bk and credit scores?

Question

I apply for a credit card from some of the dept. stores and I'm alway denial do to a bk I did 6 years ago, how long will they hold this against me, I know the bk stays on your credit for 10 years, but will it be 10 before I can get a store credit card, and how much does a bk and inquires lower your credit score???

Answer 1

Some people get credit 1 yr out of BK, you just have to know where to look. You need to partner with companies that will REPORT to all 3 credit bureaus, but won't pull your credit file (and hold it against you). This way you can build up positive trade lines which will help you qualify (in time) for a real credit card.

First, look up Crown Jewelers on the internet. They usually offer a $1,500 credit line as long as you buy a small item. No credit check and they report to all 3 credit bureaus. This is important because you need good trade lines. Second, open a secured credit card. Try New Millenium Bank. Again, no credit check and they report to all 3 bureaus. Remember, revolving debt is highly weighted in FICO scoring and this will help your score. Keep your balances low, pay those two on time and you will be on your way to better credit.

Answer 2

With years in the credit business:

6 years? It sounds like you have other current credit issues that are causing you problems.

How frequently are you requesting this credit will make a difference, as well as your total outstanding debt.

Also, if you are applying for credit from a company that already took a loss on you the first BK, this may be causing you problems.

I would recommend seeing a mortgage broker and talking to them about credit. They'll want to help you finance a house, but will give you invaluable (free) information on what you can do to improve. You have asked a very complicated question that should be answered after an expert looks at your credit directly.

I recommend a mortgage person because they don't get paid on getting you into a credit repair or counseling program. They'll simply give you the advice necessary to get your scores up (because they want to qualify you to buy a home)!

Best of Luck!

Answer 3

. go to www.annualcreditreport.com and get ALL 3 credit bureaus. - follow their directions on diputes
2. send a copy of your list of creditors (to ALL 3 bureaus) from your bankruptcy to make sure all of the accounts are updated as included in bankruptcy and that will show a zero balance and put all of your tradelines at the bottom of your bureau.
3. you cannot make your bankruptcy go away for 10 yrs, but after two years you should be able to get conventional interest rates.
4. AFTER you have updated your credit files - Utilize your local credit union and pay all your bills on time. Derog credit after a BK will hurt your score badly especially if it is a credit card