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amitforum · Joined: 23 Jul 2009 Posts: 30 4.71 Dollars($)

one of friend declared bankcrupcy before 1 year.
He is now out of bankcrupcy.
He is trying to apply for loan but bank told that his credit is not good.He has now good income.
How bank or we calculate credit ?
How we increase credit after bankcrupcy ?

Thanks ..

livinginnky · Posted: Wed Aug 05, 2009 10:45 am Post subject:

You have to establish credit. I know, easier said than done.

One of the easiest ways to reestablish credit is through a secured credit card. You actually give the bank say $500 and they in turn give you a credit card with say a $500 credit limit. Any charges you make will be charged interest like a normal credit card. You are using your own money to secure new credit.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

amitforum

Your credit score and report is based on the following

35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit

So if you do not owe anythign and you are starting then get a secure credit card ana dmake payments properly monthly and try to apply for personal loan after a year or so.

At this poitn you need to prove that you are being responsible with credit and you have the ability to the will to pay back

Good luck and feel free to ask

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