2006-09-06 22:29:46 · 15 answers · asked by Jay 1 in Business & Finance ➔ Credit
There are a lot of incorrect answers here!
You CAN apply for credit the day after discharge from bankruptcy, finding a lender is a different kettle of fish though!
You can try Capital One or Co-operative, they will normally give credit cards with a Credit Limit Deposit. Basically they let you open a credit card with a low limit e.g. £200, but you have to pay a cash deposit of the FULL limit e.g. £200 before use, and this deposit is retained until the card is closed.
While may seem a bit steep, you at least get to have one 'good' account on your credit file, which will help rebuild your credit, and after a period of say 12 months, other lenders will be more willing to lend to you because of the good behaviour of this account.
You can also open mail order accounts with catalogues to improve your credit rating.
E-mail me if you need more info, but as someone who has been in your position, I would think twice before using a credit card (or do what I do and wet it, and stick it to the wall of your freezer - that way its a real bu**er to get off if you are tempted to spend!!!)
2006-09-07 00:36:36 · answer #1 · answered by Emma T 4 · 0⤊ 0⤋
Get your credit back up. Make sure there's nothing "hanging" on your credit after the bankruptsy. Your lawyers should've taken care of all of this but sometimes they miss stuff and it could be on your credit keeping the score low. You can dispute these bad marks to the three credit bureau's using professional letters and copies of your credit report with highlighted areas of the mistakes that should be removed.
Also, consider getting accounts with Home Depot, Target, etc., to use ONLY if you have the cash on-hand to pay it off at the end of the month. Do this for about 1-2 years and your credit score will go up even higher.
Also, DO NOT get into any bad debt or credit problems again because they will look to see if you have ANY bad marks on your credit at all and will either give you a super high interest rate or decline you altogether.
I also recommend getting a co-signer and having a stable job with stable income for a long period of time.
Good luck.
2006-09-06 22:34:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Once you are declared bankrupt, you cannot apply for finance for 8 years in the UK, which means you will not be able to get a bank account, a credit card or a loan.
More information on the Insolvency Helpline:
http://www.insolvencyhelpline.co.uk/bankruptcy/what_is_bankruptcy.htm
2006-09-06 22:33:11 · answer #3 · answered by bloodrose903 2 · 0⤊ 0⤋
Contrary to outrageous beliefs - in the UK you are only bankrupt for 12 months. Once your bankruptcy is finished you can start to rebuild your credit. Speak to an accountant or qualified debt adviser and they will advise you how to rebuild your credit rating. I do mortgages for ex bankrupts and its normally about six months after bankruptcy end that you can apply for the a mortgage.
Good Luck
2006-09-07 10:25:53 · answer #4 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
you need to reestablish your new, good credit after bankruptcy. the best way is to find somebody who will co-sing on credit cards for you and after 1-2 years you can get financing like mortgage .
your bankruptcy mark will show on your credit for 10 years and be prepared to explain why this happen to you for many years you will apply for the credit.
2006-09-07 10:49:44 · answer #5 · answered by bianca 4 · 0⤊ 0⤋
It Will Come Depending On Which Chapter You Do, Chapter 7 Usually 7 Years Now In US, and Chapter 13, I Think It's 10 Years....
2006-09-06 22:31:19 · answer #6 · answered by iLL_TeK_NeekZ 4 · 0⤊ 0⤋
I don't know how you do it, but my neighbor filed bankruptcy and then he bought a new truck and his wife bought a new Trail Blazer and they got a hole new set of credit cards, not to mention the Harley Davidson he got, the brand new lawn mower he just put on one of those credit cards, and the 4- wheeler he's got. I don't know how he done it.
2006-09-06 22:41:50 · answer #7 · answered by tracy211968 6 · 0⤊ 0⤋
Hah, I can't even open a savings account...lol.. I had bankruptcy due to cancer meds placed on my card, along with pet scans my insurance wouldn't pay for. Oh well... Guess i will have to wait it out.
2006-09-06 22:32:28 · answer #8 · answered by barbaradjt 5 · 0⤊ 0⤋
You need to wait a year in the UK to get any sort of credit at a decent rate. You will be able to get limited forms of credit from doorstep lenders, but beware these are very expensive.
2006-09-06 22:32:18 · answer #9 · answered by Keith W 2 · 0⤊ 0⤋
I would like to say witth great difficulty - unfortunately in todays society there will always be someone else who'll lend you money at an exhorbitant rate of interest till you go bankrupt again.
Why do it - Stop spending what isn't yours to spend.
2006-09-06 22:37:24 · answer #10 · answered by Barry G 2 · 0⤊ 0⤋