As it is with life, attitude is everything
As it is with life, attitude is everything when approaching a subprime lender for a subprime loan.
Albert Einstein once said, “Weakness of attitude becomes weakness of character”. For borrowers approaching subprime lenders, it is important to have a positive attitude about your financial situation. You want to be confident that you have turned the corner financially (or are in the process of turning the corner) and are now beginning to resolve your financial problems, and you want to convey that attitude to the lender. Rather than look specifically at credit scores, as most conventional lenders do, subprime lenders look at a variety of other factors when assessing the risk associated with loaning funds to prospective borrowers. If you are running or trying to hide from your creditors, it will be evident to the subprime lender when they review your credit history and it will not come across well.
If you put yourself in the shoes of that lender, you would not want to loan money to someone who did not appear to be taking their financial situation seriously. Ultimately, if the lender senses you are working hard to fix your financial situation then that will go a long way into successfully obtaining a subprime loan.
So what does this mean on a practical level? Work with your creditors; make an effort to pay collection agencies on prior bad debts to show the subprime lender that you are serious about resolving the situation once and for all.
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