How long does bankruptcy affect your credit...unable to get credit card to rebuild credit !!?

Answer 1

Bankruptcy can, and will, hurt your credit for 7-10 years (generally 10). That being said, for some people, it does nothing at all, due to their FICO score being in the low 400's. If you didn't get rid of any secured debt (car or home), the effect won't be felt "as" much. You will be able to get a couple of higher interest credit cards rather quickly, which may be a good idea. Get those check marks on your credit report. Banks will not look at you for loans or credit cards, generally, for at least 2 years after discharge.

If you need a credit card to help rebuild your credit, try www.householdbank.com, and www.orchardbank.com. Also, try store charge cards, like walmart, or circuit city. Don't go crazy with them, but use them with some wisdom, and MAKE your payments each month ON TIME. After about 6 months, you WILL see a rise in your credit score.

Answer 2

It will affect your credit for 7 years, and much more after that because even if you apply for a mortgage 10 years later, they will ask about your bankruptcy. When you get a bankruptcy, they'll give you credit cards right away, but remember that you can't get out of the debt after that for at least 7 years.

Answer 3

7 years, pay your utilities on time, as soon as they arrive.
This makes a difference, house payment or rent on time?
This all matters. There is more to it than late charges.
Have a savings. Put some in every month. Show the bank you have a savings. When people go to buy a house, they check all these things. Don't buy more than you can afford.
Remember the standard rule. House or rent 25% of income.
Car not over 25% of income including repairs, gas, tires and everything to do with transportation. Credit cards, bills, utilities and every bill besides the house or car. should equal 25% of income. If it is more you have to many bills. Should have one check for food, clothes, household, medical bills or left overs from other bills. Divide these 4 weeks this way and thats what you can afford.

Answer 4

Bankrupcy shows up on your report for 10 years. But somehow places seem to know even after that.
But often you will get offers from deposit account credit cards the week after you get your bankruptcy final discharge. They want to get your money and get you to get back deep in a hole agan.

Why do you need credit, start over, don't buy if you don't have the money. don't borrow any money and you don't need credit at all.

Really rich people have awlful credit since they don't borrow money, don't need credit cards and pay cash. If you have a credit number of 0 you have it made, it means you don't need it.

Answer 5

7 years, you might want to look at a secure credit card as a start. Or if you are in need of a car there are places that will lend to anyone, just be prepared for the interest rate. You can go that route and refinance in two years, it helps the credit score.

Answer 6

Use it as an opportunity for Personal Growth...ditch the credit card idea, get yourself an ATM/check card, and learn from it...
bankruptcy sucks, but if you track back, you'll see how you got there to begin with, and it has a lot to do with the tendency of financial institutions to loan money to those that frankly can't afford the payments...and no, they don't care how badly you're screwed when you can't come up with the coin...

Answer 7

10 years

Answer 8

7 years for Chapter 7
11 years for Chapter 13.

Chapter 7 is when you give up and pay nothing back.
Chapter 13 is when you pay back your creditors for a maximum of 3 years.

I got a unsecured credit card from Household Bank, 6 months after my Chapter 7 was filed. The rate is high, 19%, but only use it in emergency.

www.householdbank.com

Answer 9

It will stay on your record for 7 years. And believe me, it will haunt you. We had to declare bankruptcy last year, and we had to buy a car a few weeks ago. Toyota Credit first agreed to loan us the money, since my father has one of the highest credit ratings they had ever seen and he co-signed. Then they called back and said "we've changed our minds--we're going to charge you 12% interest instead of 7.8%. Luckily, I'm a lawyer, and we had a signed contract stating that the loan was for 7.8%. But even with that, we had to fight them to accept that they were required to loan us the money at the rate they agreed to.

Answer 10

7-10 years depending on the type of bankruptcy.