Bankruptcy loans are harder to get than regular loans, because, well, you’re bankrupt when you apply for them.  Getting a bankruptcy loan is difficult, there’s no two ways about it.  This pertains to getting a bankruptcy car loan, bankruptcy home loan/bankruptcy mortgage loan, etc.  Auto loans after bankruptcy are still gettable, but you will have to pay huge interest rates.  A car loan after bankruptcy may cost you in the way of 18% APR or higher.  Bankruptcy student loans, however, are easier to get than bankruptcy car loans or bankruptcy home loans.  Certainly bad credit mortgage loans are the most difficult to get, because of the larger amount that will be borrowed for a purchase.

However, you can get more loans easier if you improve your credit.  To improve your credit and start back on the path to getting an excellent credit score, there are some rules that you should follow for credit fix options.

First, start paying your bills on time.  You must, must, must pay your bills on time.  This alone will make your credit good, and this alone, if not done, will ruin your credit.  This is the main driving force behind improving your credit, thereby improving your chances for a bankruptcy loan.  If you cannot control yourself and pay your bills on time, then you do not need to worry about the rest of the credit improving tips, as they won’t do you any good.

Next, you’ll need to keep your revolving credit below seven percent of its limit.  Revolving credit includes things like credit cards and lines of credit.  Many toss around different figures, and there is much debate over what the proper amount you should charge of your limit is, but the answer is very simple: seven percent.  Don’t go over seven percent.  If you charge over seven percent, you can get this number by pulling your own FICO report.  In the section where it describes what is keeping your credit from being perfect, it will tell you that FICO high achievers keep their revolving credit lines below seven percent.

Keep your non-revolving non-mortgage balances below a thousand dollars.  For those of you who had to finance some things, this may be impossible, but over time you will be able to pay it off.  Again, FICO high achievers keep their balances below $1000.

Lastly, you’ll need a bit of patience.  One critical factor that comprises your credit score is your length of credit history, as well as your length of good payments.  You’ll be able to apply for some type of bad credit mortgage loan sooner than you think, though you may want to hold off until you’ve repaired your credit to a greater degree.

Remember, though, that if you want to successfully get bankruptcy loans, you’re going to need to improve your credit, and the primary way to do that is to pay your bills on time.