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Home > > Easiest credit to get

Easiest credit to get

Finding the best credit card after bankruptcy is not that difficult, if you know where to look and what to look for.

Let’s start by talking about secured and unsecured credit cards. When it comes to applying for a credit card after bankruptcy one question that a lot of people seem to have is: Should I apply for a secured credit card or unsecured credit card? In case you don’t know the difference, a secured credit card is “secured” by a special savings account you establish with the credit card issuer which acts as collateral for your credit limit. For example, you deposit $500 in a special savings account and then have a $500 credit limit. If you default, the credit card issuer simply takes the money in your special savings account. Unsecured credit cards are just that – unsecured. Meaning the person fills out a credit application and, based on their credit report, income, etc. are approved for a certain credit limit. Of course, they could also be declined depending on the credit card issuer’s guidelines. So which is best? It depends on your credit history. However, if you apply for a secured easiest credit to get credit card you have a higher chance of getting approved versus an unsecured credit card. But be careful. Not all secured cards are created equal. And to make matters worse, there are tons of banks out there pushing secured credit cards! So how do you find the best credit card after bankruptcy? Come up with a list of criteria that the secured card needs to meet in order for you to consider it. When I’m researching secured cards, I apply eight criteria. Not many meet these criteria so I’m able to narrow down the choices quickly. What are the some of the eight criteria? For example, a low interest rate is important. While researching some secured credit cards I ran across one with an interest rate of 23.99% and another with an interest rate of only 9.25%. This is just one of the criteria I use to find the best credit card after bankruptcy – and look at the potential savings! Over several years you could save hundreds or even thousands of dollars in interest depending on the balance you maintain. Okay, here’s another criteria: application fees. Again, I found some secured credit cards that have no application fees and one that had a… are you ready for this… $120 application fee! Sadly, people have paid it! Let me give you one more criteria you can use to find the best credit card after bankruptcy: You want to make sure the secured card issuer reports to all three credit bureaus. But you also want to make sure they report it a certain way. I don’t have room here for all eight criteria, but hopefully this gives you an idea of some of the things you need to look at when it comes to finding the best credit card after bankruptcy. By the way, don’t apply for too many credit cards at once. If you do, it can hurt your credit score. That’s why if you’re uncertain as to whether or not you’d be approved for an unsecured credit card it may be better to apply for a secured credit card. Now you know some steps you can take toward finding the best credit card after bankruptcy!2

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Homeowners that neglect doing their homework and shopping around for a mortgage end up paying more for refinancing or taking out a 2nd mortgage than is necessary. If you don’t understand exactly what to look for as far as terms, interest rates, and fees, how will you know what a good deal looks like? Lenders are out to give you a mortgage with the highest fees and interest rates possible. Before you start applying for loans consider the following mortgage basics.

Mortgage Interest Rates

The mortgage interest rate you choose when refinancing your mortgage loan is an extremely important factor. Mortgage rates can vary as much as 3-4% or more from one lender to the next. If you have a poor credit rating you can expect a higher interest rate than a homeowner with good credit; however, with a little legwork you may be able to match that interest rate or come close to it.

Which Term Length For Your Mortgage?

The “Term” of the mortgage is the length of time you have to repay the loan. Term lengths vary from 1 year to as much as 40 years. By selecting a term with a shorter length such as 15 years your monthly payment will be higher but you will build equity in your home faster. Term lengths of 30 or 40 years offer lower monthly payments; however, you will pay more to interest and less to equity in the early years of the mortgage. Long term loans come with higher interest rates; short term mortgage loans come with lower interest rates.

Expect Closing Costs

Whenever you refinance your mortgage, or take out a 2nd mortgage, expect to pay fees at closing. These fees will vary from one lender to the next, so consider closing cost as part of your comparison shopping. These costs include administrative fees, title search, surveys, appraisals, inspections, and points. The Annual Percentage Rate your lender is required by law to disclose factors many of these costs together; this can be a useful factor when comparison shopping.

Homebuyers have several loan options. Hence, purchasing a new home has never been easier. Individuals who cannot afford a down payment or closing costs may take advantage of loan programs that offer assistance. Furthermore, those hoping to obtain a low rate mortgage may consider a loan with an adjustable rate. Because of the initial low cost of adjustable rate mortgages, monthly mortgage payments are also lower. However, low rate mortgages are short term. To avoid an interest rate hike, homeowners should refinance before rates begin to increase.

Advantages of Adjustable Rate Mortgages

There are several advantages to accepting an adjustable mortgage. For starters, a low rate mortgage allows buyers to purchase pricier homes, while maintaining an affordable monthly payment. Moreover, because of record low rates, homebuyers who obtain an adjustable rate mortgage can enjoy falling rates without refinancing their mortgage. Thus, they avoid closing costs and other fees.

Adjustable rate mortgages are also ideal for individuals who plan on moving in a few years. Some people enjoy the stability of living in one place for many years. In this case, refinancing for a fixed rate is a wise choice. However, if you prefer the flexibility of moving every three to five years, you will save money with an adjustable rate.

Pitfalls of Adjustable Rate Mortgages

While adjustable rates offer many attractive features, one major drawback is that low rates are temporary. If interest rates continue to fall, you will not be subjected to the dangers of these loans. However, if rates begin to climb, so will your mortgage payment. Homebuyers who cannot afford an increased mortgage are at risk of losing their home. Thus, if your goal is to remain in your current home for many years, refinancing for a fixed rate will offer predictable mortgage payments.

How Soon Can You Refinance a Mortgage?

Fortunately, home mortgage loans can be refinanced whenever you like. Some lenders suggest allowing the loan to mature at least 12 months. However, if you detect a change in market trends, refinancing shortly after purchasing your home is a smart maneuver. Those contemplating refinancing must be prepared to pay additional closing fees. Moreover, contact your current lender and inquire of prepayment penalties.

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