How Do You Get Loans After Bankruptcy?
Bankruptcy can seriously disrupt your financial health. The record remains on your credit report for up to 10 years. Often, lenders are far more cautious with borrowers who’ve filed for bankruptcy. One way in which borrowers who’ve filed for bankruptcy obtain credit is through bankruptcy loans. The problem with these is that they’re often extremely high-cost and come with very restrictive terms. Pull a copy of your credit report. If you’re going to apply for credit after a bankruptcy, you’ll need to prove that, in other matters on your report, you are not a huge credit risk. This will be hard to prove, but it will be nearly impossible if you don’t know what your credit looks like. See Resources below for a free copy of your credit report. Look for positive lines of credit you’ve established–especially if they were not included in the bankruptcy. Look for good payment history on any accounts and remember to bring this to the attention of lenders when applying for loans. Join a local co
