Comments on: How to Get Credit After Bankruptcy http://www.askmrcreditcard.com/creditcardblog/how-to-get-credit-after-bankruptcy/ Latest Credit Card News, Reviews and Information Thu, 09 Feb 2012 07:48:57 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: bouncing back betty http://www.askmrcreditcard.com/creditcardblog/how-to-get-credit-after-bankruptcy/comment-page-1/#comment-91905 bouncing back betty Mon, 08 Dec 2008 20:22:16 +0000 http://www.askmrcreditcard.com/creditcardblog/?p=2368#comment-91905 Even before I knew about my discharge, I was getting offers from car dealerships who would work with people with a C7 and C13. I also got multiple credit card offers. Most of the offers I got the first few months had outrageous interest rates, anywhere from 15% to 23% for loans for "challenged credit". I kept a file for a while of the letters that came in and did my on line research on each company and dealership that sent me literature. My old car had to be replaced in March. I dug out my letter file and started on my research. I did get a new to me car loan, the interest rate is 14% (ouch!) but I knew that going into the finance managers office that the rates I would be offered would be between 14 and 19%. The finance manager also told me that if I kept up on my payments, I could probably get my credit union to re-finance the loan at a lower rate. I'm planning on doing that this winter. I got my first post BK credit card (non secured) with a limit of $500, an annual fee of $39 and an interest rate of 14%. It may take some time, and it will take discipline to not fall back into your bad credit use habits, but you can get consumer credit again. Even before I knew about my discharge, I was getting offers from car dealerships who would work with people with a C7 and C13. I also got multiple credit card offers. Most of the offers I got the first few months had outrageous interest rates, anywhere from 15% to 23% for loans for “challenged credit”. I kept a file for a while of the letters that came in and did my on line research on each company and dealership that sent me literature.

My old car had to be replaced in March. I dug out my letter file and started on my research. I did get a new to me car loan, the interest rate is 14% (ouch!) but I knew that going into the finance managers office that the rates I would be offered would be between 14 and 19%. The finance manager also told me that if I kept up on my payments, I could probably get my credit union to re-finance the loan at a lower rate. I’m planning on doing that this winter.

I got my first post BK credit card (non secured) with a limit of $500, an annual fee of $39 and an interest rate of 14%.

It may take some time, and it will take discipline to not fall back into your bad credit use habits, but you can get consumer credit again.

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