There is nothing in bankruptcy law that specifically states a timeline in which creditors may begin to extend credit to you after a chapter 7 bankruptcy discharge or during or after a chapter 13 bankruptcy reorganization plan air jordan 13. It is entirely up to the creditors to determine when they are ready to start extending credit to a post file for bankruptcy consumer.
Generally speaking, soon after a chapter 7 bankruptcy has been discharged, the consumer will begin to receive offers for secured credit cards with very small balances at very high interest rates Nike Mercurial Shoes . Essentially a secured credit card is where you put a small deposit into a savings account with the creditor and the creditor will allow you to use the credit card with a limit of what is in your savings account.
It may only take a few months after filing bankruptcy and receiving a discharge, to start getting offers for secured credit cards air yeezy glow in the dark .Although the interest rates will be high and the balances will be low, it is recommended that you open at least one or two secured credit card accounts.
This will then begin to reestablish your credit. Soon after this you will start to receive other secured credit card offers with slightly higher balances and somewhat lower interest rates. Maybe within the year you will receive an offer from an unsecured credit card but still with a low balance and high interest rate. You should accept this as part of your journey to reestablishing credit after filing for bankruptcy.After a year you will be well on your way to obtaining a high credit rating once again. To qualify for a mortgage there are different guidelines depending upon the type of mortgage you are attempting to obtain. Generally, to qualify for an FHA mortgage the basic guidelines state you need to be two years from the discharge of a chapter 7 bankruptcy or a chapter 13 bankruptcy.
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