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For many loans, you’ll want to wait at the very least couple of years after bankruptcy before using. You need to have credit that is positive and enough time in the middle of your application for the loan and bankruptcy.

“It could be hard to be eligible for a loan after filing Chapter 7, particularly if the bankruptcy ended up being recent,” Griffin says. Whether you qualify will probably rely on a few facets, such as for instance:

— the length of time ago you filed for bankruptcy.

— Whether you have got founded a positive account history as your bankruptcy.

— The kind of loan you’re trying to get.

“If you qualify, you certainly will most likely need to pay greater rates of interest along with other charges, particularly when your bankruptcy ended up being present,” says Griffin.

For instance, should your credit rating is nevertheless fair or really bad — which will be considered under 670 on FICO — expect you’ll spend an increased rate of interest than some body with an increased rating. (more…)