Going through a bankruptcy can be stressful and scary, but we at Broadway Auto Credit see each individual as a person not a number. We know that there is a lot of misinformation out there about what to expect during a bankruptcy. Below are Three Bankruptcy Credit Myths Debunked to give you a little more peace of mind.
Do I have to wait 10 years to get a mortgage?
Working toward owning your own home is always a challenge, and even more daunting in the middle of a credit upheaval. Because a bankrupcy can stay on your credit report for up to ten years, it’s easy to be afraid that you won’t be able to make those big life steps. Fortunately, that’s simply not true. Even in the midst of some types of bankruptcy you can take out a home loan and start moving toward that dream of independence.
Will I ever be able to get a credit card?
While a bankruptcy can make some creditors nervous, but there are financial institutions that will offer credit applications as soon as your bankruptcy is discharged. Be careful though! Reckless credit card spending (and being unable to repay those debts) is one of the worst things you can do after a bankruptcy. However, one of the best ways to rebuild your credit is to get a secured credit card at a bank. There cards are ensured by a deposit. As long as you stay within your limit and pay off spending in a timely manner these are a great way to rebuild.
Is my car loan going to have a horrible interest rate?
Definitely not! Broadway Auto Credit is just one of several institutions that will work with you to get the best rates when looking at financing for a new or pre-owned vehicle. And because your current credit activity always has more impact than what has happened in the past, making regular payments on an auto loan can positively impact your credit score immediately, which means moving you in the right direction financially. Fill out our online financing pre-approval form to find out how we can help you on the way to a brighter credit future.