03-10-2009 09:47 AM
03-10-2009 10:32 AM
Is his BK still showing on his reports if so that's why he received a denial.
03-10-2009 11:49 AM
I agree with mjb. A bankruptcy will stay on credit reports for 10 years. Some lenders are absolute in their policies to not lend if there is a history of bankruptcy. It doesn't matter how stellar the history has been since the discharge. Until that major derog is gone, the risk is high. Some lenders will even blacklist for life if you burned them.
It's nice to hear, though, that your friend has been able to recover from bankruptcy, and has gone on to re-establish a solid credit history. Obviously, some lenders are more forgiving than others. They're the ones who will benefit from your friends business.
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO