competition in focus magazine A number of banks now offer "secured"credit cards, for
which the debtor puts up a certain amount of money (as little as $200) in an
account at the bank to guarantee payment. Initially the credit limit is equal
to the security given and is increased as the debtor demonstrates ability to
pay the debt. arihant magazine Two years after a bankruptcy discharge,
debtors are eligible for mortgage loans on par with applicants of the same
financial profile who have not filed bankruptcy. Income stability and the size
of the down payment are seen as more relevant than a past bankruptcy filing.
Though bankruptcy stays on a credit report for 10 years, it becomes less
significant as time passes. People who have filed for bankruptcy are often
better credit risks than people who have not, and are struggling to pay
multiple accumulated debts focus magazine .
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