Re: Why is it so hard to get credit after a BK?!
09-20-2012 12:58 PM
I had a Ch7 discharged in Oct 2009. I knew nothing about rebuilding credit at the time, I was just under the impression that I couldn't ever get credit again. I mostly had small collections and tons of medical bills that were included, as well as a couple of judgements. Well, I recently found this forum, have been keeping an eye on my credit reports and scores, and was approved for a secured card with Cap1 ($201), a secured card with my bank Wells Fargo ($500), unsecured $500 with cap 1, and $500 unsecured with NFCU. I have applied like an idiot everywhere else I can think of and just denied left and right. I tried to get an account with local CU's and all denied because of some old info reporting on Chex systems that was included in my BK and one that was settled. I tried to recon with Chase, Discover, Citi, & walmart. All of them said no way. So, is there any other place I can try and get credit? The good things on my credit are a recent car loan for $9200, several student loans($20,000) that are deferred until I finish school in a couple years, and a small personal loan for $495. All of those are paid on time, no issues there. I guess I should STOP apping for awhile, but it is just so addicting Any suggestions? Please be criticize constructively!
Perhaps you need to wait for the numerologist to forcast your future probability of default.
Look, just be thankful that a BK is a fresh start and does not effect the score after. Atleast from my understanding. One charge off with a balance that still reports as late is way worse for the score than a BK ever will be. In addition, look at the bright side, I do not think there is a recidivism rate of BK worked into the score. Just in a perception of the lender/underwritier at the bank when they read your report. This of course falls off the radar after 'X' amount of years.