What Are The Alternatives For Those Who Have Failed?

Rebuild Credit ConecptHere are opportunities for those who have failed based on the number of years since the liberation and rebuilding credit:


Discharged from bankruptcy without rebuilding credit:


1st option: few lenders


  • Down payment or equity minimum of 25%
  • Interest rate slightly higher than normal (about 2% more)
  • Term of 1, 2 or 5 years usually
  • Minimum score of 540 for sure and no minimum size for other
  • Usually, the number of bankruptcy maximum is 1, maximum 2.
  • Sometimes the bankruptcy is discharged for at least two years and that credit is again for at least 12 months.


Option 2: The alternative lenders


  • They generally require 35% down payment
  • The interest rate is about 10% and more.
  • These are the only ones that do not require proof of income for conventional self-employed or business.


Rebuild credit 2 years and released 2 years


The same options as above, plus:


Loans to the following conditions:


  • Beacon score: 615 Minimum for a down payment of 5% without reopening the lender for the down payment.


  • For programs without down payment, no lender agrees for the moment.


  • Beacon score 0 to less than 600: Some banks allow for conventional loans (down payment of 20% or more).