Loans Approved for Bankruptcy

September 12th, 2021 by admin Leave a reply »

After one has been forced to declare bankruptcy for whatever reason, it is a common belief that life in this world almost comes to an end in terms of finances or any future hope of getting credit again. But in reality, by faithfully following some simple steps and following the correct procedure, getting loans and new credit approved even after you have filed for bankruptcy can be done without too many more steps than anyone would have to go through.

It is particularly important to “get your ducks lined up” with the advice offered here, because it will put you in a much better position. Your goal should not simply be to get credit approved, but to get credit approved that is not at an exorbitant interest rate. The difference in just a couple of percentage points on a car loan can still mean hundreds of dollars, and on a mortgage loan, can mean tens of thousands of dollars that you don’t need to pay if you get your homework done first.

Your first step is to get a copy of your credit report. And be sure to get a copy of it from each of the “big three” credit bureaus, which are Equifax, Trans Union and Experian. The reason for this is because some creditors may report to all three of them, while others may only report to one or two of them. You can pretty much rest assured that if you are trying to get credit approved for any type of sizeable purchase, the credit grantor is going to check with more than one of the credit bureaus, and very likely all three of them.

The other reason for getting a copy of your credit reports is because, believe it or not, the majority of credit reports contain errors. These errors do not get fixed automatically, but it is up to the consumer to “notice” the error and insist that it be corrected. Having inaccurate information on your credit report can also cause you to have a lower overall credit score, and perhaps prevent you from getting the best loan deal possible.

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