Unsecured Loans And A Recent Bankruptcy

When you are looking at unsecured loans and have a recent bankruptcy going against

you things may seem impossible, but there are some general guidelines about what you can really expect, and things you can do to better your situation.

The first thing you should know is that you shouldn't try for this immediately after discharging your debts. I recommend waiting at least a year, and during that time, building up your credit history. Hopefully you'll use everything you do financially, including borrowing money right now, as part of a plan to rebuild your credit. The main thing you want to do is pay everything on time each month and consider getting a secured credit card from your bank and use it lightly.

There is still more you can do for an unsecured loan with a recent bankruptcy. You'll have a much easier time of things if you're going for a relatively small amount of money, as larger amounts will raise your interest rates and make finding approval harder.

Beyond building up some positive credit history you also want to play up your other strengths as a lender, such as a healthy income and some signs of stability, such as having the same job for a long period of time or living at the same residence for the past few years.

If you have a clear reason for your past financial problems lenders will care about this. Make sure you don't focus on this too much, but prepare a short explanation for your past difficulties, such as medical bills, divorce, or whatever other things happened that led to your current situation.

Be prepared to be offered high interest rates, this is simply unavoidable, but shop around to find the best deals.

The most important thing to remember is to have a good budget plan and be sure to make your payments in full every month on your unsecured loan and a recent bankruptcy will start fading into the background. This will help you build up a positive history for the future and help you put these past problems behind you.

by: Jennifer Quilter

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