Comments on: Can I get a loan after bankruptcy? http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/ Editors from FSB magazine answer your pressing small-business questions. Tue, 15 Dec 2009 12:52:55 +0000 http://wordpress.com/ hourly 1 By: Mak, St.louis, Missouri http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-1955 Mak, St.louis, Missouri Tue, 25 Aug 2009 15:03:12 +0000 http://askfsb.wordpress.com/?p=714#comment-1955 I will be 2 yrs past my BK, have a solid business plan, put together with expertise from accountants/lawyers etc. I am a dentist, still cannot get a loan for 95k to start shop again, even after I offered equipment as collateral (retail new value over 250k, used probably 125k)..all this stuff about getting loans after BK, I believe is THERE ARE NO LOANS AFTER BK FOR AT LEAST 4-5 YEARS. I will be 2 yrs past my BK, have a solid business plan, put together with expertise from accountants/lawyers etc. I am a dentist, still cannot get a loan for 95k to start shop again, even after I offered equipment as collateral (retail new value over 250k, used probably 125k)..all this stuff about getting loans after BK, I believe is THERE ARE NO LOANS AFTER BK FOR AT LEAST 4-5 YEARS.

]]> By: Bellevue , WA http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-1919 Bellevue , WA Sun, 26 Jul 2009 18:34:03 +0000 http://askfsb.wordpress.com/?p=714#comment-1919 I filing a bankruptcy and I want to know How soon I can try get a loan or credit cards? When I got a bankruptcy and i want to get loan for my business, I will be able to get the loan or not? I filing a bankruptcy and I want to know How soon I can try get a loan or credit cards?

When I got a bankruptcy and i want to get loan for my business, I will be able to get the loan or not?

]]> By: Florida http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-1501 Florida Wed, 11 Feb 2009 15:23:36 +0000 http://askfsb.wordpress.com/?p=714#comment-1501 Sure you can get a loan... but your interest rates would be very high... After I filed, I wasn't able to get credit cards or loans for awhile... So I used pre-paid/secured cards... I found a great source of them at <a href="http://www.cardtrak.com/cards/categories/secured.html" rel="nofollow">http://www.cardtrak.com/cards/categories/secured.html</a> Sure you can get a loan… but your interest rates would be very high…

After I filed, I wasn't able to get credit cards or loans for awhile… So I used pre-paid/secured cards… I found a great source of them at http://www.cardtrak.com/cards/categories/secured.html

]]> By: andrea valk jonesborough TN http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-1374 andrea valk jonesborough TN Thu, 01 Jan 2009 02:45:58 +0000 http://askfsb.wordpress.com/?p=714#comment-1374 my bankruptcy was just discharged i need a loan to pay back and rebuid my credit i make good money with communications company for 5 years 2 months mr worcester can u help my bankruptcy was just discharged i need a loan to pay back and rebuid my credit i make good money with communications company for 5 years 2 months mr worcester can u help

]]> By: Holly, CO http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-1082 Holly, CO Fri, 14 Nov 2008 04:22:34 +0000 http://askfsb.wordpress.com/?p=714#comment-1082 Let me tell you something alright? Leading up to the time that we had to take out a cash loan, we didn't see anything but negative remarks from others online about the cash loan industry. We ended up almost losing our car because we waited. At the last minute, we borrowed $400 from http://www.cashloancity.com and I really believe it is the only thing "at the time" that saved us. I understand that there's a problem with some people abusing this industry and crying about it later, but what about the people that really need it and pay it back on time? We're even getting ready to have a positive mark on our credit because of it. Why are the people that never need this type of loan the same people that keep others from being able to get one? Let me tell you something alright? Leading up to the time that we had to take out a cash loan, we didn't see anything but negative remarks from others online about the cash loan industry. We ended up almost losing our car because we waited. At the last minute, we borrowed $400 from http://www.cashloancity.com and I really believe it is the only thing "at the time" that saved us. I understand that there's a problem with some people abusing this industry and crying about it later, but what about the people that really need it and pay it back on time? We're even getting ready to have a positive mark on our credit because of it. Why are the people that never need this type of loan the same people that keep others from being able to get one?

]]> By: Julia eCompetitors, New York, NY, www.ecompetitors.com http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-995 Julia eCompetitors, New York, NY, www.ecompetitors.com Sat, 18 Oct 2008 19:50:36 +0000 http://askfsb.wordpress.com/?p=714#comment-995 It will be much harder to get you a loan now, but this is still possible. However, you must have large profits and very good tax return, because they need prove of your ability to pay back. Good luck. It will be much harder to get you a loan now, but this is still possible. However, you must have large profits and very good tax return, because they need prove of your ability to pay back. Good luck.

]]> By: Mike , Texas http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-979 Mike , Texas Mon, 13 Oct 2008 20:37:44 +0000 http://askfsb.wordpress.com/?p=714#comment-979 Being denied for a loan/line will not hurt your credit report. The inquiry is what hurts your credit score. Personal Bankruptcy is a death sentence on a business loan. In order to overcome it you must have the following. A very low DTI (Debt to Income) ratio. Banks want to see lots of working capital accrued as well as strong tax returns. Having a track record of responsibility since your bankruptcy is key, no slip ups at all. One 30 day late payment shows you havent learned your lesson. Simple, prove your business is thriving through strong financials,show credit management since bankruptcy, and display low amounts of debt and you will be fine. Being denied for a loan/line will not hurt your credit report. The inquiry is what hurts your credit score.

Personal Bankruptcy is a death sentence on a business loan. In order to overcome it you must have the following.

A very low DTI (Debt to Income) ratio. Banks want to see lots of working capital accrued as well as strong tax returns. Having a track record of responsibility since your bankruptcy is key, no slip ups at all. One 30 day late payment shows you havent learned your lesson.

Simple, prove your business is thriving through strong financials,show credit management since bankruptcy, and display low amounts of debt and you will be fine.

]]> By: drew, louisville, KY http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-973 drew, louisville, KY Mon, 13 Oct 2008 14:16:16 +0000 http://askfsb.wordpress.com/?p=714#comment-973 john, i noticed your response on here regarding being able to loans for people just out of bankruptcy. i have a client that may need to talk to you. email me with your contact info. john,
i noticed your response on here regarding being able to loans for people just out of bankruptcy. i have a client that may need to talk to you. email me with your contact info.

]]> By: PJ, Westport CT http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-969 PJ, Westport CT Sat, 11 Oct 2008 13:38:38 +0000 http://askfsb.wordpress.com/?p=714#comment-969 How do we get in touch with you? How do we get in touch with you?

]]> By: cjlee , seoul Korea http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-963 cjlee , seoul Korea Tue, 07 Oct 2008 09:34:05 +0000 http://askfsb.wordpress.com/?p=714#comment-963 In my opinion, you should not confused enterprise of personel. if your company are able to take a bank loan depanding on its credit rates not yours. why do you visit your neighber bank. In my opinion, you should not confused enterprise of personel. if your company are able to take a bank loan depanding on its credit rates not yours.
why do you visit your neighber bank.

]]> By: charles greenville nc http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-958 charles greenville nc Sun, 05 Oct 2008 20:38:52 +0000 http://askfsb.wordpress.com/?p=714#comment-958 How can you get a bank to make a settlement on a judgement How can you get a bank to make a settlement on a judgement

]]> By: Lisa, Knoxville, TN http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-948 Lisa, Knoxville, TN Fri, 03 Oct 2008 08:37:47 +0000 http://askfsb.wordpress.com/?p=714#comment-948 As someone with a past bankrupcy who received a loan just a short month and half ago, I'll give you my advice: *Take the time to develop your credit. Pay off credit cards in a timely manner. Pay other bills on time and in full. Avoid the multiple small credit line, high interest rate cards that will flood your mail box. *Go to a banker/bank who knows you. I received my loan from the credit union who holds my mortgage. I'm sure my track record of not missing a payment or being late with a payment is what got me the loan. *As far as the assertion that financers don't care about bankruptcies anymore, that's just not true. I had impeccable credit up to the six months prior to the tragedy that led to my bankrupcy; it didn't change a thing in the intervening years. Be patient. Use the resources you have, including your desire to succeed. Know things will turn around. Good Luck! As someone with a past bankrupcy who received a loan just a short month and half ago, I'll give you my advice:
*Take the time to develop your credit. Pay off credit cards in a timely manner. Pay other bills on time and in full. Avoid the multiple small credit line, high interest rate cards that will flood your mail box.
*Go to a banker/bank who knows you. I received my loan from the credit union who holds my mortgage. I'm sure my track record of not missing a payment or being late with a payment is what got me the loan.
*As far as the assertion that financers don't care about bankruptcies anymore, that's just not true. I had impeccable credit up to the six months prior to the tragedy that led to my bankrupcy; it didn't change a thing in the intervening years. Be patient. Use the resources you have, including your desire to succeed. Know things will turn around.

Good Luck!

]]> By: Austin Clark, Jackson, MS http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-947 Austin Clark, Jackson, MS Thu, 02 Oct 2008 23:50:23 +0000 http://askfsb.wordpress.com/?p=714#comment-947 Obtaining a loan after bankruptcy is a possiblity although it can be difficult. Most lending institution that loan to individuals in bankruptcy or just out, will provide loans on secured loans only. Meaning it must be some type collateral in case you default on the loan. Also, keep in mind that your interest rate will be very high. http://www.wizatbiz.com/AF/ACCOUNT_MAIN.html Obtaining a loan after bankruptcy is a possiblity although it can be difficult. Most lending institution that loan to individuals in bankruptcy or just out, will provide loans on secured loans only. Meaning it must be some type collateral in case you default on the loan. Also, keep in mind that your interest rate will be very high.

http://www.wizatbiz.com/AF/ACCOUNT_MAIN.html

]]> By: Scott, Mountain House, CA http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-940 Scott, Mountain House, CA Thu, 02 Oct 2008 12:22:48 +0000 http://askfsb.wordpress.com/?p=714#comment-940 There is no mark on a credit report when a person is denied a loan or line of credit. It not only doesn't hurt your score, it doesn't even show up. If I decline a loan, I do not go back to the credit bureau and tell them that. We tell them nothing. There is no mark on a credit report when a person is denied a loan or line of credit. It not only doesn't hurt your score, it doesn't even show up. If I decline a loan, I do not go back to the credit bureau and tell them that. We tell them nothing.

]]> By: David Waltzer, New York, NY http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-939 David Waltzer, New York, NY Thu, 02 Oct 2008 04:54:03 +0000 http://askfsb.wordpress.com/?p=714#comment-939 Hello Jim, This is David Waltzer. I appreciate your reasoning. You are correct that a being rejected for a loan can have a negative impact on your credit score. And it is also logical on first blush to think that bankruptcy will lead to rejection. However, what the article points out is that damage bankruptcy causes to your credit score is not as bad or as lasting as one might think. Having a poor debt to income ratio and suffering for years to repay high interest on credit card debt is often much worse for the credit score, and the life, of a debtor than having a bankruptcy on the credit report. The trend with many cases I have seen is that soon after bankruptcy discharge (within six months), debtors are given new credit cards. Working debtors are often able to rebuild credit quickly. Many of my Chapter 7 bankruptcy clients in New York and New Jersey are able go get good rates on car financing, mortgages and other loans within a few years of filing. Having a bankruptcy listed on a credit report doesn’t always equate to bad credit. The important question is as follows: Which option will more quickly get a debtor into a position where he can get a loan at a reasonable rate? My experience is that in many cases, bankruptcy beats other options, such as consolidation or settlement, in that race. Hello Jim, This is David Waltzer. I appreciate your reasoning. You are correct that a being rejected for a loan can have a negative impact on your credit score. And it is also logical on first blush to think that bankruptcy will lead to rejection. However, what the article points out is that damage bankruptcy causes to your credit score is not as bad or as lasting as one might think.

Having a poor debt to income ratio and suffering for years to repay high interest on credit card debt is often much worse for the credit score, and the life, of a debtor than having a bankruptcy on the credit report. The trend with many cases I have seen is that soon after bankruptcy discharge (within six months), debtors are given new credit cards. Working debtors are often able to rebuild credit quickly. Many of my Chapter 7 bankruptcy clients in New York and New Jersey are able go get good rates on car financing, mortgages and other loans within a few years of filing. Having a bankruptcy listed on a credit report doesn’t always equate to bad credit.

The important question is as follows: Which option will more quickly get a debtor into a position where he can get a loan at a reasonable rate? My experience is that in many cases, bankruptcy beats other options, such as consolidation or settlement, in that race.

]]> By: Dayzon, Clarksville, Tenn. http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-938 Dayzon, Clarksville, Tenn. Wed, 01 Oct 2008 23:19:25 +0000 http://askfsb.wordpress.com/?p=714#comment-938 Brian, you will never understand my situation because you probably have a risk-free desk job where you are told what to do and when to do it. Let's talk once you have the courage to go out and start your own business. Brian, you will never understand my situation because you probably have a risk-free desk job where you are told what to do and when to do it. Let's talk once you have the courage to go out and start your own business.

]]> By: Brian, Seattle WA http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-937 Brian, Seattle WA Wed, 01 Oct 2008 07:24:43 +0000 http://askfsb.wordpress.com/?p=714#comment-937 Now there is a great investment an independent record label.. not a dying industry...right...not a million of those..right.. Now there is a great investment an independent record label.. not a dying industry…right…not a million of those..right..

]]> By: Jim, Nashville, TN http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-936 Jim, Nashville, TN Tue, 30 Sep 2008 19:05:59 +0000 http://askfsb.wordpress.com/?p=714#comment-936 David Waltzer's comment "Why not apply" for a loan if the applicant has a bankruptcy on his/her record is misleading and possibly damaging to the applicant's credit score. A loan request rejection causes a hit to the applicant's credit score. Those with credit history issues should determine from the lending institution what their minimum lending standards are and in effect, obtain "pre-approval" before the actual application is submitted. Even inquiries into your credit history can result in a credit score downgrade, so the applicant should obtain a fresh Credit Report and show it to the lender. Then ask the simple question..."If your own inquiry turns of the exact same information as what I just supplied, will you or won't you fund the loan. David Waltzer's comment "Why not apply" for a loan if the applicant has a bankruptcy on his/her record is misleading and possibly damaging to the applicant's credit score.

A loan request rejection causes a hit to the applicant's credit score. Those with credit history issues should determine from the lending institution what their minimum lending standards are and in effect, obtain "pre-approval" before the actual application is submitted.

Even inquiries into your credit history can result in a credit score downgrade, so the applicant should obtain a fresh Credit Report and show it to the lender.

Then ask the simple question…"If your own inquiry turns of the exact same information as what I just supplied, will you or won't you fund the loan.

]]> By: John Worcester, MA http://smallbusiness.blogs.cnnmoney.cnn.com/2008/09/30/will-a-bankruptcy-ruin-my-credit/#comment-935 John Worcester, MA Tue, 30 Sep 2008 16:27:58 +0000 http://askfsb.wordpress.com/?p=714#comment-935 I can do loans in BK and just out of BK. Guidelines are tighter but there are a lot of programs out there to help people. I can do loans in BK and just out of BK. Guidelines are tighter but there are a lot of programs out there to help people.

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