INACTIVE
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As soon as you are discharged you will have credit offers flooding your mailbox. The interest rates will be insane. You can only file bankruptcy every 8-10 years so right after your discharge the lenders realize you're a safe risk. You cannot go bankrupt on them again. BUT... if you qualify for bankruptcy which erases your debt, it shows you cannot afford a repayment. That should be a clue right there not to want credit and get back in the cycle again. What happens if you lose your job or a medical issue??? Your best bets after bankruptcy is to work on decreasing expenses or increasing income and staying away from credit. |
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Sophia
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You will find that creditors will try their hardest to get you to apply for and receive new credit. However, you are going to pay dearly for this luxary with high interest rates.
Considering the circumstances, for whomever filed bakruptcy, I would think that applying for new credit would be the furthest thing from your/their minds. |
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little weed
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check this out
http://bankruptcy.lawyers.com/Getting-Credit-After-Bankruptcy.html |
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Janice W
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I initiated a bankruptcy over a year ago, and haven't been able to complete the process. Meanwhile I have gotten literally hundreds of offerings for credit inspite of chargeoffs on my records. Albeit, I do own a home.
However, there are many companies that offer "secure" credit cards. You deposit an amount such as $500 and then use your card up to this amount, paying if off as you go. I assume that if/when you cancel the card the $500 goes back to you less any $ you may owe.
MORE: other answers are right on....learn from your mistake.
Save your $$ for a downpayment on a home...you can always get a mortgage with a decent job. My daughter just bought a new home in NC after filing bankruptcy about 4-5 years ago. |
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Kris
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Right away after it is discharged. A relative of mine filed bankruptcy and a week after it was completely discharged and finished, she was getting offers in the mail.
I just filed bankruptcy due to credit cards so I will not be taking them up on any of their offers. I learned my lesson. I have a debit card and now if I dont have the cash, we just dont get it.
I kept one small store card to help rebuild my credit that I had paid off. That is all. I may by a shirt here or there and pay the minimum but that is to rebuild my credit. I am done with all the others. I have my debit card that I can use online and all that.
I have put myself on all the opt out lists too...do not call lists, opt out lists...all that so that I don't get calls and I dont get all the offers in the mail. |
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messiahandrw
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Credit is the cause of bankruptcy.. Learn from your lessons and never ever get credit again, it's evil unless you want to spend the rest of your life paying it off.. |
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logic
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as long as u r bankrupt... |
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Scott
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Credit not being able to handle your money has gotten you into this shape to begin with. However there are other reasons which could prove me wrong such as Medical - sickness, Car Accident or other disaster type things. In these cases you can go to the people and say Hey it was out of my hands then possibly you can get credit. |
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Gabs
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Going bankrupt affects your credit rating and you might not be able to get credit for years and years. |
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stockholmsyndrome
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you should avoid it if you've been bankrupt!! but i heard you can get some 4 yrs after, although, quite rightly, the APR will be outrageous |
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tyedye_becky
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As soon as your bankruptcy is complete, you will begin to get credit offers and you can then start slowly building your credit back up. Your bankruptcy will stay on your credit for years, but that does not mean you cant have or cant get credit. |
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suziejoy
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didnt you learn your lesson the last time save save save then it always gonna be your own money |
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ANTHONY H
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3 years. |
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Nightstalker
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usually 7 years at least but then you have to build up your credit rating again so it can take up to 10 years or more if you pay everything on time. its a long hill to climb once you have filed bankruptcy |
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Aparna P
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NEVER |
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