“all the right things” after bankruptcy

April 26th, 2011 by Questions

We were discharged in ’07 and immediately started working on repairing our credit. We each got secured credit cards. My husband got a car loan (by necessity – another baby on the way meant we had no choice but to get a new-to-us vehicle) which we have been paying on for the last 30 months and are about to pay off completely (18 months early). We are both hesitant to apply for new credit with the bankruptcy on our record still, but we were wondering if we are likely to get approved for an unsecured credit card? My husband originally put $300 down for a $300 limit and now has a $3300 limit. They continue to up the limit but won’t change the card to an unsecured card. We would ideally like a card where we don’t pay an annual fee, or if we do, we can use the card to our advantage by collecting points.
How long after discharge does it usually take before a regular bank will even consider offering unsecured credit?

Posted from: Ontario


One Response to ““all the right things” after bankruptcy”

, A licensed trustee said:

The first two years are the “rough” ones – the trick is getting approved the first time. You have done the right things and it has been 4 years since your discharge so you shouldn’t have any problems.

I suggest you book an appointment with a loans officer at whatever bank you deal with – they can check to see if you’ll get approved without it hitting your credit bureau the same way a new credit acrd application will. The bank can have a look to see what is on your bureau – just in case there’s anything negative.

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