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Q: Obtaining Credit After a Bankrupcy ( No Answer,   2 Comments )
Question  
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.
Answer  
There is no answer at this time.

Comments  
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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