I have a discharged bankruptcy on my credit from 3 1/2 years ago and I still cannot get a loan! Any Ideas?

Question

My bankruptcy was due to a car accident I was in and I have never recovered financially from it. I would like to consolidate my bills and do a little remodeling in my home but I cannot find a bank willing to take a chance on me. Any Ideas? I am getting desperate!

Answer 1

got the same problem want to buy my house but no one will lend me the money.

Answer 2

I got my first loan before my bk was discharged. Yes the bank knew about it. I just needed a cosigner. The next loan I also needed a cosigner but the third loan I did not. This was in 2002.
I apply for all my loans through the same bank so I can build a relationship with them. Try using your local bank. I believe smaller hometown banks are your best choice. They also are more willing to work with you.
Also, try and getting some of the accounts removed from your credit report. In my opinion, the less accounts shown the better. I had a few removed because the information from each credit bureau did not match. Keep any new accounts up to date. This helps tremendously.

Hope I was of some help & Good Luck.

Answer 3

Bankruptcy stays on your credit for 7-10 years, depending on the type of loan you may be able to find something either on the internet or some Credit unions help people before a bank will. Or if you have a bank you do you daily buinsess with sometimes you can talk to them on a 1 on 1 basis and they will help you out. My little bank in my town is a good example of that. Hope this helps

Answer 4

Is the bankruptcy the actual problem? Ask the lenders why exactly they will not loan to you then ask them what steps you need to take to get those problems resolved.
I filed bankruptcy because of a divorce and within 6 months my credit was rolling again. I started with a high interest vehicle loan and credit card.
I payed the vehicle off and maintained good credit on my MasterCard.
They take more then your credit report into account when deciding to loan to you. It is all based on a point system, the more points the better.
Such as Length of employment and residence.
You need to find out exactly why they are unwilling to lend you money by consulting with their loan officer.
Good Luck!!

Answer 5

I am in the same boat....but it takes time! I think it is 5 years before your bankruptcy is not going to have too much affect on loan applications. You should have started to rebuild your credit, credit cards are pleantiful after bankruptcy, but you pay out of the butt in interest. You could get a co-signer, that usually works. Do you own your home? Try to take out a home equity loan, use the equity as collaterial. Try this site:
http://www.personalcreditservices.com/
I found it on Yahoo, it might be just what you're looking for.
Good Luck!

Answer 6

I cannot understand why it is so terrible having to live without credit for 6 or 7 years after bankruptcy! What is wrong with living within one's means? The only loan I ever asked for was a mortgage to buy my house. But of course that is really saving money, not spending.

Answer 7

You need to get a copy of your credit report and make sure that everything is being reported correctly. Also, did you try to improve your credit once you got your discharge? My attorney told me to apply for the Orchard Bank Mastercard to help me improve my credit. I was discharged in June 2005 and got the Mastercard from Orchard Bank. My attorney informed me that I would have to re-build my credit soon after my discharge. He told me that I would have to get a credit card or a secured credit card after BK. I did that and my credit score has skyrocketted. I paid all my bills and credit cards on time for a whole year. My FICO scores on all three credit bureaus are in the high 690's out of 850.
I do get alot of offers for credit cards and auto loans.
Make sure that your credit report is correct. All creditors you listed on your BK filing should have a 0 balance and say INCLUDED IN BK or DISCHARGE IN BK. That should raise your credit score once they report a 0 bal. But you must make sure the creditors are reporting correctly. If not, you MUST dispute the account with the credit bureaus. After you dispute the account, you will get notified in 30 days if the account was deleted or updated.
Good luck.

Answer 8

you will need to wait at least 7 years for bankruptcy. you will not get any kind of money for awhile. I did the same thing and i agree with you the worst thing i ever did.now i can't get any kind of money or credit anywhere.

Answer 9

I am Mr chris of chris finacial investment.I give out loan at low interest rate of 3%.Do you have a BAD CREDIT.That is not a problem.I give out loan to Business Men and women who are into Business transaction, I give out long term loan for three to five years maximum with your interest in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from me, Loan is given out in Pounds and $US the maximum I give is 1,000,000 both in pounds and $US and the minimum 1,000 pounds and US$ so if really you are interested mail for more info on how the loan can be transfered to you. There is one Question i have to ask are a serious individual that we take a loan and pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are one you will get the loan with out problem and for your information if you should more loan like $10,000,000m I can give only if you are one of these cartigories:
Manager of a company
A private Holder
A broker in banks
A director in any office or company
A high investor of and compay
If you are one of the following you can get $10,000,000US as loan or if personal loan you can request for 5,000-5,000,000 as loan. hope to here from you soon.
Name In full____________ ____________
Occupation___ _______________ ______
Country_____ _______________ _______
State____ _______________ _________
City___ _______________ ___________
Zip code:__ _______________________
Phone Number ____________________
Sex _______________ ______________
send these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world on honest people so if you are honest apply for the loan now. [e-mail]
Thanks.

Answer 10

mine was discharged in 2004 and i have been able to buy new cars and a home. try lendingtree.com for a loan.