If you have filed bankruptcy in the past and are trying to get an after bankruptcy loan, you may feel like you don?t have many options. The good news is that there are many options, if you know where to look!

What is your goal?

You need to take an honest look at why you are seeking credit. Are your trying to reestablish credit or are you having cash flow issues? For fast cash, chances are your only option will be a payday loan. Obviously this isn?t the ideal situation, but the reality is that conventional lenders are not going to be very interested in working with someone who has had all of their debts discharged in a bankruptcy and is still having cash flow problems.

There are many ways you can restore you credit if this is your objective. Let?s take a look at a few!

Secured Credit Cards

Secured cards are so easy to get that they are often called guaranteed credit cards. You will be required to make a deposit with a lender and they will then issue you a credit line in the amount of this deposit. Just make sure you choose a company that reports to all three credit bureaus!

Unsecured Credit Cards

If six months or more has passed since your bankruptcy discharge, you may be able to qualify for an unsecured credit card. You want to seek out companies that work with people with bad credit.

CD Loans

For fast credit score recovery, it is important to have both revolving and installment debt. A great place to look for this is your bank. Go visit with the branch manager and see if they would be willing to give you a CD loan. After you have a CD with your bank, they will issue you a loan against this CD. Because they are fully secured, most banks do not care what your credit looks like when they are making these types of loans. Pre-paid Car Lease If you need a new car and are able to save up a sizable amount of cash, you may consider a pre-paid lease. You will lease the car for a set term, say 24 months, and pay the entire amount up front. You need to inquire as to how this will be reported to your credit. While not all companies do this, there are some companies who will report your payment as if you had made monthly payments. Since you have paid in full ahead of time, all of your payments will be reported as being on time!

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