How to Get a Personal Loan After Bankruptcy

How to get personal loans after bankruptcy? This is a question that every person who has suffered bankruptcy has to deal with. Bankruptcy leaves your credit in bad repair, but fortunately all is not lost. You can indeed do some things to fix up your credit.

The first thing you absolutely need to do is take out your credit report from the three major credit agencies and see if there are any errors in the reporting. Your report should be up to date and any inconsistencies should be reported to the publishing credit card company.

You should also look for the bankruptcy notice on all the credit reports. If it’s missing from any of them, contact the reporting credit agency about this. You may be required to forward your bankruptcy documents to them as proof.

If you are looking to apply for personal loans after bankruptcy, you are going to need to work on your credit right after the bankruptcy discharge. This is because most lenders will not lend to anyone with a bankruptcy discharge on their credit records for less than 2 years. Now this is not a “firm” rule and there are some exceptions, but as a rule of thumb you are going to have a much more difficult time trying to gain a loan in less than two year period. This rule virtually applies to anything credit related such as after bankruptcy car financing, after bankruptcy mortgage financing, etc.

If you use the two years following bankruptcy to improve your credit history by paying all bills on time, you stand a good chance of getting the loan you need. You can take out a secured credit card from a bank or from online and use this as a credit source to purchase items and pay off the card each month. This is the best way how to get personal loans after bankruptcy.