Case
Mr. Prob was looking for credit aggressively for his new office space. He went to a financial institute for personal loan. He thought his effort won't go fruitless this time. But the lender asked for collateral to extend a loan to him with high rates of interest. Mr. Prob was very upset with this.
Diagnosis
Mr. Prob did not have any negative item on his credit report. But what he did wrong was neglecting all the errors and outdated information on his report. He also had few incomplete items reported over there. These stuffs caused his score fall down which made the lender ask for collateral.
Possible Remedies
- Spotting errors in credit profile.
- Contacting the concerned bureau via mail with all the necessary documents attached to fix the errors.
Outcome
Mr. Prob started working on his report and pointed out the errors. He sent a dispute letter to the concerned bureau and attached all the relevant documents with the letter that support his claim. He heard from the bureaus very soon and all the errors were rectified within a month. Accounts with incomplete information were also updated. As a result, Mr. Prob's score jumped by quite a good points. He went to the same lender who was happy to extend the loan at an affordable rate.
loans
Have you asked your bank, etc? If you start getting 'loan offers', from companies, that say " you can get a loan, but, they need 'collateral' money, DON'T take these offers! How much do you need? Is it a large amount of money? Can you 'work something out' with the credit card companies? Bankruptcy can be a 'pro and con' on your credit. It may tell lenders oyu had alot of debt before, HOWEVER, it will tell them you don't owe anyone, either. Some lenders will wait until your bankruptcy has been 'discharged' for so long.
You're double-posting!
http://www.creditmagic.org/repair/about4488.html
I think you will need a co-signer. Lenders wont take too much risk and will charge high interests on personal loans. Just some advice for you because taking a loan immediately after bankruptcy can has pitfalls.
* First decide your ability to afford . Do not go for loans with very high rates, there will remain chances of your falling into severe debt once again.
* Take loans which has the minimum of payments to be made
thanks for advice :lol:
You are always welcome. Do keep us posted as to what you do regarding this and share with all of us here :)
SEEMS LIKE AT EVERY TURN I GET DENIED - THEY WANT A CO-SIGNER, NOT ABLE TO GET ONE SO I'LL KEEP PAYING MY DEBTS. NO CHOICE :cry:
Why dont you try to find someone to cosign. Talk to your friends who know you or a family member might help. Keep trying :) luck might favour someday soon.
I think lots of people are terrified these days of co-sining. It doesn;t mean the person is bad but soem are struggling to pay their own bills and can barely do it so it makes them wary of being responsible for someone elses if they default. I do hope you find someone..Keep us updated and go ahead and give those cc companies a call and see if any would be willing to work with you.
Can anybody here tell me that if I cosign a loan agreement what are the risk associated with it.
Hi Andy
You should always think before cosigning a loan agreement for others. This is because cosigning a loan agreement would mean that you are equally liable for the debt and if the original creditor fails to repay it somehow, you need to pay it back. Now if you cannot repay back the debt, the debt may be listed in your credit report and lower your score. However, there are instances where you have to cosign a loan agreement, because the loan may be opted by one of your family members. In such cases, before cosigning, you should make sure that you will be able to pay back the loan amount, in case the original creditor fails to pay it back.
Its not just how finacially secure they are at the time. Depending on the life of the loan and how their future looks. Have they been employed for long, changed employment frequently, binge spending? You have to really take all this into consideration because it is not only their future but yours also, just be wary.