How long does it take after bankruptcy to be able to get credit again?

Question

i filed chapt 13 but had it dismissed and have been making payments to creditors...have credit report and score is approx 601...nothing in judgement area states anything bad other than that i had filed the 13

Answer 1

While a bankruptcy will stay on your credit report, this does not mean that you can't get credit. As one person mentioned, you could get a "secured" credit card. This means that you basically leave a deposit on hand with the credit card company. You cannot spend more on your card than the deposit that the credit card company has.

This does mean that you could start to build a track record again. But you'll have to do so very carefully. You don't want to repeat any of your previous mistakes again. Pay off any balances every month.

You may also be able to get loans, but you'd have to expect the interest rates to be extremely high. I'd advise against any loans until you've been able to improve your credit score.

Answer 2

Mine discharged in March of 2001, I had 1 account that I reaffirmed on and continued making payments. As soon as I got my discharge papers I started getting offers for credit cards, I looked through them and picked the best 2 I could find Orchard Bank and First Premier. For the next 12 months I used them for everyday things and always paid the bill in full before the due date. At that point I bought a new car with no money down and a 3.9 percent interest rate 1 year later I bought a new home again with no money down and a fixed 6.5 percent rate. Today all of my scores are well over 750 and I can get approved for anything I want at the very best rates even though the bankruptcy still shows on my credit. Chapter 7 bankruptcy shows for 10-years on your credit not 6-years and 9-months.

Answer 3

Well, it depends on what you mean when you say be able to get credit again. If you mean..when can I get a credit card or loan? then you can do so right now. The BK does not stop you from getting credit...it just makes it more difficult, usually by means of higher interest rates on you loans/CC and a smaller loan size/CC limit.

Now if you meant, when will I be able to have an A credit rating again? Then the answer is 7 years. When your BK has cycled through it's term of 7 years and then consequently removed, then if you have been re-establishing your credit in the meantime (ie. getting a small car loan((the most important to rebuilding your credit is establishing a good payment history with installment loans such as an auto loan or mortgage payment))) Then when the BK is removed your score will be in the A rating range and you can receive all the benefits of said rating.

Good luck!

Answer 4

In Canada the 13 will remain there for 6 years. Same as any other credit. It's 6 years after the last activity on the account so if you are still paying anything, the clock has not started yet.

Answer 5

The best way to bebuild your credit is to start as soon as you possibly can. Don't go borrowing huge amounts - just get a credit card (which isn't difficult) with a small credit limit, spend that and make regular payments on time. Demonstrate that you are responsible and trustworthy, and the credit gradually gets better. There's a website here which I can recommend has some useful information and advice.

Good luck!

Answer 6

Dont worry the credit card apps will start rolling in. You may have to have a card that is secured at first. Capital One offers one where you have to give them $100 and then they give you a card with that limit. After awhile they will increase the limit. Good Luck! There is life after bankruptcy. (Also bankruptcy is on your credit report for 10 years now, not seven. Adverse credit ratings stay on for 7 years.)

Answer 7

I filed Chapter 13 once. We had ours dismissed as well. There's no real way to say when you can get credit. Some companies will take into consideration its been dismissed. That you can't file again for a few years. It depends on what your wanting to get on credit. Good Luck!

Answer 8

I'd give it a couple years until you try to get stuff. But remember that applying for credit cards lowers your score. In 7 years it should be completely back to normal.

Answer 9

Yep, it takes 7 years to clear it off your credit report. Listen, it you want to learn how to raise your credit score then visit http://www.mycreditadvise.com there you'll find all types of helpful tips.

Good Luck

Answer 10

It will take around 6 to 7 yrs