Bankruptcy is a very difficult situation, which can seem difficult to overcome, considering how daunting it can be for entrepreneurs. However, this situation should not be a reason to give up, because there is something you can do to redeem yourself, if you want to have the necessary knowledge to repair your credit, stay with us and read how to start to restore or repair credit after bankruptcy.
How to start restoring or repairing credit after bankruptcy
First of all, you should know that trying to repair your credit history is a process that sometimes requires implementing various methods, discarding, and avoiding other measures. So getting started on credit repair after bankruptcy is a time-consuming and patience-intensive process while trying to build more effective credit habits and avoiding hasty action.
Check your credit report
To avoid mistakes that get in the way of your credit recovery journey, you should request that they provide you with a copy of your credit report, constantly reviewing it, at least once a year. You should check your credit report for any errors, such as mistakes in your address, name, misspellings, dates, or payment history.
If you notice that something strange or wrong information is seen, then it is very likely that this is an error that should be corrected as soon as possible; hence the importance of being aware of all this, in order to correct information in the credit history.
Avoid using your credit card
In order not to add more debt and stress to your situation, try to charge your credit card a small amount per month, minimizing its use, rather, if you can use cash to make your purchases. In addition, you can try to pay off the credit cards you have at the end of the month, in order not to drown in unnecessary debt that worsens the problem of bankruptcy.
Pay debts on time
The best way to redeem yourself after bankruptcy is to learn your lesson and pay off any outstanding debt on time. Trying to have a healthier financial behavior, properly manage the debts you have, both those related to bankruptcy, as well as the others you have.
It is important that you pay attention to paying debts not related to bankruptcy, whether they are debts such as a mortgage or rent on your house, as they can affect your credit score.
More tips and methods for rebuilding your credit after bankruptcy
Make sure the payments they make are reported to the credit bureaus
Since not all your debt payments are reported to credit bureaus, it is important that you find a bank that properly reports this to the major credit bureaus.
You can also take other more direct measures, such as asking your landlord to report all the payments you make so that in the long term you avoid making claims against inaccurate information in the credit bureau.
Request a secured card
These are very useful credit cards because by having to give a security deposit, they allow you to spend just that amount monthly, challenging the card charges, of course.
That is, for example, if your security deposit is $ 300 and the commission is $ 20, you would have $ 280 left to spend in the month on small purchases, of course, avoiding overdrawing it and paying it on time.
Get a combination credit and acquire a credit generator loan
A good option to rebuild credit is to acquire a combined credit, which consists of adding your name to the account of another person with good credit where you are placed as a co-signer; then this account will appear on your credit report, allowing you to increase your low score.
On the other hand, you can request a loan, such as online loans, credit generator, which is something similar to a savings account, where you pay monthly installments, and when you finish paying the agreed sum, you can use the money, a type ideal loan to improve your credit score.
What are the credit cards that HSBC offers?
HSBC has a wide range of products for different customer profiles since in its portfolio there are plastics for those who are just starting out and do not have a high income, for those who do not want to pay so much interest or those who like to travel.
Low-interest credit card
The product that HSBC presents is the AIR credit card, which has a variable annual interest rate of 34.00%. Six months without automatic interest on purchases over $ 2,000 pesos. It allows you to pay the annuity in six monthly installments.
And there are also hundreds of discounts in various commercial establishments.
To be able to hire him, the minimum income requested by HSBC is $ 5,000 pesos. The annuity is $ 730 pesos.
Security: protection against theft, loss, or cloning; the forgiveness of balance in the event of the owner’s death.
Average CAT: 46.2%
Interest rate: 34%
Zero annuity card and zero commissions
HSBC Zero plastic does not charge an annuity or commissions, although it should be noted that there are certain conditions. For example, it is necessary to make a transaction of at least $ 1.0 each month, and in case of not making a said purchase, a commission will be charged to the card.
Another of its advantages is that it does not charge for the replacement of the plastic in case of loss, nor does it charge additional cards.
In order to obtain this card, it is necessary that the interested party has a minimum income of $ 5,000 pesos.
Security: price protection, against theft, loss, and cloning, balance forgiveness in case of the death of the holder.
Average CAT: 90.5%
Weighted average interest rate by balance: 41.80%
The credit card that returns 2% of purchases
HSBC 2Now is an option for those who wish to receive 2% of the purchases made in their plastic. This balance applies only to the first $ 50,000 pesos of purchases made per month and will be reflected in a maximum of two business days after the transaction.
It also has promotions and discounts in hundreds of establishments and the cardholder may exempt the payment of the Maintenance and Administration commission if he accumulates purchases greater than $ 2,500 pesos per month.
To obtain this card it is necessary to have a minimum income of $ 15,000 pesos.
Security: extended warranty and purchase protection. Protection against theft, loss, or cloning and forgiveness of balance in case of the death of the holder.
Average CAT: 82.7%
Average interest rate weighted by balance: 35.56%
HSBC cards with unique and exclusive benefits
HSBC Premier World Elite offers unique benefits on each purchase because for every dollar spent, two HSBC Premier Rewards points are accumulated, plus an additional point for purchases in travel money orders, restaurants, and fast food.
You can count on up to 12 months without interest abroad and all year. Likewise, the client has VIP access to 850 airport lounges, free Wi-Fi around the world, free parking for a limited time, and more benefits.
The minimum income requested by HSBC is $ 60,000 pesos. The annuity is around $ 5,700 pesos.
Security: Mastercard travel insurance, purchase coverage, protection against theft, or robbery at Mastercard ATMs. Protection against theft, loss, or cloning, balance forgiveness in case of cardholder death, card replacement in case of emergency.
Average CAT: 38.5%
Weighted average interest rate by balance: 19.11%
In this same segment, HSBC offers the HSBC Advance Platinum Credit Card, its benefits are 1.3 more Program points for every dollar spent, 12 months without interest on purchases made abroad, promotions in hundreds of stores. The income you are requesting is $ 35,000 pesos and the annuity is $ 2,408 pesos.
Among its benefits are free private transportation services to the Mexico City International Airport, exclusive guarantees in hotels with Visa Luxury Hotel Collection, unique benefits in trips with Visa Travel Experience.
Security: car rental insurance, international medical emergency service, travel accident insurance. Purchase protection, price protection, and extended warranty. Protection against theft or cloning, the forgiveness of balance in case of death of the holder.
Average CAT: 49.7%
Weighted average interest rate by balance: 27.11%
More HSBC credit cards
It is worth mentioning that the aforementioned assistance may vary, as well as the benefits. The CAT and interest rates were resumed in October 2020, so that each period the percentages could vary.
Therefore, it is advisable to compare the guarantees of HSBC and other cards. A support tool is the credit card simulator of the National Commission for the Defense and Protection of Users of Financial Services (Condusef), which offers detailed information on the cards of various banking institutions in one place.
Similarly, there are comparators that allow you to contact the chosen financial institution directly.
Requirements to contract a credit card at HSBC
Some requirements may vary for each type of card, although they generally require the applicant to be of legal age (between 18 and 74 years of age), not to have a negative background in the credit bureau, and, in some cases, it is required that the length of service is one year.
In the documentation, they may require an official identification, proof of address (electricity or property bill no more than two months old), and proof of income.
Depending on the card, they will also request that the client have a credit card from another institution or an account statement from the same bank.
How to Apply and Apply for a Chase Bank Credit Card – Quick and Easy
Chase Bank works as a banking and financial entity in the United States, it has a great trajectory and solidity in the market; It is a good option for businesses and individuals. The reason why you will learn, how to apply and apply for a Chase Bank credit card.
It is headquartered in New York and owned by JPMorgan Chase Bank; An international banking entity, but what is the definition of international banking? Basically, it has policies that facilitate international investment; but it also works as personal banking, with savings accounts, checking, and debit cards.
As well as the processing of credit cards, loans for homes and vehicles, mortgages, among others; Today, he has a great variety of cards of different kinds and for different uses; covering a good number of agencies and automated tellers nationwide.
Who is the Chase Bank option for?
It suits those people who need financial growth, with a quality service and proven security throughout the US; in addition to obtaining a variety of services that can be enjoyed online, or at its many branches and ATMs.
Additionally, it is not too much, take into account other alternative payment methods. For example: create an account in Payeer and request the card for free, or also pay with PayPal without a credit card or bank account.
What are the different credit cards that Chase Bank offers?
Chase Bank has a wide variety of cards, which are tailored to the needs of its customers. Since they can choose from a variety of thirty credit cards; but, we will only mention a few:
- Marriott Bonvoy Boundless card, suitable to be used in hotels.
- Chase Slate card, for debts you have on a credit card because it makes 0% APR balance transfers.
- Chase Sapphire Preferred Card, for travel and Chase Sapphire Reserve.
- The Chase Freedom and Chase Freedom Unlimited Cards, to return some cash, being its advantage that there is no annual fee.
- Southwest Rapid Rewards Premier Priority Card, for low consumption users who have to cover basic needs.
- Southwest Rapid Rewards Plus Card, to earn miles and travel.
- Southwest Rapid Rewards Priority Card, for users with high purchasing power.
- United Explorer Card, for people who travel constantly, and want to get a discount on the airlines or some miles.
How to apply and apply for a Chase Bank credit card?
The application is made online, for any of the credit cards. If your connection is slow, first try to speed up your internet to the maximum. Then you go to the Chase Bank website, click on “Apply Now” and fill out the application form with all your personal information.
You will fill in data such as your names, address, social security, driver’s license, email, telephone, date of birth and postal address; then all the financial and labor data are completed , about your job, annual income, if you pay rent, among others.
Now you must observe and take into account the restrictions that the request covers , and then click on “Accept”, then another click on “Send now”; Once all this is finished, the pre-selection is concluded; This may take a maximum of ten business days.
Once the previous steps have been approved, then you must go to the branch to open the account, here you must attach the paper documents and pay the amount corresponding to the opening, which can be in cash or by transfer from another bank.
However, it should be taken into account when making this request that the credit file must be flawless for at least the last six months, without delinquencies or other requests that have been denied by Chase Bank; that is, you must have a good credit rating , not less than six hundred points.
To conclude, we can say that this financial institution is presented as a recommended alternative, since, with the variety of cards available for different uses, you can choose the most suitable according to the plans you have; either in the present, or for the not too distant future.
How to apply for a personal cash loan without a bank account – Easy and fast
Most of the people, at some point, have had the need to request a personal loan from third parties to cover an emergency. If this is your case, we will teach you how to apply for a personal cash loan without a bank account.
People who already have a bank account have certain advantages; Even so, there are some requirements to apply for quick online loans. Immediacy is one of the advantages of fast online loans.
But requesting a personal loan and without a bank account deserves an investigation of the alternatives that exist, since some give it to you in a shorter time than others; such as private business lenders.
Requests that offer a guarantee facilitate their approval, even for the immediate delivery of large amounts of money; avoiding the paperwork required by a bank. However, the lender must be chosen carefully, as they must have professional ethics.
Another option that you can look for is at the level of those loans offered by individuals, such as relatives or acquaintances; which behave as legal loans by the Consumer Credit Contract Law.
What are private companies or individual lenders?
They are companies that facilitate your money, in the form of loans; With which you reach an agreement to pay it later, under certain conditions, although more flexible than those of a bank. But first, they analyze your data, profile, and the cause of the request.
These lenders generally offer not very high amounts necessary for people who want to start a business; although if they have a guarantee on a good, the financing is greater.
This means that you can also ask them for a loan based on a mortgage, for example, on your house or car, but it should be clear that when calculating the interest, they are very high.
In Mexico, for example, it is possible to contract a personal loan without a Credit Bureau , either online or in person . If you ask yourself , what is the Credit Bureau? ; is a private company that collects credit information from banks, for its lending associates.
How do loans work if you are looking for them with family and friends?
The most recommended option is to request the loan from individuals; It does not require so much paperwork, it is cheaper and the money is obtained quickly by being known people, as relatives or recommended.
All the conditions covered by this negotiation must be considered in advance; as well as the deadlines for future payment. It must also be recorded in the Treasury or Treasury, to avoid problems later with said body.
Another aspect to take into account is that, because we are known people, we are free to fulfill the commitment we have acquired, we must remember that this type of loan is protected by law; already mentioned at the beginning of the article.
Likewise, if the person does not wish to receive interest, it is also accepted and there will be no problems with the Treasury, as long as the corresponding return is presented; the famous six hundred, but they charge you interest or not, they are still declared.
What should we take into account when requesting a loan from individuals?
We must take into account that apart from family and friends, there are also individuals that you still don’t know and who are dedicated to making this type of loan to people who need it; therefore, we would take some forecasts.
Among them, it is important to have a support on the conditions of the loan, either written in a document or on the web through an email or any other means that protects you what was determined orally; with a copy for each one and of course signed by both parties.
The payment cancellation limit must not exceed thirty days, that is, one month from the moment of signing and the interest must not be exaggerated, as well as it must not require payment in advance on time.
To conclude, it can be seen that there are different options, but, we must choose the one that suits you best and above all, carry out an investigation before taking that decisive step so that you do not have any problems.
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