How long does it take for a person who has filed a Chapter 7 and has been discharged to apply for a credit card and or to finance a new car?
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.