someone told me it was 5yrs & during that time you were unable to have a bank acct / cards / mortgage etc.
2006-06-27 05:12:04 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Usually 10 years because that is when it will disappear from your credit record.
2006-06-28 10:46:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can get a bank account right away unless you are blackballed in one of the systems that banks use to see if you are a bad banking customer. If you have a bad record with someone like Chexsystems, you'll need to clear up the mess with the bank reporting to get it clean.
As to credit cards, the sub-par lenders will start sending you offers within months of your discharge. Serious recommendation here: DO NOT get more credit until you can live successfully on a cash only basis for a couple of years or more. Otherwise you are likely to continue the bad habits that put you into bankruptcy.
As to mortgage lenders, you won't get prime rates quickly and you will probably need a down payment, but you should be able to get a mortgage within a year or two.
Car loans may well be the easiest thing to get. Again, you won't get the best interest rates and they'll try to squeeze out as much down payment as possible but you can get a car loan from a real dealer (and all those little roadside dealers that really overcharge).
The BK will stay on your credit file for 10 years, but as time passes, it has less of an impact on actually getting new credit.
In fact, the lenders love that you can't do it again any time soon, so it is almost easier to get money. Just be aware, it will cost you more to borrow.
2006-06-27 05:18:20 · answer #2 · answered by Lori A 6 · 0⤊ 0⤋
5 years
2006-06-28 00:42:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
People have this idea that 7 years it is gone from your credit report. I worked in law for a lng time. A bankruptcy can stay on your credit report for 10 years. You can hire someone to try to get it removed.
2006-06-27 05:18:09 · answer #4 · answered by butterfliesRfree 7 · 0⤊ 0⤋
financial ruin will stay on your credit rfile for 7-10 years. as a manner to be on the risk-free part, anticipate a 10 3 hundred and sixty 5 days wait. You actual might desire to computer screen your credit, somewhat contained whilst it comes to a financial ruin. make advantageous each thing it is meant to be bumped off is quite bumped off. If a debt is meant to be bumped off in 30 days, survive them. companies like to characteristic on your rfile, yet they are oftentimes very slow to get rid of unfavourable suggestion.
2016-12-09 02:18:49 · answer #5 · answered by forgach 4 · 0⤊ 0⤋
If you declare bankruptcy in Britain, you become a discharged bankrupt exactly a year later.
2006-06-27 05:21:56 · answer #6 · answered by Lisa 3 · 0⤊ 0⤋
i had a friend that went from his final judgement in bancruptcy court, directly to a mortgage company where he was given a new 30-year mortgage...At a much higher interest rate, of course.
2006-06-27 05:35:13 · answer #7 · answered by hogtyd 4 · 0⤊ 0⤋
I thought it was 7 years
2006-06-27 05:16:15 · answer #8 · answered by kitten lover3 7 · 0⤊ 0⤋
even though a bankruptcy can be discharged, it stays on your record ten years. regular credit is seven years.
2006-06-27 05:16:49 · answer #9 · answered by hollywood71@verizon.net 5 · 0⤊ 0⤋
no you cant untill you have paid back the money you owe
2006-06-27 05:15:21 · answer #10 · answered by baldyhugsblues 5 · 0⤊ 0⤋