Credit after bankruptcy
How long after declaring bankruptcy will I have to wait before I am able to get a loan?
^ cant it verry depending on the bank?
Yes, it does depend on the bank. It takes 7 years for it to drop off your credit report, but that doesn't necessarily mean you can't get approved for a loan.
yeah it depends on the bank as long as they see you have some resources you can't still file for it. And your success in getting that loan even if you are in verge of bankruptcy depends on the bank you are trying to get one.
I was able to get credit quickly after my bankruptcy. As a matter of fact, I started getting credit card offers in the mail right away, which really surprised me. I talked with a person in the credit industry, and he said lenders often like to deal with people who have declared bankruptcy because they are not allowed to declare again for another 7 years. I had maintained a good relationship with a local credit union, so I was able to obtain a mortgage with them while the bankruptcy was still on my record. All situations are different, but in my case, bankruptcy was not a hindrance in obtaining credit.
Bankruptcy no longer carries the stigma it once did which definitely helps those people who are trying to rebuild their lives. This is a good thing.
JeanLorie was smart in maintaining a relationship with her credit union as it showed them she was a good risk. Credit unions are generally easier to deal with than banks. Credit unions are responsible to their members which means they have to answer when they do something stupid. Banks are supposedly responsible to their share holders but never seem to act accordingly.
A quick note - those credit card offers made to people just out of bankruptcy sometimes contain some hidden fees. Be sure to read the fine print before using the card. Capital One has been sued numerous times over their slight of hand with this type of offering.
