Is a Loan After Bankruptcy Even Possible?

March 22nd, 2012 | finance and money

after bankruptcy, bankruptcy loan, loans after bankruptcy, financing after bankruptcy

Yes, it is! Everything after bankruptcy is definitely harder, but bankruptcy loans and everything else are still a part of your life if you are willing to do the work. And there is a reason to do that work, really. While your bankruptcy will not come off your report for ten years, the older it gets the less weight it carries on your report. However, if you never build up any new history, then it?s the only thing on there. After the first two years if you have done a lot of rebuilding your credit with positive payments and accounts in good standing then you will have a much easier time doing things and a credit rating in a decent range again. That only works if you make a real plan and put in a lot of effort, of course.Now, the hardest part of doing all of that credit rebuilding is the fact that it?s very difficult to open up accounts to get a history of on time payments with. It is only really difficult until you have built up some history however, and you can open accounts without any new history by adding new things to your application.With unsecured financing all you have got to show on your application is your bad credit and your income. But, for isntance, if you were going to get a bankruptcy loan for a car you could add on a large down payment to help offset your credit. If you wanted a bankruptcy loan for school you could add on a cosigner. And for pretty much everything else you can add on collateral for secured financing instead and make your life a whole life easier and get a much better deal.

Source: http://www.monetizewordpress.com/finance-and-money/is-a-loan-after-bankruptcy-even-possible/

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