runs up high credit bills or does not have a zero balance on their cards at the end of each month, a mortgage lender who is looking at you as a possible client will see you as nothing more than an unreliable financial risk. To them you will be seen as falling back into a cycle of adding up debt and regressing back to a financial state before bankruptcy. Do not fall back into old habits. Show mortgage companies that you have changed and that you are reliable candidate to refinance.

Following good money saving and credit building tips as mention throughout our Bounce Back from Bankruptcy blog series, will get you on the right track to refinancing. Not only will it allow you to refinance but you can confidently continue moving forward to maintaining a financially stable lifestyle.

Works Cited

Ryan, Paula Langguth. Bounce Back from Bankruptcy: A Step-by-step Guide to Getting Back on Your Financial Feet. Tracys Landing, MD: Pellingham Casper Communications, 1998. Print.

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