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Subject:
Obtaining Credit After a Bankrupcy
Category: Business and Money > Finance Asked by: barbydoll-ga List Price: $25.00 |
Posted:
23 Feb 2006 19:37 PST
Expires: 25 Mar 2006 19:37 PST Question ID: 700216 |
Two years ago, my husband and I filed for bankrupcy. We went to court and our case was approved. Our trustee received payments from us monthly for about six months after which we refinanced our home and paid the entire amount of the that we owed our creditors, not the negotiated amount our lawyer obtained which would have been paid through the trustee if we continued making payments for the next three years. We have now been paying our mortgage on time and have no other credit card debts. We do have a payment to the IRS for back taxes. How do we obtain a credit card in order to re-establish our credit. I've been rejected twice now. |
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There is no answer at this time. |
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Subject:
Re: Obtaining Credit After a Bankrupcy
From: atk-ga on 23 Feb 2006 20:34 PST |
Often, what folks recommend to people in your situation would be obtaining a secured credit card. Basically, this is a credit card where you put up a cash deposit; you'll be permitted to charge up to the amount of the deposit you make. But as you show responsible use of that secured credit card, you'll be re-establishing your credit and after a time, you should be able to obtain a "normal" unsecured credit card. (See http://www.bankrate.com/brm/news/cc/19990823.asp for example...) Another strategy that's sometimes recommended is to try to obtain a credit card from a department store--such stores are sometimes more willing to issue credit to folks. Use the card, pay it off, and re-establish your credit rating and move on from there. Good luck! |
Subject:
Re: Obtaining Credit After a Bankrupcy
From: markvmd-ga on 24 Feb 2006 11:57 PST |
I'm surprised you've been turned down. You are a very good credit risk because ou cannot declare bankruptcy again for a number of years. I think Atk's advice is pretty sound. Capital One and Ameriquest are reputed to be sub-prime credit cards; they may be interested in you. I have a friend who got a bunch of solicitations from them shortly after her bankruptcy. Do not get a lot of inquiries on your record in a short period of time as this is a red flag, and good luck! |
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