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While a Chapter 7 filing stays on your credit report for 10 years, it's important to remember that after filing for bankruptcy, you are actually less of a credit risk, since you have very little outstanding debt. Here are four tips to repairing a damaged credit rating: Apply for a secured credit card. These cards are backed by money that you deposit in a special account, so you don't run the risk of falling behind on payments. They'll make a good impression on your credit report. Ask a trusted friend to co-sign on a small loan, preferably from the bank that holds your checking account. Repayments on the loan will help your credit rating the same way they would if you took the loan out yourself. Open a savings account, if you don't already have one. Try to deposit 5% of your paycheck directly into the account. If you have the means, you should consider getting a car loan or a mortgage. To avoid a higher interest rate, you'll have to provide proof of employment.

2006-08-18 00:38:12
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Related Questions

If a person files Chapter 7 in 2000 and it was discharged how long to they have to wait to file a Chapter 13?

There are no time limits for filing a Chapt. 13.


Are there any places that will finance a person with poor credit for a car?

There are several places that will finance a person with poor credit for a car, however, caution is advised. Getting approved for a car loan with poor credit is not easy, and there are many people out there who offer unreasonable rates.


What is the total dollar amount a person pays to use credit?

finance charge


A bankruptcy can not be wiped off your credit report until after 10 years but if the accounts on your credit report which were discharged in the bankruptcy can these be taken off?

The debts which were wiped out in bankruptcy still stay on your credit report, but they should be listed as "Discharged in bankruptcy." They will still stay on your credit for 7 years (they don't get extended to 10 years like the Chapter 7 just because they were discharged in bankruptcy). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.


How do you know when your chapter 13 bankruptcy is over?

You will know your chapter 13 bankruptcy is over once it is discharged. You will receive paperwork stating this either in person from your lawyer, or through the mail.


What should a person do if their Chapter 7 Bankruptcy has been discharged but a vehicle that was to be surrendered has not been repossessed by the bank?

A person immediately contact their lawyer to assist on issue.


Can a person finance another car if his car was repossessed?

yes if you can find someone that will finance it for you... good luck look for places that don't do credit checks


Can a person discharged from chapter 7 bankruptcy purchase real property after discharge?

Unlikely, because no lender will give the person a mortgage. There is no legal barrier to buying real property if the person can get the funding.


How long after a discharged Chapter 13 can you get an automobile loan?

Not to be circular, but one can get a car loan after a Chapter 13 discharge as soon as one can get some lender to give him or her a loan. Typically, a bankruptcy affects a debtor's ability to get credit 12 to 36 months after the filing date, so by the time a Chapter 13 is discharged, at least 36 months have passed so getting a loan isn't generally affected by the bankruptcy. This is not to say that other factors won't affect one's ability to get a loan, such as employment history, debt to income ratio, credit score, etc. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Some institutions will finance you while still in an open chapter 13. Check with a credit union....great rates...great service. As long as you have been current on your current bills and are at least two years into the bk.


What is a micro finance project?

A microfinance project is one where a person receives credit, resources, and training to start a business.


Can you get married if bankruptcy is not discharged?

yes you can but DO NOT SHARE CREDIT WITH THAT PERSON UNTIL THE BANKRUPTCY IS LEAST 4 YEARS OLD. IT WILL ATTACH TO YOU IF YOU GO JOINT INTO A CREDIT CARD OR LOAN. IT BRINGS YOUR RATING DOWN.


Had a loan for six years but you had 17 payments over 30 days How does this affect your credit?

It will lower your credit rating as finance companies will view you as person slow to pay.


How can you finance a car with poor credit?

To finance a car with poor credit a person can use a car sales company that offers a "buy here pay here" service. This is not recommended, though, because the price of the cars is higher and the payments are higher priced. But, if a person has no other options and needs a car, this will work.


What does discharged mean on bankruptcy?

Debt discharged -- you no longer owe that money to that person.


Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?

The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.


Can a judgment be made on a person protected under chapter 7 bankruptcy?

That's not blanket protection, you are only protected from the included creditors that are dischargeable and discharged. They must cease all action when you file, but after case is over those not discharged or included can get judgements. If it is for a discharged debt it can be vacated. A lien is coming your way, so get rid of it.


How soon after a discharged chapter 13 can a person file a chapter 7?

Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.


How long does a bankruptcy stay on your credit report?

A Chapter 7 bankruptcy may display on your credit for 10 years from the date of filing. Chapter 13 may stay for 10 years also, but it is customary for those to be removed after 7 years.Here is more specific advice and input from various contributors:All discharged bankruptcies whether a state or federal filing remain on a CR for 10 years. A dismissed chapter 13 remains for 7 years from date filed, a dismissed chapter 7 remains for 10 years from date filed.Chapt.7-11-12 will remain for ten years. A chapter 13 will remain for seven years from date filed if successfully completed, for 10 years from date filed if dismissed.Ten (10) years from date filed for a discharged chapter 7 or 13. Seven (7) years from date filed for a dismissed chapter 13, ten (10) years for a dismissed chapter 7.Although it is true that the federal Fair Credit Reporting Act does provide that bankruptcy entries will remain for 10 years, there are some creditors that will only leave a chapter 13 bankruptcy on your record for 7, rather than 10 years. They do this to encourage people to pay part of their debts rather than discharge it all under a chapter 7. More importantly, the effect of bankruptcy on one's ability to get credit is vastly overstated. The key to getting the credit you need has far more to do with the amount of present income you have rather than any negatives on your credit report. In short, if you have good present income, the creditors will look past your credit report to your wallet in the sense that it is possible, even with a bankruptcy on one's record, to get credit for cars and new credit cards as soon as you are discharged in a chapter 7 (about four months after you file), and after a year or so, you can even get a mortgage on a house. They may not give you the best rate, but if you have good present income, even a person with a bankruptcy on their record can get the credit they want in almost all cases.You will not qualify for a FHA until a chapter 7 has be discharged for 2 years. A chapter 13, you will only have to wait a minimum of 1 year from filing date.Seven years in AustraliaDetails of a bankruptcy order in the UK will stay on your credit file for 6 years.7 to 10 years depending on the state you live in. Most lenders will consider loans after 2 years. If information is still on you credit history after this time frame you need to dispute with all three major credit bureau agencies.


When does one eliminate bankruptcy debt off of their credit record?

When a person files for bankruptcy and their case is discharged they can immediately begin rebuilding their credit. It isn't unlikely for a person's credit score to bounce back to 750 or higher within the matter of a couple years.


How can a person refinance an auto loan with bad credit?

There are some finance companies that will offer credit to people who have bad credit ratings. However caution should be taken as the interest is likely to be very high when choosing this option.


Is there any way a person who has had a chapter 7 discharged in 2000 can file for another chapter 7 meaning special circumstances?

Sorry, but absolutely not. The person may be able to file a Chapter 13, which may not be the best solution but may be the only viable option. Bankruptcy is always break only meant as and intended to be used because of special circumstances.


Where can a person with bad credit finance computers?

If one absolutely needs a computer, Gateway is a particularly lenient company when it comes to bad credit. They will work with you to get a computer in your hands. The interest rates, however, are much higher with bad credit.


Where can someone with a bad credit history obtain an online loan?

A few places where a person may obtain a loan with a bad credit history on the internet include company's such as Norton Finance, Fair Go Finance and LoansPronto. Cash Converters also do a vehicle log book loan.


Where can one find a car loan if they have bad credit?

If one was trying to find a car loan if they have bad credit there are various online company who offer this solution. Obviously the APR will probably be a lot more than usual due to the 'bad credit' bracket the person has been put under. Some of the companies are Infinity Car Finance, Car Loan 4 U, Car Finance 24/7 and Folwers Finance.


Can the trustee take property after a chapter 7 is discharged?

No, unless a person dies within 180 days of the debtor filing for BK and the debtor receives an inheritance from the decedent's estate/probate.