Can I Keep a Credit Card after I've Filed Bankruptcy? (cont.)
Contributed by Melanie Vannuys
But before you jump back into the world of credit, you'd better make sure that you know what the reasons were for filing bankruptcy in the first place. Before you begin applying for credit cards, you need to read some consumer education about credit. Make sure you are completely aware of how credit works and have a respect for it. Use credit cautiously, if at all, and always pay on time.
You can rebuild your credit after a bankruptcy - many people have, but you must make sure you know the problems that lead to the bankruptcy in the first place and avoid them.
Besides Credit Cards, What Other Types of Credit Will I Qualify For After Bankruptcy?
A bankruptcy usually takes about six months before it is discharged. During that six months, the chances of you obtaining credit are pretty slim. However, it is said that within 18 to 24 months following the bankruptcy discharge, you can qualify for a mortgage - usually with the same terms as if you had not filed. The mortgage lender will be more interested in your down payment, your current debt to income ration and your employment than about your past credit problems.
Is My Credit Completely Ruined After Filing Bankruptcy?
Many experts agree that if you are even considering bankruptcy, then your credit is probably already ruined. While it's true, a bankruptcy will stay on your record from 7 to 10 years, the long term affects of a continued negative payment history can last longer.
