There are many issues that need to be cleared in order to answer such a question. Mainly, the time when the bankruptcy was discharged constitutes vital information and your recent credit history will also influence the approval process. Besides that, you?ll also need to compare your needs and qualification with the offers available and their requirements.
Time Of Discharge
Most bad credit loans will require a two year period since the bankruptcy has been discharged in order to even consider a loan application. However, there are some types of loan that you may obtain just after the discharge and others that may require smaller type spans. Nevertheless, your credit behavior since the discharge must be impeccable.
The kind of loans you can obtain within a short period after your bankruptcy has been discharged are secured loans. Bad Credit Refinance Home Loans and Home Equity Loans might be available right away. But unsecured bad credit loans won?t be within your reach until after a long period of time with the sole exception of payday loans and cash advance loans that require no credit checks.
Recent Credit History
The last few months of your credit history need to be free from stains. If possible all your credit history after your bankruptcy was discharged needs to be impeccable so you can have more chances of getting approved for a bad credit loan. You need to show to the lenders that your credit behavior has improved since your last bankruptcy.
You need to avoid stains on your credit history and having too much debt and open credit lines. If possible you need to avoid late payments and missed payments though some of these may be tolerated. However, too many late or missed payments and defaults on your recent credit history will ruin your credit and won?t let you get approved for a bad credit loan.
Requirements Needed To Get Approved
Given that you?ve gone through a bankruptcy and that you are seeking a
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Source: http://www.story-of-finance.com/just-went-through-bankruptcy-are-bad-credit-loans-for-me.html
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