Bankruptcy. How long before you could apply for credit again?

Question

Have you filed for chapter 7? If so, how long did it take to get your credit back to good and to be able to be approved for credit?

Answer 1

I had a bankruptcy discharge in Feb of 02. I was able to get a $77k mortgage on a house in july of 05. The loan was 0 down. If you do decide to get credit cards, keep the accounts open but don't use them except for maybe gas and pay them off each month diligently.

Answer 2

When you file for bankruptcyy it takes about 9 months for all the paperwork to be completed and approved.  Your trustee, (the person helping you file for bankruptcy) if they are doing their job, should be helping you apply for low limit credit cards and offering other suggestions to help build your credit back up.  Your bankruptcy will show on your credit bureau for 6 years after your bankruptcy is approved.  So for the 9 months it takes to complete the process and 6 six years after your credit will have a rather large belmish on it.  During that time you can begin to improve your credit rating and depending on where you borrow money it can be overlooked after 4 or 5 years.  Don't plan on borrowing any large amounts of money until then and don't expect to pay the same interest rate as everyone else until those 6 years and 9 months have passed.  You are considered a higher risk than most people.  It can be done though.  Good luck!

Answer 3

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 4

As soon as the bankruptcy is discharges, you will start getting credit card offers.  The interest rates won't be very good.

Answer 5

As soon as the BK is discharged, you'll get flooded with offers. Credit card companies LOVE to give new cards to people just out of BK as they know they can't file again for another eight years.

I would only go with secured cards so soon after BK....this will keep you out of trouble as your limit can be no higher than the security deposit you put up front.  

Answer 6

You will start getting offers as soon as it discharges.

Answer 7

I'm confused here. You seem to be asking from the perspective that you've been through a bankruptcy. Why would you be interested in seeking credit again? Is this a lifestyle? Please re-post with more info.

Answer 8

As soon as it is discharged you can. Your credit will improve way faster than if you had not filed and just left it alone.