Coming back from chapter 7 bankruptcy

[travelguru]

Hello everyone on this forum. I have learned so much with making the decision to file for bankruptcy. I just have a few questions and am hoping some people on here, can help answer these.
1. How long after the bankruptcy is finalized would I be able to get a new credit card at a decent rate. I know I can get a secured card, but was hoping to get approval for a non- secured card.
2. When do you think I will be able to get a new car auto loan.
3. Simple things like getting utilities in my name might they approve me?
5. For the companies who are included in my bankruptcy, will they forever black list me?
6. What will my credit score look like after the bankruptcy is discharged. Like will it be as low as 300’s?
Thank you so much for everyone who has/and continue to help me.

[raisemysc0re]

Here is my experience for what it's worth:

1. How long after the bankruptcy is finalized would I be able to get a new credit card at a decent rate. I know I can get a secured card, but was hoping to get approval for a non- secured card.

Two months after discharge to ensure all 3 CRAs have it reported as discharged. I went the secured route for just $250.00 just two more months after that I got an unsecured card. 6 months after and I had about 20K of total credit lines.

2. When do you think I will be able to get a new car auto loan.

I purchased a used auto 2 months after discharge (14.9% on just 7K) and a slightly used car 8 months after discharge (4.25% on 16K)

I was also looking at a new car at the time and was looking at 2.9% for a 28K car. Talked myself out of new to be financially responsible and I am now addicted on low or no loan payments. Making triple payments on both loans now.

3. Simple things like getting utilities in my name might they approve me?

I kept the same utilities but had no problem getting a new cell phone contract for my son in my name.

4. ???

5. For the companies who are included in my bankruptcy, will they forever black list me?

I hear AMEX /Citi/ BoA and Chase are very hard to get back in with. There are plently of credit companies out there to choose from while you rebuild with decent rewards/perks. 

6. What will my credit score look like after the bankruptcy is discharged. Like will it be as low as 300’s?

My scores actually jumped a little after discharge and went from low 500's to around 700 in about 8 months.

[Kayann]

1. How long after the bankruptcy is finalized would I be able to get a new credit card at a decent rate. I know I can get a secured card, but was hoping to get approval for a non- secured card.

I was approved for a 3k CapitalOne Plat card 3 days after discharge. 

2. When do you think I will be able to get a new car auto loan. 

I was approved for a Capital One Nav loan 3 days after discharge. I was discharged back in September.

3. Simple things like getting utilities in my name might they approve me? Not sure about utilities.

5. For the companies who are included in my bankruptcy, will they forever black list me? Some credit card and auto loan companies will blacklist you forever or a long period of time unless you pay them back.

6. What will my credit score look like after the bankruptcy is discharged. Like will it be as low as 300’s?

It depends on what your credit looked like before bankruptcy. My score actually started to improve after discharge because I had high balances on my cards.

I would start with Capital One. I started there. I have 1 Comenity Visa, 1 Comenity Mastercard and 1 of their store cards as well. My credit scores are all around 660. I think my scores were in the 530's right after discharge but they increased within days after Capital One reported the loan and credit card.

Good luck to you!

[Anonymous]

Also, does the interest rate really matter? If you can live within a budget post-discharge, and do not carry a balance, the interest rate could be horrible. I'd be okay with that as long as there is no annual fee (or you get something for the fee, if there is one) and you earn some type of rewards.