Consumer Loan After Bankruptcy: These Steps Could Help
"Consumer Loan After Bankruptcy" article: This article discusses three steps individuals who want a
consumer loan after bankruptcy can take.
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If you are planning to apply for a consumer loan after bankruptcy, here are three steps that could help:
<b>1) Increase your credit score prior to applying for a consumer loan after bankruptcy</b>
Ideally want to increase your credit score before you apply for a consumer loan after bankruptcy. Why?
Because a higher credit score could mean a lower interest rate. Depending on what you're financing this
could save you $100s or even $1,000s in extra interest and other finance charges.
So how can you increase your credit score to potentially lower your interest rate on a consumer loan after
bankruptcy? There are a number of different ways. One way is to have any inaccurate or obsolete negative
items removed from your credit reports. Another way is to add positive accounts to your credit report. These
are just two examples - there are more ways you can increase your credit score. Again - if you are able to
increase your credit score enough, it could potentially reduce the interest rate you pay on a consumer loan
<b>2) Talk to the lender before applying for a consumer loan after bankruptcy</b>
Before you complete a credit application for a consumer loan after bankruptcy you will want to see if the
lender would even consider approving your application. How do you find out? You ask. For example, will
the lender consider someone with a recent bankruptcy on their credit report? Do they require a minimum
credit score? These are just two questions you need to ask - I cover more in After Bankruptcy Credit
If it turns out that the lender would not even consider your application for a consumer loan after bankruptcy,
then you save the time and effort of submitting it in the first place. In addition, you also avoided having an
inquiry placed on your credit report from the lender.
<b>3) Negotiate reasonable finance terms on a consumer loan after bankruptcy</b>
Once you've increased your credit score and found a lender who would consider you for a consumer loan
after bankruptcy, you will want to try to negotiate the most reasonable finance terms - that is, the interest
rate and other finance charges.
How can you negotiate finance terms on a consumer loan after bankruptcy? Much depends on the type of
loan - auto loan, home loan, personal loan, etc.. One way is to shop lenders - if you find two that will
approve you for a consumer loan after bankruptcy, compare the finance terms. You can also ask for a lower
interest rate - again much depends on what you're financing, but it doesn't hurt to ask. In After Bankruptcy
Credit Solutions I go into more detail on negotiating finance terms.
You now have three tools you can use when it comes to applying for and negotiating a consumer loan after
bankruptcy. It may take some time and effort on your part, but the rewards can be well worth it!
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