I filed bankruptcy two years ago. How does this affect my chances of a loan? -Michael


Certainly, bankruptcy is not a very good thing when it comes to your credit score and ability to get a loan at a competitive interest rate—or at all. However, since it was a couple of years ago, a lot depends on what you’ve done since then. Have you made on-time payments every time to any remaining debts? Have you begun to rebuild your credit? We’d recommend that you check out your credit report and score at (the score costs about $10).

In order to rebuild your credit, you may have to take some small steps first. For example, you could get a secured credit card. While this type of card is reported for credit scoring purposes, it requires that you make a deposit (usually put in a CD) equivalent to your line of credit. You may also be able to qualify for a low balance store card. This type of card typically has lower underwriting standards. So, we don’t know if you can get any credit, but hopefully these ideas will help get you back on the right path.