2006-09-11 16:48:56 · 12 answers · asked by wannakno 1 in Business & Finance ➔ Personal Finance
Yes. After seven years it theoretically stops being a derogatory. After ten it drops off completely.
If you are careful about how you declare bankruptcy, you can come out very well. I've seen people one day out of chapter 7 with a 680 score.
Don't include all of your credit lines in the bankruptcy. Keep a couple of open credit lines if you at all can. So if there are a couple of bills you can continue to make the payments on, keep them. The judge may cut up the credit cards, but that's okay if you keep making the payment.
The poor guy (or girl) who includes everything has to establish post bankruptcy credit history, and can't, because nobody will give them new credit until they've demonstrated post BK payment history. Not only that, but they're dinged hard for each inquiry. But if you can keep making the payments on just one thing during and after the bankruptcy, that's a wedge to improve your score over a couple years. The lower the percentage of your trade lines that you include in the BK, the better off you are, but keeping even one small ongoing payment with twelve months to go or more will really make a difference. Because after twelve months of making those payments, other credit providers are willing to grant small lines of credit.
2006-09-11 17:00:42 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Of course you can have good credit again after bankruptcy. My husband and I went through it a few months ago. And its hard but we've already gotten some of our credit back. We had excelllent credit before we filed, just couldn't get a hold of the bills. But we keep paying on our house, our cars, and other bills. We recently got a credit card, and only use it for emergencies and then pay it off completely. That builds credit and if you want more help. You can go to your bank and ask for a loan, do something small like 1000 dollars, that way you can pay them back and show that you are responsible, and it builds great credit quick. good luck
2006-09-11 23:53:28 · answer #2 · answered by Jessica 6 · 0⤊ 0⤋
Yes you can. And actually better credit, because most lenders know you can not file again for a certain amount of time. Chapter 13 actually rebuilds your credit!!! Heck, you file Chapter 13 and pay your payments on time and the next thing you know everyone be trying to give you a Credit Card and sell you a car.
2006-09-11 23:58:27 · answer #3 · answered by Snaglefritz 7 · 0⤊ 0⤋
Yes..
How to Improve Your Credit Rating After Bankruptcy
http://www.get-out-of-the-debt-trap.com/category/How-to-Improve-Your-Credit-Rating-After-Bankruptcy.html
2006-09-13 08:54:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes. my moms friend had a score of around 400 and after like 3 years of paying everything on time and her mortgage got it up to around 680 she said. she said the worse thing she did was keep switching credit cards and keep appling to new ones with a better APR. I think it should be possible.
2006-09-11 23:59:04 · answer #5 · answered by Poo Face 1 · 0⤊ 0⤋
certainly you can....you can build up your credit again. The problem is that most people who do bankruptcy the first time are prone to doing them again because they don't learn their lesson.
2006-09-12 00:57:12 · answer #6 · answered by sophieb 7 · 0⤊ 0⤋
yes you can--I know people who have filed bankruptcy and they have a credit score of about 700 (which is excellent)
2006-09-11 23:52:41 · answer #7 · answered by jaspers mom 5 · 0⤊ 0⤋
Yes you can read some credit tips and more on this site to help you with it
2006-09-11 23:50:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yes but you will never have perfect or excellent credit
2006-09-12 00:57:45 · answer #9 · answered by ken 3 · 0⤊ 0⤋
Yes you can.
2006-09-11 23:53:12 · answer #10 · answered by Randy 7 · 0⤊ 0⤋