I just filed Chapter 7 bankruptcy. A lot of people are telling me I will never gain credit again.
2007-10-30 01:38:35 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
Get a pre paid card. The ones in the link below are especially for people with bad credit and some do no credit check. Then after using the prepaid for a while you can get a regular card again. This is a fast way to rebuild credit and avoid really high fees and APRs.
2007-10-30 02:43:43 · answer #1 · answered by Sarah M 4 · 0⤊ 0⤋
Probably about 10 years which is how long the Chapter 7 will appear on your credit report.
Your only hope is to try and get financing on a high end item (auto,RV,boat, etc) keep the payments up to date and on time, then maybe, just maybe in a few years you might be able to secure a regular credit card account (but it will no doubt have a low limit)
Other than that, once you use your "get out of jail free card" you have to go around the board quite a few times to win again.
2007-10-30 03:57:12 · answer #2 · answered by Sgt Big Red 7 · 0⤊ 0⤋
Wait till you have your discharge papers. Get your credit report and make sure all accounts that you put in bankruptcy are reporting as in-clued in bankruptcy balance 0. Then you should get a secured card just one. Then wait till it reports for 6 months and then try for a card or except an offer in the mail. ALL WAYS PAY ON TIME AFTER A BANKRUPTCY or you will never get credit for 10 years with out having such a high APR.
2007-10-30 05:39:36 · answer #3 · answered by M L 2 · 0⤊ 0⤋
it will take awahile but get a prepaid credit card. This is a start. And it will be slow. however you would be surprised at the offers you will get. Your Ch7 will show up for 7 years but make sure you change the behavior that got you into ch 7.
2007-10-30 02:09:27 · answer #4 · answered by Bob D 6 · 0⤊ 0⤋
That's the point of bankrupcy - surely you've just declared you are not a good credit risk, what makes you think anyone would trust you with credit for quite a while?
This should have been explained to you by the company helping you file.
2007-10-30 01:43:05 · answer #5 · answered by cuddles_gb 6 · 0⤊ 2⤋
That relies upon on the lenders; they have certain criteria like you once you've a financial disaster it would ought to were x variety of years in the past. as long as you meet the criteria of the lender you're high quality, so the project will be searching a lender that allowed a financial disaster interior the time body because you've had one.
2016-10-23 03:49:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Not true,
ANYONE can get credit.
You will just have to pay a higher interest rate! And I mean high! 22% or higher.
Do not apply for a lot of credit cards at one time.
That will only bring your beacon score down even lower.
2007-10-30 01:43:19 · answer #7 · answered by Mom of 2 great boys 7 · 0⤊ 1⤋