Debt and Bankruptcy
Credit Reports

How long after a bankruptcy can you apply for credit?

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2010-08-01 21:01:13
2010-08-01 21:01:13

Do not worry about applying for credit after bankruptcy. The applications will come to you before the ink on the court documents has dried.

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When going into bankruptcy, your credit card accounts will be cancelled as a result, so you will NEVER be able to use your credit cards if you go into bankruptcy. Depending on the type of bankruptcy, you will be able to apply for new credit cards (and other loans) after seven (7) or ten (10) years.


To get credit cards after bankruptcy you can apply to credit companies that you haven't had previous experience with or go with your old company and get a card with a lower limit on it.


Getting a loan after bankruptcy can be difficult depending on what type of bankruptcy one files. A Chapter 13 bankruptcy, one cannot even apply for credit during the length of the bankruptcy. In a Chapter 7 bankruptcy, that is a different story. One can file Chapter 7 bankruptcy and as soon as it is discharged can apply for credit. The only problem with getting a loan after bankruptcy is that you may have to have a co-signer until you build up some positive credit.



A bankruptcy stays on your credit report for 10 years and you may have to answer about it for the rest of your life. Who knows what effect it has on your credit score? Companies that lend money. Only when you apply for credit after bankruptcy will you know the full detrimental effect.


No, however once you have completed the 1 year term of bankruptcy you can then apply for a pre-paid credit card to begin rebuilding your credit.


you would most likely have to wait for a few years until your credit can start to steadily go up again.


After bankruptcy one has to rebuild their credit rating. If or how fast one will get a new credit card depends on the issuing company. Alternatively one can apply for a pre-paid credit card.


A business bankruptcy is visible on a business credit report for approximately 10 years.


It stays on your credit report for 10 years in every state. Bankruptcy is a federal procedure.


Between five (5) and six (6) years, depending on how long it took to discharge the chapter 13 bankruptcy. Generally a total of ten (10) years after the bankruptcy appears on your credit report is required before applying for prime credit. The average chapter 13 takes 4-5 years to be discharged, leaving about 5 years of having the bankruptcy still on your credit report.


Once your bankruptcy has been dismissed, you can apply for and receive new credit. It is not recommended but many people do get new credit cards after filing. Usually a company included in a bankruptcy will not extend credit to you again.


Bankruptcy filings typically stay on a debtor's credit report for 10 years.


You can apply for a credit card immediately after filing for bankruptcy. You are more likely to receive a secured credit card after filing however. If you can wait 6-12 months after filing, you will have a better chance of receiving a positive response.


The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.


Yes, except if you apply for jobs requiring a clean credit history. The bankruptcy cannot be used as a reason for not getting a job.


It depends on what type, but the typical bankruptcy will be on your record for 7 years.


The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.


This is an incorrect assumption that leads many people to avoid filing for bankruptcy. They fear that a bankruptcy will ruin their credit for a long time and that they will not be able to use credit, rebuild their credit or purchase a home in the future. The reality is that the majority of the people who are considering bankruptcy, already have poor credit, due to late payments, repossessions and foreclosures. Further, most people who file for bankruptcy can rebuild their credit to a relatively good level after two years. This depends significantly on what they do after filing for bankruptcy. It is important that you work toward rebuilding your credit after filing for bankruptcy.


After 7 years, you can start rebuilding your credit.


A bankruptcy usually stays on your credit report for 7 years. If you forgetadebt on the bankruptcy petition, it may may be 7 years from the time the bankruptcy petition was amended, but otherwise it is from the time the bankruptcy became file.


Bankruptcy can stay on your credit report for 10 years. For more information about debt and bankruptcy, it is best to consult with an attorney. They can provide a complete picture of the benefits and negatives of filing for bankruptcy.


Filing for bankruptcy can have a lasting effect on your credit and that can cause some difficulties in getting any type of credit. Unfortunately, bankruptcy stays on your credit report for 7-10 years, after which time it is on your to work to get credit back!



Paperwork relating to the bankruptcy should be kept until at least the bankruptcy is off your credit report.



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