Quite a few people I come in contact with have had either a foreclosure, bankruptcy or repossession at one point in their life. This definitely has effected their ability to acquire new credit, for the information about these can stay on your credit report for up to 7 - 10 years.
If you happen to be in one of these situations and want to apply for a new loan there are a few things you can do. The easiest thing to do is to perhaps write a letter explaining how and why the problem occurred, perhaps you fell ill or lost your job.
But, the best thing for you may be to wait. The length of time you may want to wait will depend on the amount of the loan and the lender's rules. During the waiting period make it your priority to pay all of your bills on time. You want the lender to see you are taking steps to improve your credit score.
If you need a little extra help in this department there are quite a few organizations that can assist you.
Here are a few in the Jacksonville area:
Family Foundations 396.4846
Jacksonville Urban League 356.8336
Wealth Watchers 380.4292
The Housing Partnership
of Northeast Florida 398.4424
