If you have ever been denied credit, you've probably wondered what exactly the lender based the decision on. Though it may not seem fair to you, you need to look at the decision from the point of view of the lender. You walk into the office and ask them to give you a loan that you "promise" to pay back. The lender initially knows nothing about you or your trustworthiness. They have to turn to a credit reporting bureau to learn about your past borrowing performance. This will be the majority of what they base their decision on since past performance is viewed as the best indicator of future performance.
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If your credit history is less than perfect or if you have little history of credit at all, then you will very likely be denied unless you can provide substantial reasons why you shouldn't. Fortunately lenders are in the business of lending money and they want to lend to you. First you need to clean up your history a little bit.
Cleaning up your credit will take some time and effort, but it can be done, regardless of how bad your credit is. No one is perfect as many huge financial institutions recently found out during the housing and banking collapse. Even the big boys can make bad decisions. Fortunately, their mistakes can be to your advantage if you are trying to clean up a shaky credit past.
Bankruptcy can severely damage your credit, but most people considering bankruptcy already have a near rock bottom credit score so it doesn't really matter. What bankruptcy does is to essentially wipe out your debts as well as your credit history and allow you to start over.
In the past, bankruptcy made it almost impossible to qualify for a loan until the bankruptcy was discharged from your credit history. With the current economic situation many Americans were forced to file bankruptcy or were at least left with a lower credit score due to unemployment or foreclosure. The banks once again have money to lend and are trying to attract borrowers in an attempt to get the economy rolling again. They are therefore much more likely to offer loans to those who have declared bankruptcy than they were in the past.
The banks want your credit score to go up so you can borrower more money and help their business. They are willing to offer you loans to help repair your credit history and raise your credit score. Just be honest with them and be prepared to explain how your situation has changed and your plan for getting back on your feet. The government after all bailed out many major lenders; why shouldn't they do the same for you the tax payer?
Hard times don't mean the end of times and almost anything can be fixed. Take advantage of the current economic recovery to find help in repairing your credit and get back on the road to financial success.
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