credit ratings after bankruptcy
March 6th, 2008 by Questions
My husband I filed joint bankruptcy. We each had some small debts in our names only but the majority were joint. We had no student loans or car payments that we were making (nothing that carried through the bankruptcy).
We each applied for a secured mastercard. My husband was approved for a $300 card and had to put $300 down in security funds.
I was approved for a $750 card and had to only put $75 down in security funds.
My husband works full time and I part time – his income is more than 3 times what mine is.
I had assumed that post-bankruptcy, we would both be in the same boat, our credit ratings would be the same (equally bad) and so we would both end up getting the same card and both have to put the large security deposit down. I was shocked when I was approved for a card with a larger limit and less down than him!
Was I mistaken in believing our credit ratings would be the same? Could I actually have a better rating than him causing me to get the higher credit card limit?
Virtually all of the debts listed on my husband`s credit report – both those that were included in the bankrupty and those that were paid off long before – are joint with me – and he didn`t have much on his credit report.
I on the other hand have a lot of things listed on my credit report – OSAP loans, student loans issued by a bank, car loans – all paid off prior to the bankruptcy. Would those things in my past give me a better credit rating after bankruptcy?
We were just discharged about 9 months ago…
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March 08, 2008 at 1:15 pm, Barton Goth GCO Bankruptcy Trustees said:
Any answer to this question would be pure speculation on my part. The credit bureau is a bit of an unkown organizaiton that puts in place it’s own practices, policies and procedures, many of which are unknown to the general public.
Your credit rating is impacted by a number of things, the largest of which tend to be the total amount of your debt load, the number of sizeable assests you own, your income, payment history etc.. Now while your history prior to bankruptcy typically has a very little impact it is difficult to determine just what it is about your file that will differentiate you from your husbands.
For more details I suggest you contact the credit bureau directly.