I did bankruptsy about a year ago, and still can't even open a freaking checking account at some banks. Why do they do that? It wasn't my fault I was sued for $31,000 at my teenage years!
2007-09-06 17:04:39 · 4 answers · asked by timekiller 2 in Business & Finance ➔ Credit
bdancer222, I was sued by a rich guy who could affford a lawyer, and I could not affor a lawyer to fight him back. My car turned off, or died, right in the middle of a road and he ran into me without even breaking. So don't tell me it was my fault! This could have happened to you too! Also, I go to a good school and work for a good company part time. So don't give me all this drama crup about people avoiding me! You're a negative person and you didn't answer my question! Get a grip, okay?
2007-09-06 18:30:56 · update #1
Even after your bankruptcy is discharged all of your accounts will still show on your credit report. The only thing that changes is they will read "included in bankruptcy" and should show $0 balance.
This will continue for 10-years, but it's not the end of the world. I went through this 7-years ago and now have better credit then I did before the BK.
Get a couple of credit cards, I used Orchard bank and First Premier, and use them for everyday things being careful not to exceed 30% of your credit limit in any given month and pay them off in full before the due date.
After about 12-months, you should be able to get better credit cards and continue doing the same thing.
I did this fro 24-months and re-established my credit to the point that I bought a new car at 3.9% with no money down and a year later bought a home at 6.5% fixed rate also with no money down.
My credit score now is well over 750.
2007-09-07 02:08:27 · answer #1 · answered by ? 7 · 0⤊ 20⤋
Sad to say NOPE Bad credit does not go away with bankrupts. The only way bad credit goes away is to pay your bills on time ALL the time and I don't know if u know [I didn't know for years--no credit is just as bad as bad credit} they say because there's nothing to rate.So its not a bad idea to have some kind of on going credibility. .ie..a small loan kept up to date , a credit card [use responsibly] pay off every month.ect. Took better part of five years to rebuild but once u get there, its worth it ,to be able to sign your name and get what u need or sometimes just want. Good luck and don't give up, it'll be worth it in the long run.
2007-09-06 17:48:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you got sued and lost, you must have done something. So, yes, it was your fault you got sued for that $31K as a teenager.
Your bankruptcy will stay on your credit report for 10 years. I imagine the lawsuit judgment is on your report also. Your credit score must be extremely low.
This will impact the cost of your car insurance and some employers won't hire you due to your poor credit score. And some banks won't allow you to open accounts.
You are going to wait at least another year before you can even begin to establish credit. Probably longer. Bankruptcy isn't a magic wand that makes everything go away. You will have a tough time building your credit score up.
2007-09-06 18:21:51 · answer #3 · answered by bdancer222 7 · 0⤊ 5⤋
It takes 7 years for the bankruptcy to go away but you can help by paying your bills on time and building your credit again.
2007-09-06 17:14:37 · answer #4 · answered by Akbar B 6 · 1⤊ 1⤋