Obtaining Credit After Bankrupcy
Author: andrea
Posted: Tue Jul 13, 2004 11:07 pm
Post subject: Obtaining Credit After Bankrupcy
11/10/2001 1:23 pm CDT
Hello anyone that know, How long should you wait if you file bankruptcy to obtain a credit card again. You have to have at least one for a lot of things. Also what are the best ones to try. I do not want to get in over my Head. Please help.
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Author: Dan
Posted: Tue Jul 13, 2004 11:09 pm
Post subject: Obtaining Credit After Bankrupcy
11/10/2001 10:39 pm CDT
Andrea,
I think it depends on whether you have any credit remaining after the bankruptcy for which you are making regular payments (i.e. reaffirmations or credit lines with 0 balances).
If you do, then you are already re-establishing your credit by making punctual payments. After 6-12 months of timely payments, you should be able to get a standard credit card.
If not, I would go into a credit union which has both regular and secured credit cards. Credit unions based on my experience tend to offer better deals to people with lower credit ratings since they usually offer the same deal to all members of the credit union. First, get a secured credit card (no matter how small the amount) and get the card up to 60-80% of the limit. Make regular payments (more than the minimum) on the card for 6 months while carrying this balance. After 6 months, apply for the regular credit card at the same credit union.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Harry
Posted: Tue Jul 13, 2004 11:11 pm
Post subject: Obtaining Credit After Bankrupcy
11/10/2001 11:36 pm CDT
There is absolutely no point in carrying a balance. Making small charges and paying them off in full each month will do as just as much for your credit score, and it doesn't cost a penny in interest.
There is no negative effect to the credit score from paying the minimum due. If one were to choose to carry a balance making any payment equal to or greater than the minimum has the same effect.
However, carrying a balance greater than 50% of available credit will lower your score. Carrying a balance of 80% of the credit line will result in a lower credit score and money out of pocket which gives no benefit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Jul 13, 2004 11:07 pm
Post subject: Obtaining Credit After Bankrupcy
11/10/2001 1:23 pm CDT
Hello anyone that know, How long should you wait if you file bankruptcy to obtain a credit card again. You have to have at least one for a lot of things. Also what are the best ones to try. I do not want to get in over my Head. Please help.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Dan
Posted: Tue Jul 13, 2004 11:09 pm
Post subject: Obtaining Credit After Bankrupcy
11/10/2001 10:39 pm CDT
Andrea,
I think it depends on whether you have any credit remaining after the bankruptcy for which you are making regular payments (i.e. reaffirmations or credit lines with 0 balances).
If you do, then you are already re-establishing your credit by making punctual payments. After 6-12 months of timely payments, you should be able to get a standard credit card.
If not, I would go into a credit union which has both regular and secured credit cards. Credit unions based on my experience tend to offer better deals to people with lower credit ratings since they usually offer the same deal to all members of the credit union. First, get a secured credit card (no matter how small the amount) and get the card up to 60-80% of the limit. Make regular payments (more than the minimum) on the card for 6 months while carrying this balance. After 6 months, apply for the regular credit card at the same credit union.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Harry
Posted: Tue Jul 13, 2004 11:11 pm
Post subject: Obtaining Credit After Bankrupcy
11/10/2001 11:36 pm CDT
There is absolutely no point in carrying a balance. Making small charges and paying them off in full each month will do as just as much for your credit score, and it doesn't cost a penny in interest.
There is no negative effect to the credit score from paying the minimum due. If one were to choose to carry a balance making any payment equal to or greater than the minimum has the same effect.
However, carrying a balance greater than 50% of available credit will lower your score. Carrying a balance of 80% of the credit line will result in a lower credit score and money out of pocket which gives no benefit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:52 PM
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