Credit After Bankruptcy

Author: lucycbox
Joined: 15 Feb 2005
Posts: 4
Posted: Tue Feb 15, 2005 10:25 am
Post subject: I thought I was going to be innundated with card offers!

Not true since the Ch. 7. I've gotten maybe three since then. Not that I want to get more cards, but I do want to start re-establishing credit. It hasn't been six months yet, am I just too in a hurry?!

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Author: consumercity
Joined: 10 Nov 2004
Posts: 79
Location: Cincinnati, OH
Posted: Tue Feb 15, 2005 5:48 pm

Unfortunately, it takes time to recover from a BK. You could try a secured credit card to start rebuilding your credit.

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Author: NightStar
Board Monitor
Joined: 07 Nov 2003
Posts: 2616
Location: Illinois
Posted: Wed Feb 16, 2005 2:42 pm

No that is not ture that creditors will come looking for you after bankruptcy - different creditors have different requirements of what they want for a customer.

It is true that after bankruptcy they may be a bit more open then some others - but that is due to the fact they know you can't file bankruptcy against them - least not for 6 years. 10 years if it is chapter 7... so if you default with them, they have legal remedy to catch you 2nd time.

Then there are creditors that are the opposit, and will actually black list you from doing business with them at all.

And people who file chapter 13, are less likely to get extended credit then chapter 7 filers, because there is a 2 to 5 year period they are in re-payment plan and not allowed to establish new credit during that period until their other obligations are met, or unless the bankruptcy trustee gives special permission.

Any creditors offering now - are the bottom feeders - they are going to extort the most money out of you for interest rates!

Best Regards,
Pammila Phillis
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-663-0033 FX

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