Bankruptcy & Personal Loan !!!

I Claimed Bankruptcy 10 Years Ago , Can I Get A Personal Loan ?

I haven't gotten a credit card either. When I go for the personal loan, do I still need to say Yes, I claimed bankruptcy? Even though it has been 10 years?

The Answer : For starters.....when recovering from a bankruptcy you need to start immediately in rebuilding your credit. If you haven't done anything in 10 years, your credit is still gonna look terrible! Go over to this site. Http://www.lifeafterbankrutpcy.comThis isn't spam...but this site does have stuff they are selling.

but they also have a ton of free information, and newsletters. Their last 3-4 newsletters gave step-by-step info on rebuilding your credit after a bankruptcy. Other past issues give info on how to properly go about seeking a loan. No, you do not have to tell them you have a past bankruptcy.

If you do, that will most likely kill your loan. Many loan officers are very narrow minded, and if they see a BK they will rubber stamp your application immediately. If they care about it, let them do the research to find out. Most will not look past your credit report, and the BK drops off that after 10 years.

At this point, if you have not established other credit, you need to be more concerned about not having a credit rating. The above site will give you a few ideas on quickly getting started. You will most likely have to talk to the loan officer and explain your financial situation. Again, don't mention the BK, but point out that you have a good work history and your finances are good enough to support a loan.