If you have filed bankruptcy, it is crucial to begin rebuilding your credit as quickly as possible. One of the easiest ways to do so is to obtain a credit card. If you are able, you can get an unsecured credit card, begin using it, and pay the bill off in its entirety every month. You may have to get a secured or prepaid card due to having poor credit. Still, using the new card is a way to re-establish your credit history. Showing that you can make timely payments is one of the biggest factors in determining your credit score.

One of the big questions for those who have filed bankruptcy is related to loans. Can a person who has a bankruptcy still borrow money? The short answer is yes, but it does depend on the type of loan. You will need to gather some information as well in order to help yourself obtain a loan. You should know your credit score, first of all. You can easily obtain a free copy of your credit report once each year from all three credit bureaus.

You should also know how much debt you are carrying. Your monthly ratio of payments going out to income coming in is important in obtaining a loan. It is important to remember when your bankruptcy was discharged. The more recent a discharge date, the greater the likelihood of not being able to obtain certain loans.

Armed with this information, you can begin to figure out what types of loans you may be able to obtain. For those looking for a sure thing, a car title loan may be the easiest. An auto title loan is not based upon a person’s credit history. The loan is secured by a vehicle’s title as collateral.

At Embassy Loans of Florida, a person who owns a vehicle that is paid off can obtain a title loan. The vehicle’s title must be free and clear of any liens and, in most cases, the car or truck needs to be less than 10 years old. If a person meets these criteria, he or she qualifies for a car title loan.

Since credit is not an issue, a person fills out an application, verifies identity, residency, and the title, and can have access to his or her money within a matter of hours in many cases. Most car title loans at Embassy Loans are completed within an hour. Because credit is not a factor, a person with a recent bankruptcy will find it much easier to obtain a car title loan than taking out a traditional loan from a bank.