2007-02-24 06:28:27 · 8 answers · asked by tracey m 1 in Business & Finance ➔ Personal Finance
How does bankruptcy affect your credit rating?
Your bankruptcy will be registered with credit reference agencies and remain on your file for a minimum of six years. After this time you may still have to declare your previous history, particularly when applying for a mortgage
So your chances of getting credit are nil basically.
2007-02-24 06:44:12 · answer #1 · answered by thecoldvoiceofreason 6 · 0⤊ 0⤋
actually both of you are wrong. The bankruptcy does stay on your credit for 7 years but you can begin establishing credit after 1 year. You can start by applying for a credit card called tribute. Try not to have alot of inquiries on your file. At first you are going to be paying a high interest rate but if you don't pay let or anything other companies will start giving you credit.
2007-02-24 14:35:19 · answer #2 · answered by jennyvee413 2 · 1⤊ 0⤋
Your bankruptcy will show in your credit record for a minimum of 6 years. However, if your financial condition improves, try to pay off as many debts as possible. Atleast, it will show that you are making sincere efforts to fulfil your financial obligations.
It is always advisable to consolidate your debts well on time so that a situation does not come when 'bankruptcy' is the only option.
2007-02-26 02:45:27 · answer #3 · answered by David 1 · 0⤊ 0⤋
Go back to all the creidtors which you had credit discharged thru bankruptcy and pay them all their money plus interest. Another one would be to wait 10 years and then check your credit again. The best way which you already failed would not have been to file bankrupcy in the first place.
2007-02-24 14:38:36 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If you are smart, you WON'T! Think about it like this: You went BANKRUPT - that is like credit suicide, but someone (federal court) rescued you. Now you're gonna do it all over again?! Doesn't that sound just the tiniest bit NUTS? DH & I had tons of debt after college & were still piling it up. We have paid off the vast majority of it, we have a working budget & money in the bank for things like medical insurance deductibles, major purchase, etc. Best of all: we pay cash for EVERYTHING. We have NO open credit accounts & we will even have our house pd for in a couple of years. We did it by following Dave Ramsey's "Total Money Makeover". You can get the book on his website for like $15, but most libraries have it, too. If you are seriously poor & do not live in civilization, just tune into his podcast/radio archives (free) on the website. I listen to them to stay motivated toward our ultimate goal - DEBT-FREE & ZERO CREDIT SCORE! We have so much peace in our marriage about money now. I can't imagine how we ever lived any other way, & I cry for my parents & sibs who are still trying to borrow their way into financial security. Think about it this way, the Bible says the borrower is SLAVE to the lender. Even if you are not a Jew or Christian, you can surely see the wisdom in that statement.
Please visit the website below. I sincerely hope you will find the peace of mind I now enjoy.
Btw, I am not getting paid to send you to Dave's site, but I am a serious believer in his program.
2007-02-24 15:00:29 · answer #5 · answered by Tom's Mom 4 · 0⤊ 1⤋
As your a discharged bankrupt. You start with a clean slate. My lawyer explained this to me as I am being declared bankrupt on 01 March. It lasts 3 years.
Apparently you apply for a basic bank account, get some direct debits going, and if after a year you have not become overdrawn or incurred bank charges, you have a reasonable chance of being able to get a loan, Overdraft facility or standard bank account.
2007-02-24 14:51:50 · answer #6 · answered by naplusultra 4 · 0⤊ 0⤋
you have to wait 7 years for it to get better. Sorry!
2007-02-24 14:31:45 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You can't, it'll be on your file for 7 years
Sorry :-(
2007-02-24 14:32:08 · answer #8 · answered by Girugamesh 4 · 0⤊ 0⤋