bankruptcy

Merrick Bank Credit Card Reviews

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merrick bank credit cards secure credit card

Recently, someone asked me about a credit card offer they received from Merrick Bank. I wasn’t familiar with Merrick Bank, so I agreed to look into it. The Merrick Bank credit card is pretty interesting for the right type of person. The Merrick Bank secure credit card lets people with no credit, or terrible credit, rebuild their credit or build a high credit score for the first time. They also seem to offer people who recently emerged from bankruptcy low-limit unsecure credit cards as well. So, if you are looking for something that works as a credit card for 500 score, this might be your huckleberry. Let’s dive in a bit deeper than most Merrick bank reviews. Merrick Bank Credit Card Reviews The first thing about Merrick Bank is where it is located. If you’ve never heard of Merrick Bank, don’t worry, you aren’t alone. Most people don’t realize that “bank” can mean a lot of different things. In this case, bank means an issuer of loans and credit cards, not a bank that takes regular deposits and has branches. It is FDIC insured and is one of the top issuers of Visa cards, but you won’t see a Merrick …

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How To Rebuild Credit After Bankruptcy

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Filing bankruptcy hammers your credit score. In addition to all of your credit lines being marked as discharged in bankruptcy, the bankruptcy itself counts against your credit score. Fortunately, your credit begins rebuilding immediately. Unfortunately, you might not be getting all of the “credit” you deserve. Credit Lines Closed in Bankruptcy For some people who file bankruptcy, the process ends with every line of credit they have being discharged. At this point, no payments of any kind are made to the creditors, and their financial life starts over. However, many people end up continuing to make payments on certain credit lines. For example, if you have a car loan, and you want to keep your car, you have to keep making payments or it will be repossessed by the lender. (A bankruptcy erases the loan, it does not erase the right to collect the collateral that you secured the loan with.) If the loan was discharged in bankruptcy, the lender will no longer attempt to collect the debt. You have to make payments on your own. In addition, the lender will no longer report any information about your payments (good or bad) to the credit bureaus, so you won’t get …

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Keep Home in Bankruptcy

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After yesterday’s post about rebuilding credit after bankruptcy, I got two different questions about how to keep your home during bankruptcy. One of the readers seemed a bit frustrated and finished by asking, “Why can’t I get a simple answer to this question: Can I keep my home if I file bankruptcy?” The simple answer is: Yes, you can keep your home if you file bankruptcy, but only if you do the right things. I suspect it is that, but only if, part that is causing the answer to not seem simple, so let’s break it down. Keeping Your House After Filing Bankruptcy First, it is important to understand that a home mortgage is a secured loan. The security, or collateral, for the loan is the home. If the debt is not repaid, then the lender may take the collateral and sell it in order to pay off the loan. Now, just like any other debt, a mortgage can be discharged in bankruptcy. Doing so means that the lender may no longer attempt to collect the debt. So far, so good. However, the lien, or the right to take possession of the loan’s collateral is NOT discharged, or affected in …

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