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Does anyone know of any banks that will give you a loan after a chapter 7 bankruptcy? |
Does anyone know of any banks that will give you a loan after a chapter 7 bankruptcy? You have to reestablish credit for one year normally before a bank will give you a loan. You can try getting a credit card with a low APR % and a low credit line. Use this card for gas or inexpensive items and then pay that amount off at the end of the month. You will establish credit and increase your score. Good luck. Source(s): me Two years are required before you qualify for a conventional bank loan If your chapter 7 has been discharged, some places will give you a loan. I applied for a car loan after 6 months and it was granted. I do make a decent salary. Good luck After filing a BK of ANY TYPE it is very important that you re-establish your credit ASAP. It is true that you need to keep your credit clean for 2 yrs, but this is more of a guideline when it comes to getting a mortgage. After 2 yrs of maintaining a perfect pmt history, most lenders will consider you for a mortgage. It is also true that you apply for a credit card and use and pay on it, but it's better to use the charge and pay DOWN to less than 50% of the existing balance AND keeping the balance under 50% high balance limit. I know it doesn't seem logical, but this is one of the ways that you can pull your credit scores UP after the BK. As far as which banks might be more likely to give you financing, where I live there are smaller local banks that will consider you for a loan if you transfer your business to their bank and maintain a good acct history (spelled: no over-drafts) for 6 mos or better. The larger banks aren't so quick to lend (ie: US Bank, Wells Fargo, Bank of America to name a few) In the meantime if you've filed, be very careful to make you credit payments ON TIME if not a little early. This goes for rent/housing, utilities (including cell phone and cable), insurance, and car pmts. Hope that helps. Good luck. 20 yrs mortgage banking experience You won't find many banks that will grant you credit right away unless it is secured somehow. There will be many high-risk credit firms, however, who will gladly loan you money at a very, very high interest rate. |
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