I've read numerous accounts of re-establishing credit after BK. Many people state their credit was A+ before filing. What happens to the person whose credit was bad before the actual filing? I had been in CCCS prior to the BK and had made all but a few payments. They became too high when I retired with only 67% of my income (along with the birth of a child). My standing was nowhere near A+ before I filed, so would getting credit after discharge be any more difficult for me, if so, what's my general chance of ever owning anything again? Any comments?
Without further details, my quickest and hopefully most useful comment for you would be that it's MUCH more important how you managed credit AFTER BK. Your doing pretty well if you have 2 years or more of spotless history on 3 or more tradelines since discharge. This assessment is based on what it takes to get a mortgage after BK. If you need to know more, you need to comment more about what credit history you have since discharge and what credit you may be trying to apply for. HTH
I had horrid credit pre-BK, I don't know my scores but I do know that everything was late, late, late including my auto loan. I received a new auto loan 2 months after discharge, my interest rate was high (18% I think, this was back in 1997). Within a year I had an unsecured Visa (Providian) with a $1500 CL. Its now been almost 7 years and I haven't had any problems getting an auto loan and a mortgage at great rates. I'm almost up to 700 on my scores...finally! Good luck!
I guess I was just worried because of my past credit and how it would be perceived with the bankruptcy. This bankruptcy will include a foreclosure and possibly a repo as well. Once I retired, I just couldn't afford things anymore and with a new baby, I couldn't catch up once things fell behind. I am also concerned because of my age (45) and the fact that I receive a pension, which may be frowned upon by credit lenders. Thank you all for your responses. It just seems I've lost everything and that the future is hopeless. I will keep my head up, though and move on as best I can.
