7 credit tips for after bankruptcy
News from MSN Money:

This post comes from Britt Klontz at partner site Credit.com.

Declaring bankruptcy is a decision that affects not only your finances but also your credit score. While your score may decrease after financial hardship, there are practical and real ways to improve it and get back on a better financial path.

Before you start taking steps to fix your credit score, it is important to know what the score is and why it’s so important to your financial future.

When you apply for any type of credit — credit cards, car loans, mortgage or rental agreements, student loans — the financial agency first looks at your credit history to determine if it should lend to you. Many lenders use FICO scores as part of those decisions. If your FICO scores are in the mid-700s or above, that generally means you have good credit and it shouldn’t be difficult for you to get approved, provided you meet lender’s ot…………… continues on MSN Money

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Related News:

Home sellers want to check buyers’ credit status
News from Chicago Tribune:

Q: In 2009 my father died. My sister and I needed to sell his property as soon as possible, as neither of us wants to move away from our own properties.

It was a challenging farm property to sell. We wanted to sell it outright, but that was so open-ended that we decided to finance the loan for the buyers. The escrow closed in February 2011. We have been in contract for a year and want to check the buyers’ credit score to see if they can apply for a bank loan in the near future. Can we legally check their credit rating one year into the contract? We don’t want to “shoot ourselves” in the foot and make a wrong move.

A: I am confused. Did you sell the property to the buyers, where they received a deed to the property and the buyers signed a promissory note and a deed of trust? Or did you just enter into what is known as a land sales contract, whereby you keep the deed until they are able to make a substantial payment or get their own loan and pay you off in full?

I will assume the former. I hope you had an attorney assist you to make sure your loan is secured. This means the buyers sign a deed of trust, which is recorded among the land records in the jurisdiction where the property is located. Such recording puts the world on notice that you have a lien (a security) against the house.

So you really are not “in contract”; y…………… continues on Chicago Tribune

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