Knowledge base on federal personal unsecured bad credit loans

Mortgage Loan Tips: How to Rebuild Bad Credit after a Bankruptcy

According to both the Bankruptcy Code and the Fair Credit Reporting Act (FCRA), information on a Chapter 7 and Chapter 13 bankruptcy can remain on your credit profile for 10 years from the commencement of the case. But, the devastating effects don't have to last forever, and you can immediately start rebuilding your credit by following these tips:

Clean Up Your Credit Reports

Many people find that when their Chapter 7 bankruptcies discharge, their credit reports still show several, if not all, accounts as open and overdue instead of being closed with the obligation wiped out as part of the bankruptcy. Contacting the credit bureaus and insisting that those accounts be properly reported as "included in bankruptcy" will help lessen the damage by a surprising amount. See "How to Raise Your Credit Score" for more information on cleaning up your credit reports.

Rebuilding Your Credit

Most people know that getting a secured credit card (with a typical credit line of $200 to $500) will help raise your credit score and rebuild your credit provided that you don't charge more than about 30% of your credit limit, and you make the payments on time each month. But did you know that getting a mortgage or a home equity loan (second mortgage) also helps rebuild your credit?

If you are a first-time buyer, there are government incentives to help you buy a home in just the right neighborhood. If you are already a homeowner, a home equity loan or line of credit can be used to remodel your kitchen or make other home improvements that will help improve the curb appeal of your home. And, if you currently have an adjustable rate mortgage (ARM), you may want to consider mortgage refinancing to a fixed mortgage rate to avoid the next interest hike and possibly cash out on some of your home equity for home improvements or loan consolidation. Believe it or not, a mortgage refinance can also help you rebuild your credit and raise your FICO scores.

Maria Ny is a respected free-lance writer from San Diego, California. She has written many articles that covered a broad range of subjects ranging from Bankruptcy Reform, Credit Repair to Second Mortgage Financing. Check out her interesting articles online at Nationwide Second Mortgage & Refinance.

To learn more information and get accurate interest rates quotes for Bad Credit Mortage Loans. We suggest you learn more about the benefits of the Second Mortgages to 125% from the loan experts at BD Nationwide.

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More Useful Resource and Updates on federal personal unsecured bad credit loans

• Obama calls McCain mortgage plan ill-advised (Honolulu Advertiser)
  DAYTON, Ohio -- Democrat Barack Obama told a campaign audience today that Republican John McCain's mortgage buyout plan would cost taxpayers billions of dollars and reward bad behavior by lenders.



• Barack Obama: John McCain mortgage plan would reward lenders' bad behavior at taxpayer expense (Minneapolis-St. Paul Star Tribune)
  DAYTON, Ohio - Democrat Barack Obama told Ohio voters Thursday that Republican John McCain's mortgage buyout plan would cost them billions of dollars and reward bad behavior by lenders.



• Obama Calls McCain Mortgage Plan Ill-Advised (WCPO Cincinnati)
  Obama told a campaign audience that McCain's mortgage buyout plan would cost taxpayers billions of dollars and reward bad behavior by lenders.



• Obama calls McCain mortgage plan ill-advised (AP via Yahoo! News)
  Democrat Barack Obama told a campaign audience Thursday that Republican John McCain's mortgage buyout plan would cost taxpayers billions of dollars and reward bad behavior by lenders.



• Obama attacks McCain mortgage bailout plan (Reuters via Yahoo! News)
  Democratic presidential nominee Barack Obama accused Republican John McCain on Thursday of backing a mortgage bailout plan that would reward banks responsible for the U.S. housing crisis, as he sought to press a perceived advantage on economic issues.

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