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Bankruptcies and
foreclosures can remain on a credit report for seven to 10 years. Some lenders will consider an borrower earlier if they have
reestablished good credit. The circumstances surrounding the
bankruptcy can also influence a lender's decision. For example, if
you went through a bankruptcy because your employer had financial
difficulties, a lender may be more sympathetic. If, however, you
went through bankruptcy because you overextended personal credit
lines and lived beyond your means, the lender probably will be less
inclined to be flexible. |
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