Will the same bank ever approve me again for a loan?
July 30th, 2014 by Questions
I was wondering and have been told that after bankruptcy if I claimed Bankruptcy with a particular bank that bank will never loan me or get me approved for credit due to the bankruptcy with them. Does this hold any truth
Posted from: Ontario
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July 30, 2014 at 1:09 pm, Doug Stuive, CA | Trustee | CIRP said:
The record of a first bankruptcy stays on the credit bureau record for six or seven years (depending on the particular credit bureau) from the date of discharge. This information is available to a future creditor for determining whether to grant credit. However, a particular creditor can keep the information in their records as long as they wish. In many cases, a creditor / bank will not extend future credit to the same individual who owed them money previously and then filed bankruptcy. However, there have been many situations where the creditor has again advanced funds / credit notwithstanding a previous bankruptcy. There is no hard and fast rule. Not all banks act the same, and sometimes some banks act differently on a case by case basis.