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After a bankruptcy in 2003 my credit score is already 631 and rising is this good would this be acceptable to most lenders?
More than likely you will get normal rates. Your credit score and debt-to-income ratio are the most important things when determining your creditworthiness and what interest rate you will get. The bankruptcy itself doesn't directly influence your interest rate, it just influences your credit score, and if your credit score is already 631 then you probably have nothing to worry about. Bankruptcy is usually a big enough factor in the credit score to affect car purchases for around 12 to 15 months after the bankruptcy case is over, and affects mortgage acquisition for about 2 years after the case is over. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
What else can I help you with?
How long does someone have to wait before they can get a loan on their own after a bankruptcy is discharged?
This depends on the type of loan you are referring to and the lender. Mortgage lenders typically want a person to have 12 months clear credit history after a bankruptcy has been Discharged (not filed). Automobile and credit card lenders like the same, but there may be exceptions. The best thing is to ask, without allowing your credit to be pulled. The only thing I would add to the other posting is..Beware of predatory lenders. The type who have ads that read "bankruptcy, bad credit, no problem", or something of that nature. IMO, they are loan sharks, and you need to be extremely cautious.
Can you get a small business loan after chapter 7?
Yes, it is possible to obtain a small business loan after filing for Chapter 7 bankruptcy, but it may be challenging. Lenders typically consider your credit score, which may be negatively impacted by the bankruptcy, and your ability to repay the loan. Building a positive credit history and demonstrating financial stability can improve your chances of securing a loan in the future. Additionally, some lenders specialize in working with individuals who have a bankruptcy in their history.
Can you obtain a student loan with the exception of the federal loan after filing chapter 13 bankruptcy?
Yes, it is possible to obtain a student loan after filing for Chapter 13 bankruptcy, but it may be more challenging. Private lenders often consider your credit history, which may be affected by the bankruptcy. Additionally, while federal student loans typically do not require a credit check, private loans may. It's advisable to check with various lenders for their specific policies regarding borrowers with a bankruptcy history.
How long does using a credit consolidation company negatively effect your credit history or rating?
Many lenders look at credit counseling as a bankruptcy. If you have debt that is managed and paid by a CCC and the agreed upon repayment schedule is being met then it should not effect your credit score. However, if you plan to buy a house, most mortgage lenders will turn down borrowers in credit counseling.
If you just divorced and already have foreclosures and repossessions on your credit report will filing bankruptcy help your credit score?
No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.
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Honda.
How long does someone have to wait before they can get a loan on their own after a bankruptcy is discharged?
This depends on the type of loan you are referring to and the lender. Mortgage lenders typically want a person to have 12 months clear credit history after a bankruptcy has been Discharged (not filed). Automobile and credit card lenders like the same, but there may be exceptions. The best thing is to ask, without allowing your credit to be pulled. The only thing I would add to the other posting is..Beware of predatory lenders. The type who have ads that read "bankruptcy, bad credit, no problem", or something of that nature. IMO, they are loan sharks, and you need to be extremely cautious.
Can I get a balance transfer card with a bankruptcy that won't discharge for 6 months?
It may be challenging to obtain a balance transfer card while you have a bankruptcy that hasn't yet discharged. Most credit card issuers consider your credit history, and a pending bankruptcy can significantly impact your creditworthiness. However, some lenders specialize in offering credit to individuals with poor credit or those undergoing bankruptcy. It's advisable to shop around and consider secured credit cards as an alternative until your bankruptcy is discharged.
Can you get a small business loan after chapter 7?
Yes, it is possible to obtain a small business loan after filing for Chapter 7 bankruptcy, but it may be challenging. Lenders typically consider your credit score, which may be negatively impacted by the bankruptcy, and your ability to repay the loan. Building a positive credit history and demonstrating financial stability can improve your chances of securing a loan in the future. Additionally, some lenders specialize in working with individuals who have a bankruptcy in their history.
Can you obtain a student loan with the exception of the federal loan after filing chapter 13 bankruptcy?
Yes, it is possible to obtain a student loan after filing for Chapter 13 bankruptcy, but it may be more challenging. Private lenders often consider your credit history, which may be affected by the bankruptcy. Additionally, while federal student loans typically do not require a credit check, private loans may. It's advisable to check with various lenders for their specific policies regarding borrowers with a bankruptcy history.
Does updating collection accounts to a bankruptcy lower your credit score?
The fact of filing bankruptcy is already going to lower your credit score, and the point of bankruptcy, part of it anyway, is to resolve unpayable debt such as collection accounts. It is in your best interest to add the collection accounts to your bankruptcy, but if you consult your BK attorney, he is likely to advise you of this. The bankruptcy is the first next step in repairing your credit and improving your credit score.
How long does a bankruptcy stay on for UK?
In the UK, a bankruptcy typically remains on your credit report for six years from the date of the bankruptcy order. During this period, it can affect your ability to obtain credit and may impact other financial aspects. After six years, the bankruptcy is automatically removed from your credit record, although you may still need to disclose it in certain situations, such as applying for a mortgage, where lenders may ask about your financial history.
How long does using a credit consolidation company negatively effect your credit history or rating?
Many lenders look at credit counseling as a bankruptcy. If you have debt that is managed and paid by a CCC and the agreed upon repayment schedule is being met then it should not effect your credit score. However, if you plan to buy a house, most mortgage lenders will turn down borrowers in credit counseling.
Where can one go to for advice on how to finance a car after one has been in bankruptcy?
Car lots are a great place to go for advice on how to finance a car after bankruptcy. They know the best lenders for you to work with to get your credit built back up.
If you just divorced and already have foreclosures and repossessions on your credit report will filing bankruptcy help your credit score?
No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.
If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
What looks worse on your credit report Late payments or a bankruptcy?
Bankruptcy looks worse on your credit report than a late payment. They will both drop your score quite a bit, but a bankruptcy lets your lenders know you gave up on the debts owed, so making it harder to get new loans. You can always try to contact the credit bureaus to try and dispute the negative listings and have them removed if possible.
