I heard even after 3 years, and diligent credit rebuilding these CC companies still deny credit (back above 650 score). Since BKs stay on the credit report for 10 years this sucks. Any experienced people or credit industry experts know the real answers?
2006-08-30 08:35:54 · 9 answers · asked by Glenn G 1 in Business & Finance ➔ Credit
It depends on your credit score when all is said and done. I filed about 4 years ago and I now have 3 unsecured cards, one with a $3500 limit. Filing a BK doesn't automatically keep you from getting unsecured cards, car loans, mortgages or anything else -- because it's based on so much more than the fact that you filed BK. One thing to remember though .. if CC's are what got you into trouble in the first place.. I'd recommend avoiding them or you'll be right back in the same scenaria again more sooner than later. In essence, the lower your credit score, the harder it will be to get an unsecured card ~~ IF you do have to go the "secured" route .. do make sure that the company you get a secured card from reports to the 3 credit bureaus. It does no good to have one of these cards if you aren't being reported.. as it won't help you build good credit. PS- my credit score was in the 500's after filing and I still got unsecured cards.
2006-08-30 08:59:08 · answer #1 · answered by CactusFlower 4 · 1⤊ 0⤋
Well I'm speaking from personal experience and after I filed Chapter 7 bankruptcy it took me less than a year to refinance for a car loan. The interest rate is really high but I'm glad I got a car. My car that I had was about to go on me so it came in handy. After that I was able to receive a credit card but the limit was only $300 but it was a start. It has an annual fee of $39.95 but I got one. I agree with the other person you only need one credit card, otherwise you would be in the same situation again. The credit card company is Orchard Bank if you really want a credit card.
2006-08-30 10:27:23 · answer #2 · answered by turnertot1992 2 · 0⤊ 0⤋
I agree with a lot of the posters that you may be able to start rebuilding your credit fairly fast depending on any other circumstance of course.
You might check out the site I've listed. Start in the newbie forum and then do some reading in both the credit forum and the bankruptcy forum. Many people who have filed have posted their rebuilding efforts - both good and bad.
You can learn what companies are bankruptcy friendly, which ones aren't etc.
By reading the threads that are posted, it 'does' seem that people who have file BK have an easier time rebuilding than those who are slugging it out with the collectors and credit bureaus.
2006-08-30 10:00:12 · answer #3 · answered by echo 7 · 1⤊ 0⤋
Credit card companies will generally grant either secured cards or low limit cards usually within 6 months of bankruptcy usually at a really high interest rate. The better question is why do you need a card so badly after bankruptcy. Sounds like you need to learn better money management first THEN maybe apply for a card. I have been living without a credit card (debit card only) for 8+ years. You really do not NEED a credit card.
2006-08-30 09:58:53 · answer #4 · answered by DG 2 · 0⤊ 1⤋
enable me wager... you acquire the letter that stated something to the music that they are elevating the APR on your mastercard and contained in the subsequent sentence they insured you that this action has not something to do along with your credit or price heritage. it really is strictly what they advise. they're doing it because they could benefit this for no glaring reason. (a minimum of till February 2010). After that they could nevertheless do it yet you've 30 days to choose out, close the account and pay off the soundness less than your previous APR. you in ordinary words do not have a mastercard account anymore... Mine despatched out the letter saying there is surely not any extra overdraft fee expenses on cc debts in the journey that they enable the overdraft yet on a similar token they're increasing the APR. which does not mean a lot to me because i do not ever run my card previous the ten% reduce and that i infrequently carry a stability. purely because of this i assume that this letter is going to everybody. And on your case it does have implications yet they don't seem on the guy debts. next time... stick it to the hospitals... and enable them attempt to carry mutually on clinical expenditures that are lined through coverage organizations. do not placed it on your mastercard yet deliver the medical institution $20 a month and get it in writing that they settle for a cost plan.
2016-12-06 00:01:28 · answer #5 · answered by scelfo 3 · 0⤊ 0⤋
You could get a secured credit card even if you filed bankruptcy in the past six months!
2006-08-30 08:38:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
This is just from personal experience, but my mom filed back in Nov. of 2005 and Capital One gave her a card with $5000 last month. I think it all depends on the circumstances though.
2006-08-30 08:40:33 · answer #7 · answered by stvchik 2 · 0⤊ 0⤋
I bought a used Chevy Silverado with under 50K miles through Capitol One one year after filing chaper 7 with a pretty good interest rate. It seemed to help my credit.
2006-08-30 08:43:39 · answer #8 · answered by justaroundabout 1 · 0⤊ 0⤋
It depends on your income. I've seen credit offered as soon as the BK was finalized.
2006-08-30 08:42:46 · answer #9 · answered by ceprn 6 · 0⤊ 0⤋