How long until you can rebuild your credit?
2007-01-23 07:43:50 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The girl up top has it mostly right. I work in auto sales and the one thing that screws people over the most is NOT reestablishing the credit. BK is a one timer. You get ONE chance to do it and still have good credit. If you file more than once your SCREWED for about 20 years. TAKE IT SERIOUS!!!!
You can reestablish faster after a bankruptcy, I know b/c I have done it personally and have seen it with my clients, good and bad, numerous times. Get a car, DO NOT reaffirm your vehicle unless it is worth more than the payoff or close to it or if your rate is very very low and its a good low miles car with less than 3 years left to pay.
Get a few credit cards. PAY THEM!!!! Anyone who does not pay their credit cards is a fool. If things are tight and you dont have the cash to pay, say, a cell phone and your credit card, pay the credit card and use it to pay the cell phone.... DUH!!!!
I have not missed a payment for anything in 3 years now and I have a 644 credit score, which was 430 after I discharged. In one more year I can buy a house at Prime rate and I already got a car at 5%. How? I have a cap one c. card and after 18 mos they automatically approve you fro a car loan at no worse that 12%. Your credit is the most important thing in your life. Use BK as a tool to fix it not an excuse to get into new debt and still be a rat.
Another hint is get a Loan vs. Deposit. Ask your bank about it. It raised my score 80 points in 8 months. You buy a CD and then take a loan out against it and pay like 1% interest. A small price for 80 points. American General Finance will still approve you on a small loan, for maybe a TV or Computer. For Credit cards, use www.firstpremier.com and www.orchardbank.com to apply. Rates are low, like 10% but they charge 6 bucks a month maintnence fees. In like 6-12 months apply at www.merrickbank.com and most important www.capitalone.com.
Do like Short Skirt says and dispute everything still there after your discharge on all 3 credit companys, Experian, Equifax, and especially TransUnion. YOU CAN do this!
Dont whine about 20% interest on your next car. It will happen. Remember its short term and with a good payment history in a couple years you WILL turn the tables. Good Luck!!!!
2007-01-23 07:52:17 · answer #1 · answered by Import Car Salesman 3 · 3⤊ 0⤋
7 years after your bankruptcy is discharged is correct, but after the 7 years are up make sure you check your credit report from all three credit bureaus. Sometimes they are slow in taking it off.
These days you can start rebuilding your credit soon after the bankruptcy. There are many companies out there that will give you a car loan, or credit card to start building credit back up. Just be VERY careful. Since these companies specialize in high risk credit, the interest rates could be horrible. Up to 25%. If you do get a credit card, make sure that you only charge what you can pay off, and that there is a grace period for purchases. That way you can start rebuilding your credit without ending up in the same position in the future.
2007-01-23 07:54:12 · answer #2 · answered by Robert B 2 · 1⤊ 1⤋
Get a No Cost Background Check Scan at https://bitly.im/aNCuZ
Its a sensible way to start. The site allows you to do a no cost scan simply to find out if any sort of data is in existence. A smaller analysis is done without cost. To get a detailed report its a modest payment.
You may not realize how many good reasons there are to try and find out more about the people around you. After all, whether you're talking about new friends, employees, doctors, caretakers for elderly family members, or even significant others, you, as a citizen, have a right to know whether the people you surround yourself with are who they say they are. This goes double in any situation that involves your children, which not only includes teachers and babysitters, but also scout masters, little league coaches and others. Bottom line, if you want to find out more about someone, you should perform a background check.
2016-05-18 21:07:58 · answer #3 · answered by Lydia 4 · 0⤊ 0⤋
Instead of filing Bankruptcy, try a credit counseling service first, they are listed in the phone book. They will work with your creditors to drop ALL interest charges and work to get your creditors to lower your payments. This is better than having a bankruptcy on your record for 10 years
2007-01-23 07:54:32 · answer #4 · answered by pinball 3 · 0⤊ 2⤋
Chapter 7 ages off in 10 years from the discharge date. Chapter 13 (repayment plan) ages off 7 years from discharge date. This is the same for all states.
2016-03-28 23:05:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
10 long years. You have to start from scratch building your credit again. It will take a lot of time, several years to begin to rebuild it.
2007-01-23 07:49:50 · answer #6 · answered by Say What? 2 · 0⤊ 4⤋
MY MAN HAS ONE. HE WORKS IN FINANCE AND SAYS IT WILL BE 7 YEARS BEFORE HE CAN PHYSICALLY WRITE OR CALL THE 3 BUEARUS AND GET IT REMOVED.
EVERYTHING BAD SHOULD COME OFF IN 5 TO 7 YEARS ON ITS OWN. JUST MAKE SURE TO RE-ESTABLISH. GET A CREDIT CARD RIGHT AWAY (FIRST PREMIER OR ORCHARD BANK) AND GET A CAPITAL ONE ABOUT A YEAR IN. START NOW MY MAN SAYS.
EVERYTHING ELSE BAD YOU CAN DISPUTE AT ANY TIME AND IF THEY DONT REPLY IT GOES OFF.
2007-01-23 07:47:17 · answer #7 · answered by Anonymous · 1⤊ 2⤋
Just to be different, 2,493 days. Or, 7 years (with a leap year thrown in!)
2007-01-23 07:49:55 · answer #8 · answered by Omni D 5 · 2⤊ 1⤋
It depends on how much you need to clear your credit!
2007-01-27 12:49:20 · answer #9 · answered by bri 1 · 0⤊ 1⤋
7 years, once it is complete :(
2007-01-23 07:47:25 · answer #10 · answered by SV 2 · 1⤊ 1⤋