How to save your credit in bankruptcy

Today, after watching some NFL games, I suddenly became curious about bankruptcy, so I did a quick google search and the first figure I found was astonishing. According to official records, in 2013 there were over 1 million non-business bankruptcy filings. 1 million. 1,000,000. On average, for every 300 people in the US you know, 1 of them filed for personal bankruptcy last year. This figuratively blew my mind.

So the topic for my blog post today was quickly decided.

You know, life happens. Someone in your family falls critically ill and you have to borrow money to pay for medical expenses without being able to pay it back. You lose a job because of the financial crisis and can no longer pay your bills. I offer my condolences to those that have a legitimate reason to file for bankruptcy. The road ahead, credit-wise, is going to be tough. Bankruptcy stays on credit reports for up to 10 years, and this is not the kind of record you want on your credit profile. Lenders that see bankruptcy when reviewing your credit report will not be very likely to extend you credit.

So, if bankruptcy is inevitable, how can you minimize its negative impact on your credit?

Continue reading How to save your credit in bankruptcy

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Step-by-step guide to build credit in one year

I have written this guide as a balanced approach to building credit if you are starting out. It is not intended to give you the maximum credit score, since that would require that you know perfectly how to manage credit from the beginning, an unrealistic expectation. If you follow this guide, at the end of the first year you should have a solid credit history that would allow you to get approved for most credit cards and obtain reasonable interest rates on auto loans.

Continue reading Step-by-step guide to build credit in one year

What sets American Express apart from other lenders

Unlike Visa and Mastercard which only process but not issue credit cards, and like Discover, American Express also issues credit cards. The origin of American Express is also very distinguished from those of the competitors. They started out as a domestic express mail service back when the US Post Office did not yet deliver packages. They made a lot of money, and very quickly established the American Express brand as a premium service provider. Later on, American Express gradually transformed itself into a financial services company while skillfully retaining and enhancing the brand nationwide and worldwide.

Amex logo. Plain and simple.
Amex logo. Plain and simple.

Continue reading What sets American Express apart from other lenders

Today’s feature: Bank of America BankAmericard secured credit card review

In the credit card universe, Bank of America is perhaps the most underrated. Despite being the 3rd largest credit card issuer in the United States of America, and bearing a really cool name, they are not often known for generous credit card offers. I wish they did a better job promoting their products since some are quite exceptional. One such an example is the BankAmericard Cash Rewards secured credit card.

A real credit card should not have the word "Debit".
It doesn’t say “secured”, but it is a secured card.

Continue reading Today’s feature: Bank of America BankAmericard secured credit card review

Today’s feature: Bank of America BankAmericard Travel Rewards credit card review

One of the most lucrative travel rewards credit cards
One of the most lucrative travel rewards credit cards

I reviewed Bank of America’s BankAmericard Cash Rewards credit card in this post: Anatomy of a credit card: Bank of America BankAmericard Cash Rewards review

Next in the line is Bank of America’s BankAmericard Travel Rewards card, one of my favorite credit cards, and one of the most under-rated rewards credit cards.

Continue reading Today’s feature: Bank of America BankAmericard Travel Rewards credit card review