How can someone get a unsecured loan with no cosigner if they declared bankruptcy 5 years ago. Is it possible.
480952
Not only is it possible, it is highly likely.  Much lending is now based on FICO scores which are statistical indicators of the likelihood of default on the loan.  Using statistical analysis and the financial markets, lenders are able to loan money even to people with lower FICO scores.  Also, five years gives the former bankrupt a long period of time to rebuild credit and increase the FICO scores through secured loans, credit cards and other credit.
357290
Go to Lendingtree.com\n\nI got a Mortgage after my wife declared bankruptcy.
875032
It's not entirely impossible. How's your credit? Have you or your spouse been working at a job for 2 years or more? With paying rent, can you provide rental verification? Have you ever claimed bankruptcy, if so how long ago? There are a lot of houses for sale with the owner offering to pay towards closing costs. And if you have good enough credit, you may be able to come into the loan without a down payment and also have the luxury of the seller contributions. Depending on the house you're interested in. There are a lot of questions behind that question, you just have to get started on the pre-qual process and then find out from there.
902356
The answer is, "it depends."\n\nWith some lenders, as long as your bankruptcy remains on your credit reports you will be denied credit.\n\nThe good news is, there are many "normal" lenders who are willing to work with you after bankruptcy. You just need to know where to find them.\n\nIt's NOT about working with lenders that are convenient for you. It's about finding lenders that will work with you without taking advantage of your situation.\n\nEach lender sets their own "credit guidelines." What are credit guidelines? They are simply the minimum requirements you must have in order to qualify for credit with that lender.\n\nThe three common credit guidelines for most lenders who work with people after bankruptcy are: \n(1) The amount of time you have since your discharge\n(2) How you pay your bills after discharge\n(3) Your FICO® credit scores.\n\nTime will heal.\n\nMortgage companies are pretty forgiving when it comes to lending money to someone who's filed bankruptcy. In fact, after bankruptcy, it's actually easier to get a mortgage on a new home than get approved for an unsecured credit card.\n\nAs long as your middle FICO credit score is 580 or above you will qualify for mortgage financing with no money down...just maybe not at the interest rate and terms you want. (This assumes you haven't had a foreclosure in the last 24 months and you have a good payment history since your discharge.)\n\nTo get better terms and a lower interest rate, you need a higher middle credit score. A middle score of 600 will give you a lower interest rate and better terms. (This assumes you haven't had a foreclosure in the last 12 months.) A middle score of 620 or above opens up even better options once you have two years after discharge.
282483
Try getting a small signature loan through a credit union.  An unsecured loan has less stringent requirements for qualification.
271270
I just took a chapter 13 will be over with it in one more year, was told I could do it if I show that I am not in bankruptcy, and prove that I could handle the loan on my own once again.5 years.
181914
Ask your bankruptcy lawyer, they will know.  It won't hurt to try.
451573
I WORK FOR A STUDENT LOAN COMPANY IN TEXAS, AND IF A BORROWER IS UNABLE TO MAKE PAYMENTS THEY CAN TRY TO QUALIFY FOR A DEFERMENT OR A FORBEARANCE TO POSTPONE PAYMENTS UP TO 12 MONTHS AT A TIME.  HOWEVER IF THIS IS A PRIVATE LOAN, THERE MIGHT BE DIFFERENT STIPULATIONS.  YOUR BEST BET WOULD BE TO CONTACT WHOEVER IS SERVICING YOUR LOAN AND TRY TO MAKE PAYMENT ARRANGEMENTS.  IT WOULD NOT HELP YOU TO FILE FOR BANKRUPTCY BECAUSE STUDENT LOANS CANNOT BE DISCHARGED BY BANKRUPTCY, AND THE BANKRUPTCY STATUS WOULD STAY ON YOUR CREDIT REPORT FOR 7 YEARS.  I WOULD JUST GIVE THEM A CALL AND TRY TO WORK SOMETHING OUT, IF YOU DON'T YOU COULD DEFAULT, AND THEY WILL GARNISH YOUR WAGES AND TAKE YOUR INCOME TAX RETURN, AS WELL AS REPORT IT NEGATIVELY ON YOUR CREDIT.  GOOD LUCK
1113712
sure use the link on my profile\nlet it take you to the website that states this in its text\nWe have over 80 Little-known Banks & Companies that offer Bad Credit Loans, Bad Credit Home Loans, Bad Credit Auto Loans, and Bad Credit Personal loans to people with Bad Credit or even a Bankruptcy. Many require absolutely NO COLLATERAL & NO CO-SIGNERS. Home ownership is not required.
400076
Yes, I just did.  I did a chapter 13 a month ago.  I had to do a one hour telephone interview with a bankruptcy approved consumer credit counselling service (my attorney gave me the phone number), and they gave me a certificate that said I was approved to file a bankruptcy, which they sent to my attorney.  All of my unsecured debt was released, and I'm on a 5 year payment plan with the bankruptcy trustee to pay off my cars, and some income taxes.  Almost $10000 of credit card AND payday loan debt was washed away!  Saved my life!  Good luck!  (BTW...Torkhum, one of your answerers, doesn't know what he's talking about...the new laws only effect about 2% of the population when everything is said and done, once you get bankruptcy approved interview with the CCC service your attorney recommends to you)
445517
Once the bankruptcy is final, you can get all sorts of loans ( but at very high interest rates)\n\nBut honestly, if they are already filing bankruptcy that means they have lived and spent beyond thier incomes.  Why should they want to start out with new debts already.\nIt is a trap.  they should get all of their money in line first and work out and live on a budge before going back into debt.
646454
I have been working in the mortgage industry for about 4 years now. Let me tell you up front, in all honesty, it's MUCH more difficult to work with someone who has a previous bankruptcy than someone who doesn't, even if both customers have the same credit score! From a lenders point of view, when you have a bankruptcy we automatically downgrade your credit grade even if you're credit is restored and you have a 700 score. Normally a 700+ score would place you in an "A+", "A", or "A-" credit grade depending on a few things such as mortgage payment history. However, when we see a bankruptcy less than 7 years out, we will bump you down to a "C" credit grade or less. Which means you won't be able to obtain maximum financing. Most lenders max out at 80% or 85% LTV (loan to value) with "C" credit grade / bankruptcy. That means if you wish to purchase a $100K house, you would only be able to finance $80K or $85K of it. There are lenders out there that will still lend to customers who may be even one day out of discharge, but you're going to get raped on the rate. It's always best to avoid bankruptcy at all cost! If you have to do it, look into filing a chapter 13. Filing a chapter 7 is basically like throwing up a big middle finger and saying I'm not paying anyone any money. That's why it has a 7 year period. In all reality though, I still have customers come to me that had a bankruptcy more than 7 years ago and I STILL see it on their credit report. Chapter 13's typically last anywhere from 2-4 years, and in a C13BK you work to pay back negotiated amounts. This will always look better than paying back nothing at all.
1130863
This question is easier than most are making it.  Two years is the magic timeframe with most mortgage lenders.  You should be able to qualify for a mortgage just as easily as someone else with the same credit score that hasn't had a bankruptcy.  \n\nThe usual disclaimer goes here: it depends on your entire financial position right now.  Your strong job history helps.  Having money in the bank or a 401k to show as assets also helps.  \n\nYou should work with a local mortgage broker.  They will be able to get conventional financing that any bank can.  If there is something in your financial picture that makes this kind of lending impossible, the broker can secure non-conventional lending.  These are loans that your local bank can't pull off.\n\nStart by educating yourself.  Check out this blog:  http://explaintome.blogspot.com\nIt explains the mortgage decision process and shows exactly what a mortgage broker does.\n\nBest of luck!
441566
Ya, just call a credit card company. They'll give you credit as long as you're not currently in bankruptcy. You may have a high interest rate and/or a low limit, but it's credit.\n\nhttp://www.creditcards.com/
453879
You and your credit score and not going to win on this one. Go to the lender immediately. Talk frankly with them...they may offer you options, they may not. But it cannot hurt, and it well may help. The lender will NOT want you to file bankruptcy unless they hold a deed of trust. IF they hold a simple mortgage, the property will be tied up for at least 6 months, maybe more. They may be very lenient with you to avoid the problems associated with bankruptcy. Even with a Deed of Trust, Bankruptcy throws a serious wrench into the foreclosure process. Talk to them, not us...they have better answers than we do. Either way, don't plan on your credit score to be very high for many years...up to 7. You can carefully rebuild your credit, but a filing of bankruptcy may live on longer than 7 years, considering the changes in bankruptcy laws last year. In fact, you may not be able to claim bankruptcy because of the changes in the law. Check it out with an attorney and the lender.
458379
Yes and no. If you have declared bankruptcy, 10 years. Non-payment and late payments...2-7 years. There is a reason people get bad credit...unless you change your ways, you will just keep on adding to the pile. 7 years is a very long time. Start today to clean it up, or nothing will have changed in 7 years. Good luck
189037
It never hurts to ask, but, they are in the business of making money, and as stated above, unless they think you are in serious contention to completely default and/or file for bankruptcy, they are not willing to make these types of deals.\n\nThey may make this deal if you go through a credit counseling agency, but they will do that through them, who act as a middle man...accept, you will basically have to tell them that you are broke...which you are not...\n\nif you seriously are in need of credit counseling, you may be able to wipe out  20-40% of the balance....however, with the bankruptcy laws changing last year, credit counseling is required prior to full dismissal in bankruptcy court...\n\n\nhttp://www.nfcc.org/