2006-09-12 02:39:19 · 7 answers · asked by osunumberonefan 5 in Business & Finance ➔ Personal Finance
This is something I deal with almost every day in the Mortgage Industry. What most people fail to realize is that once you file Ch. 7, you still have some work to do in order to reestablish yourself as a good credit candidate. Most lenders, whether it be for a mortgage, car, personal loan etc. do have a period of 2 years before a bankruptcy will not matter so much anymore, once the bk has been discharged for 12 months though, things can start looking up. rates start to get a little better and programs seem more attractive. Your best bet, take out a secure credit card or two and use them to make purchases every month (something you would normally pay cash for, but don't spend that money!!). When the bill comes, pay them in full every time on time. At the very least, sent in more than the minimum payment. This will start to reestablish good payment history and allow your credit scores to heal while you are recovering from the BK. The BK will stay on your credit report for at least 7 years and usually not more than 10 years. The worst thing for lenders to see is someone who filed a bankruptcy and then got themselves into hot water a second time. Hope this helps.
2006-09-12 03:16:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It will be on your credit record for 7 years. Pay your bills on time. This will help to improve your credit score. Charge small items and pay the bill in full monthly.
It sounds bizarre, but after filing Ch. 7, you will actually be more creditworthy...because you are no longer carrying so much debt. Further, after filing, you can't go bankrupt for at least 7 years, so creditors know you can't default on the debt.
2006-09-12 09:49:39 · answer #2 · answered by Cleveburgher 3 · 0⤊ 0⤋
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 08:54:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Allow me a moment ,,, You went into debt and failed??
Now you want to go back into debt so you can.....?
visit daveramsey.com learn what the slave banks don't want you to know. Yes you can buy house without a I Love Debt score or even a low score. If you want to be average - $8400 credit card , 15200 car loans and one paycheck from homeless. Rebuild your Fisco score.
Cash is KING credit is dumb
2006-09-12 10:17:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
From experience, companies will look at you when at least 2 years have gone by since the bankruptcy. you will have a high interest rate. i run truecredit.com to keep updated on my credit score because all those companies that you put in your bankruptcy will try to come back and sell you to collection companies and try themselves to put you delinquent on your credit bureau. just watch your credit. immediately dispute dispute dispute. good luck to you
2006-09-12 09:46:41 · answer #5 · answered by notyours 5 · 0⤊ 0⤋
Hard to do. Did you bankrupt all of your cards. If you paid some, they are a good start. Otherwise, only time.
2006-09-12 09:47:57 · answer #6 · answered by flirpityflirp 3 · 0⤊ 0⤋
Check out http://www.lifeafterbankruptcy.com
This site has lots of information for folks in your situation.
2006-09-12 20:13:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋