You Can’t Get Credit After Bankruptcy
Bankruptcy does deal a devastating blow to your score but that doesn’t mean you can’t get credit or even that you will have to wait seven to ten years to credit.
The good new is you can get a mortgage in as little as six months after your bankruptcy is discharged (completed.) You might even get credit card offers before you case has even close.
How quickly you can re-establish your credit will depend largely on you reactions after you file for bankruptcy. If you are handling credit responsibly, paying your bills on time, not applying for a bunch of credit cards at once and not running up huge balances then your score will begin to recover.
However it will also matter which lenders you approach for credit. Most mainstream lenders tend to reject people who have filed for bankruptcy for credit, at least for the first couple of years, but more likely for the length of time the bankruptcy remains on your file.
If you are bankrupt you will find yourself dealing with what is known as sub prime borrowers, which lend to those with less than perfect credit. However you have to be cautious as some of these sub prime lenders charge outrageous rates and fees. However most likely you will be able to get the loans or credit that you need if you do a search.
If you manage to get a secured credit card from a mainstream lender and can prove that you can pay it off, then after a year or two you may be granted unsecured credit even if you have gone bankrupt!