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dragon_slayer

BK 7 improves credit

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It doesn't...at least not right away.  Post BK, you'll be offered high interest low limit credit cards and auto loans.  Neither really requires scores above 600 or so.

 

They know you can't file BK again for 7 years, so they'll be happy to take your money.

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yup you got that right they will be happy to take your money. I have a CC with 40% intrest rate freaking demon plastic!! once I get my discharge hopefully. I will be happy NOT to give them my money ::NahNah::

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It could be a secured card that you receive an offer for. Usually within 6 months of the discharge (some sooner) for a small amount, eg., $500. It can be expensive if you carry balances going forward, however, after another 6 months or a year of paying on time, not maxing out the card, you'll start to get offers for unsecured cards.

 

It won't happen overnight, but it will happen.

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BK does not improve your credit right away but if you do things slowly, you can get your credit score high enough for qualify for a mortgage in about 4 years and there will be very little damage at the 6 - 7 year mark. You will probably qualify for an unsecured card in a year or 2 and prime auto loan in 3 years.

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