Questions about after discharge

[bnkruptintexas]

What is the name of your state? TX

I would like to know...is there any type of "waiting period" for obtaining credit once a bankruptcy is discharged? My discharge is set for tomorrow and my vehicle is falling apart. I am considering trading it in and getting something different, but I need to know how long I must wait to do this. Thanks.

 

[Ladynred]

is there any type of "waiting period" for obtaining credit once a bankruptcy is discharged?

No, there is no waiting period. You probably can get an auto loan the day after your discharge - or even before, but you're going to be paying a whopping interest rate.

 

[adam2dot0]

I traded in my POS about a year and 1/2 after my discharge, and my interest rate is 18.99%. I just got a credit card for $2000 at 14.99, $19 annual fee. There are ads all the time for cars where you don't need a discharge, but refer to my above interst rate.

 

[Silex]

FL - who did you get the credit card with? Been a year now since I was discharged from chapter 7 and I have been unable to get credit.

 

[adam2dot0]

I got my card with Capital One, and my car loan through HSBC Auto

 

[Ladynred]

Crap 1 really isn't the best rebuilder card to get because Crap1 won't properly report your credit limit. What they report is your high balance as your credit limit - which makes it always look like your card is maxed out when it's not. That is NOT what you want in trying to rebuild.

Orchard Bank (Household) offers a secured and an unsecured card that rebuilders often get. Your best bet may be a secured card to get you started. A Target Guest card is another one.

Silex, if you haven't done any credit repair since your discharge, then you need to do so. You'll likely find all kinds of inaccuracies on your reports from the BK and you need to correct them. You may get lucky and get some deletions along the way.

For more info on how to dispute and rebuild try either www.creditboards.com and/or www.creditinfocenter.com

 

[adam2dot0]

Hmm, I never knew that about CapitalOne. However, it was more important to me to not have a card that charges me $300 up front for a say $500 credit limit.