Redwood City Bankruptcy: Getting a Loan After Bankruptcy

Here are some tips for getting a loan after bankruptcy: The first thing to do is to repair your credit. Start by making your own concise budget, making sure you account for every expense. This will ensure that your expenses are not greater than your income. This is the first step towards a good repayment track. Secondly, you will have to go over your credit report and check it for accuracy. Some companies offer a “Post Discharge Dispute of Consumer Liability Report.” This is a very good tool to help you check your credit report for accuracy after a bankruptcy.  Before applying for any loan, then, you must be sure you will be able to afford the payments and that your credit report is accurate.

Next, you must consider what the loan is for. Loans for sensible matters like a house, a car or college are more likely to get approved than a loan for a holiday or mere luxury item. In view of this, you will have to research the lenders’ requirements for approval. For example, a mortgage has different requirements than a student loan; a student loan has different requirements than an auto loan and so forth. Every item is different. Call some of the lenders in Redwood City and ask what the requirements are and also ask them how they deal with a prior to bankruptcy. You will be surprised how many lenders are willing to talk to you and work with you. Even those that will not work with you will be able to provide you with names of other lenders in the area that will.

Another avenue is to work with a Redwood City loan broker. These are people who specialize in finding lenders for you. They charge a fee but if no one else is willing to work with you, they will be well worth it. This is also a good safeguard against scams. As a debtor just out of bankruptcy, you are vulnerable to “repair your credit fast” schemes by unscrupulous lenders that are out there to hurt you. Loan brokers usually work only with legitimate lenders. In turn, check the loan brokers, too. The Better Business Bureau and the Office of the Attorney General are good places to check the legitimacy of the lenders and the loan brokers.

So, our advice is to wait until you repair your credit first. Once your credit score is better, you are better situated to engage in trying to get a loan approved. If it is a house, you can rent in the meantime; if it is for a car, you can buy a used car for a year before applying for a new car loan. Call a Redwood City Sagaria Law attorney for consultation.

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