Customer Reviews

Credit After Bankruptcy

5 star:		(128)
4 star:		(13)
3 star:		(4)
2 star:		(8)
1 star:		(21)

 

 

After my husband & I filed bankruptcy a few months ago, we received an "invitation" to Snyder's free seminar, promising information on avoiding predatory lenders, improving credit scores, etc. I RSVP'd for both of us to attend the seminar, then came to Amazon to check out the book (also mentioned in the seminar flyer) I read every review and frankly was astounded by the sheer emotion of the reviews! People either love this guy. Or they hate him.

So I was intrigued. Having earned my living analyzing and teaching literature (until massive illness kept me from working for several years--thus our bankruptcy), I thought this would be an interesting project. I reviewed most of the post-bankruptcy books in the Seattle Library System. And I read this book, which does have the notorious "Church" chapter that advises getting in touch with God, going to church, and giving a larger chunk of money than most of us can afford to your church.

Having read this, I admit, I was also was pretty worried that the seminar would be a "Come to Jesus" convention, in which my husband and I had absolutely no interest. But my husband is a good sport; so we went anyhow. (We sat by a door, just in case we decided to leave) To be on the safe side, I read the whole book BEFORE attending the seminar, so that my views of the book weren't affected by the seminar (good or bad).

I realize that unlike many books, Snyder's is difficult to review without discussing the seminar that accompanies it for many readers.

Here's my analysis:
1. The book, standing alone, is good. It's not great. It's not bad.

Snyder simplified assertions (like never using "bancs" with a "c," only banks with a "k,") seem pretty ridiculous on the surface. His underlying idea, try to stay away from finance companies, and try to borrow only from mainstream lenders, is sound. "Bank vs. banc" is simple and easy to remember. But there are certainly numerous exceptions. Clever, but not great writing.

Most of us know, by now, that we'll probably need to get secured credit cards, but Snyder's list of questions to ask before you even fill out an application is useful. If your new Visa is reported to the credit bureaus as "secured," that's kind of defeating the whole point. This book contains numerous tidbits of information that, if you're new to this credit-rebuilding game, could be beneficial.

Yes, as several prior reviewers have said, most of the information in Snyder's book can be found for free if you take the time to research the Internet or your local public library. And if you're one of those people who likes to surf around and spend hours reading your monitor, then yeah, none of the bankruptcy books are going to tell you anything new. But many of us are busy, and perhaps, honestly, with a bit of soul-searching, some of us might admit to having been a bit sloppy with our finances. Printing up a ton of Internet webpages seems like a great idea at the time, but will you really read them, organize and refer to them in the future? Maybe a bound book (this or another like it) that you can keep on your desk or nightstand to refer to, isn't such a bad idea.

2. The book, if you've attended the seminar, is great to supplement the seminar, as a refresher (to read a few weeks/months after the seminar) and as a resource guide.

Coordinated with the book, Snyder's seminar is quite good. He provides information that is not in his book (2nd edition in the works?). Yes, he has a "Church Speech" (which lasted about 5-7 minutes). He even provided an 800 number for a non-denominational national Bible study group. I thought that was a bit much. But included in the Church Speech were two points that I thought were valid 1. Forgive yourself. You declared bankruptcy. It's not the end of the world. You're not a bad person. Forgive yourself. 2. Learn to give some money away. It doesn't have to be to a church. Choose a charity. Any charity. Good things come back to those who give.

Snyder himself is a dynamic speaker, although he can be smug (his references to his personal banker reveals that his book/seminar circuit is million-dollar venture, only 9 years after his own bankruptcy.) The seminar also included local lenders and experts who have programs specifically for those who have filed for bankruptcy (These "sponsors" pay for the seminar, so that it's free to attendees, including parking). The lenders seemed helpful but not pushy. If you buy the book, you can mail in a request for lender information, even if you have not attended a seminar.

Even my husband thought the seminar was worth four hours of a Saturday morning.

Conclusion: Snyder isn't the Savior some of the other reviewers think/profess he is. Nor does he deserve the venom from some of the others. It's a decent book. Skip the Church chapter if you're so inclined (and the church paragraphs which pop up here & there).

I couldn't find any excellent books on life after bankruptcy. This about as good a book as you'll get on the topic, for now. As our numbers grow (unfortunately), there will be more (hopefully better) books published on the topic. And it's clear that Snyder's making a lucrative career out of advising the BK crowd, and is establishing connections along the way. I wouldn't be surprised if he writes another book, or cuts a 2nd edition of this one soon. In the interim, this one is pretty good...

I'm a mortgage loan officer, and I recommend Mr. Snyder's book to my customers who DON'T qualify for loans because it's the on ramp for the fast lane to good credit.

You need to have, use, and maintain credit to build wealth. Unfortunately, re-establishing credit after a bankruptcy filing is easy, but doing it the right way isn't. Mr. Snyder's advice and explanations about the credit system, secured credit cards, installment loans, types of revolving accounts to avoid, etc are all dead on target. This book explains the pitfalls, loan sharks and sleazeballs who try to take advantage of people at the end of their rope. If you filed bankruptcy, this is the book for you. Other books on this topic, like Ms. Langguth-Ryan's, actually advise you to things that are detrimental to an improved score.

As for the religious section that another reviewer complained about: It's short. I'm a catholic, and the Christian fundamentalist bible study Mr. Snyder recommends would make me uncomfortable. But I do think he has every right to suggest that morality has a role to play in building your fortune, and to tell you that learning ethical and moral standards through his faith tradition was a part of his financial recovery. You can take it or leave it, or do what I did and adjust it to meet your personal beliefs. Most people end up in bankruptcy (not all, most) because they made poor financial and life decisions. If Mr. Snyder didn't share how he changed his financial situation by changing his life habits, he'd be dishonest.

Get the book. And don't waste your time with others.

Our Chapter 7 discharged in Oct. 2002. We got an informational mailing regarding the credit after bankruptcy seminar but couldn't attend so I bought the book. Best $30 I ever spent. I immediately applied for a First Premier Bank Credit card (which shows as unsecured on your credit report), never missed a payment and kept my balance low. Then applied for a small $1500 auto loan at my credit union,with a co-signer. In the summer of 2003 we went to Ford Dealership and bought our first brand new car 2003 Ford Focus! In December 2003 we purchased our first home! In 2004 I bought a 1999 Mustang Convertable. Since then we have also opened two other credit card accounts. Orchard Bank is a good one. The book gives you great information and resources to turn a bad situation into a good one. Although I did not get to lease a vehicle through Ford and had a higher interest rate than what the book said I would get, I was still by far extremely happy because I would have never gotten as far as I did without it! And the breif time he talks about God, well, I thought that was a blessing and has a good message. Of course I believe in God. And if you don't, get over it. The world doesn't revolve around you. (Not to be rude but...) Point made. It's a great book. For those of us imperfect people who have totally screwed up our finances and would like a second chance to prove that we can get it right this book offers sound advice. I confess I have strayed from it a bit and tried to apply for too many in too short a period and it lowered my credit score and caused me more harm, so beware...take it slow and in two years you can be back on track, in a new home, in a new car, just follow the great advice that is offered. You'll be glad you did!
We are now looking to by an investment property (2 1/2 years after our chapter 7 bk)! I am greatful to Stephen for writing the book! And if he is making bank, more power to him. He certainly did me a service. He should be paid for it.

Hello to all. Very discouraged at what some readers thought about the book. I attended the seminar last April and has since then re-established credit within 8 months after filing bk 1 year ago. His book isn't the greatest, but it's not the worse. I do not think that there is any single book out there that will give you all the answers that you seek. I do agree that you can find some info online, but just to hear about another person's experience helps a lot. For those of you who do not believe in any spirtual being, the part about tithing is that when you help others, you help yourself. You cannot receive unless you give. Also the comment about the "wife" thing. He does not look down upon women, but instead encourages the man to listen more to what his wife is telling him, simply people try and think out of the box sometimes.

I bought this book in 1998 after my Chapter 7 bankruptcy. I give this book the credit for me now having a credit score of over 700. I was told by Mr. Synder of a great secured credit card at that time "FCNB" (not available anymore) that was one of the best to help repair credit. I have always paid low interest rates on cars (1.9% thru Honda) and purchased a brand new (just built) home in 2002. I have purchased boats and four wheelers all financed thru reputable lenders. I loved this book!!! I really liked the part where it explained how you need to get a copy of your credit report after discharge and make sure all the outstanding balances are changed to zero. I believe that was the best tip ever. I had a finance manager at a auto dealer tell me I had the best looking bankruptcy credit report ever.

My husband and I attended the seminar this year and were amazed at the whole thing.
Mr Snyder stands on his principles and that's what makes him a great example for us to follow.
I especially like the "listen to your wife portion" of the seminar.
We took advantage of almost everything offered at the seminar and we still receive emails and phone calls to help us along!
It's 5 months later and we were able to get credit from a company who'd turned us down TWICE in this same year!
I say, go, give it a chance.
P&T

Wonderful! The advice he has given has truly helped me to begin my financial life all over again. The book includes the names of well-respected companies that are willing to work with bankrupt consumers. The helpful hints on how to talk to future lenders and what to bring with you has also made a big difference. I was amazed on how much more information you can get from lenders if you just ask the questions the way he recommends! The author has also gone through a bankruptcy, which gives him much more credibility. I now have a credit card and am about to buy my first house and a new car thanks to the wisdom I received in this book! I also feel secure that I will not end up back in a grim situation as long as I follow his advice.

The book is written in a way that you do not feel ashamed of your bankruptcy. It gives you hope and a solid path for the future instead of reminding you of your failures.

Thanks Mr. Snyder!

I purchased the book and went to Stephen's seminar, both are WELL worth the cost!! Yes, some of the information in the book are common sense, like about secured credit cards, but he saved me the time by combining everything and putting it in one place. And what did the book cost me? $25-$30! Well worth it to me. Time is money. I don't have the time to try and find this information out myself.
Also highly recommend his seminar! What did that cost? ZERO! and he didn't con you into buying $300 worth of books and tapes that other seminars do. He gives you 100% of the information you need, not 25% and makes you buy the other 75% for an outrageous price. Stephen tells you this at the beginning of the seminar, no cost to you! Sure you can buy his $30 book if you want, but you dont' have to buy a thing. The other great thing is he has local resources if you need to buy a car (it's Ford, so what! you're trying to reestablish credit, not show off!), mortgage lenders, etc. Again, Stephen does the leg work for you. You don't have to spend hours or days trying to find a car dealer or mortgage lender that knows what bankruptcy people are going through and are willing to work with them!!
I think people who put negative comments about the book, Stephen and/or his seminar forget this! You're bankrupt! You need to re-establish your credit! That's the goal with Stephen, to get you re-established. Not show off your Hummer or your $500K house! Get real people!!
His information is only $30, not $300 and it's well worth it!

This book is FULL of the best information, and is perfect for everyone. I went to this mans seminar, and am happy to say that he is an honest human being, and I would advise you to follow whatever suggestions he gives. I HAVE, and I have made fantastic progress ever since I picked up this book. My credit record is finally doing great, and my fica scores have sky rocketed.
He helps you get the job done. It's not a quick fix, but if you are willing to do what you have to do, THIS BOOK will see you through your mess, with little work, and you will be much better for it.
I just receive a notice from the credit bureau and they have taken another bad item off my credit. My scores are almost perfect again, and I am sure it is because of this book.

One reviewer stated that they could get all the information in this book in 30 minutes on the internet. I would love to see that trick. This book is packed full of invaluable information to help you recover from bankruptcy quickly. It is a must read for anyone who has filed or is contemplating bankruptcy. 5 stars.