Credit score after bankruptcy
- FrankN
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- FrankN
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Replied by FrankN on topic Credit score after bankruptcy
Lexie wrote:
Goldbug wrote:
That sounds hard, but you definitely did the right thing avoiding credit. There are people who will extend credit to bankrupts, but in general the interest rates are extortionate and it makes it even hard to get out of bankruptcy. You must be so glad that is behind you.Lexie wrote: We didn't try FrankN. We just assumed that we couldn't get any. Plus the fact we were so embarrassed to be in this situation we just didn't want anyone to know what we were going through. Definitely a dark time in my life.
We are very glad it's behind us Goldbug! We have established good credit now and pay off those bills every month. I will admit it was a long time before I ever applied for another credit card. Cash was working just fine. However, the credit card is a very convenient tool. You just have to be very careful with them.
Glad you have applied for other credit cards and pay them off every month now.
- Lexie
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Replied by Lexie on topic Credit score after bankruptcy
Goldbug wrote:
That sounds hard, but you definitely did the right thing avoiding credit. There are people who will extend credit to bankrupts, but in general the interest rates are extortionate and it makes it even hard to get out of bankruptcy. You must be so glad that is behind you.Lexie wrote: We didn't try FrankN. We just assumed that we couldn't get any. Plus the fact we were so embarrassed to be in this situation we just didn't want anyone to know what we were going through. Definitely a dark time in my life.
We are very glad it's behind us Goldbug! We have established good credit now and pay off those bills every month. I will admit it was a long time before I ever applied for another credit card. Cash was working just fine. However, the credit card is a very convenient tool. You just have to be very careful with them.
- Joker
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- FrankN
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Replied by FrankN on topic Credit score after bankruptcy
Lexie wrote:
FrankN wrote: LEXIE, were you able to obtain any credit during those 7 years?
We didn't try FrankN. We just assumed that we couldn't get any. Plus the fact we were so embarrassed to be in this situation we just didn't want anyone to know what we were going through. Definitely a dark time in my life.
I completely hear you. I am really sorry to hear you had to go through that, but I am also very glad to hear you made it out and it sounds like on a great financial path.
- Goldbug
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Replied by Goldbug on topic Credit score after bankruptcy
That sounds hard, but you definitely did the right thing avoiding credit. There are people who will extend credit to bankrupts, but in general the interest rates are extortionate and it makes it even hard to get out of bankruptcy. You must be so glad that is behind you.Lexie wrote: We didn't try FrankN. We just assumed that we couldn't get any. Plus the fact we were so embarrassed to be in this situation we just didn't want anyone to know what we were going through. Definitely a dark time in my life.
- Lexie
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Replied by Lexie on topic Credit score after bankruptcy
FrankN wrote: LEXIE, were you able to obtain any credit during those 7 years?
We didn't try FrankN. We just assumed that we couldn't get any. Plus the fact we were so embarrassed to be in this situation we just didn't want anyone to know what we were going through. Definitely a dark time in my life.
- FrankN
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- Lexie
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- Goldbug
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Replied by Goldbug on topic Credit score after bankruptcy
Bankruptcy stays on your record for years, the exact time depending on the amount and type (in the US chapter 7,11,12,13), and I think it is the same in Canada. Repairing your score means getting a low level of credit like a credit card with a $100 limit, proving you can use it responsibly and building it up that way. Bankruptcy is not something to considered easily though, and get professional advice first as there may be better ways to manage or restructure your debt.peter105 wrote: I am here to discuss something about bankruptcy. In a blog, I read that bankruptcy is the right choice when you feel you are in a serious financial crisis ( http://www.billfixer.com/bankruptcy/when-is-bankruptcy-the-right-choice-for-you/ ). Also, it will help for a fresh financial start. I have some queries regarding this. In my knowledge, filing bankruptcy will affect our credit score. How long does bankruptcy stay on my credit report in Canada? How can I repair my credit score after bankruptcy?
- FrankN
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- peter105
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