Repairing credit after chapter 13 bankruptcy

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Joined: Tue Nov 13, 2012 6:12 pm
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Repairing credit after chapter 13 bankruptcy

Postby jesses408 » Tue Nov 13, 2012 6:23 pm

I was part-owner of a failing small business and got myself into a lot of credit card debt that I couldn't repay. To make a long story short, once the business failed and I got a new job that paid well, my creditors wouldn't work out a payment plan that would allow me to pay off my debts, so I was forced to file chapter-13 bankruptcy. This was in 2006.

The bankruptcy was discharged in 2011 with all creditors paid off in FULL. It's been 6 years since I went bankrupt and my credit is still reeling. I ran my score recently and it's 641, which is the same as it was in 2007 when the bankruptcy was fresh.

Since my bankruptcy was discharged, I was approved for a car loan and a capital one secured card (which recently turned into an unsecured card), and even approved for one in-store loan for a refrigerator. But I still get turned down all the time for new lines of credit. I tried talking to my own bank about getting a home loan and they refused to even talk to me because the bankruptcy still appears on my credit report.

I understand I got myself into trouble with too much debt and I take responsibility for that. But I paid it all back and didn't walk away from my debts. The banks don't seem to care that I paid back all their money in full, and they don't care that this bankruptcy is now 6 years old, they act like it just happened yesterday.

Has anyone else been through a chapter-13 and successfully repaired their credit? What does it take?

Money card
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Postby Money card » Wed Nov 14, 2012 9:10 pm

The new job that you got that you said that pays well do you own the business or do you work for somebody?

you mentioned that's been 6 years since you went bankrupt, but you had the creditors payed by 2011 correct? all though you didn't walk away from your debts you did pay them back , they maybe nervous in giving you another chance with credit cards, they maybe saying to themselves if we give this guy another credit card and he goes bankrupt this would be the second time you filed for bankruptcy.

since you talked to the people at your bank and they refused to talk to you this is my suggestion.

do you like to shop at any stores like JCPenny, the Gap, Macys , Lord&Taylor, sears, American eagle if you do I would try for 1 of there cards preferably the charge card not the credit card with the visa, mastercard or american express logo, if you do ge approved buy some things on credit, pay your bill in full after a while then try for a store credit card like the Macys American express card, wal mart Discove, gap visa or master card, I would try these out, another idea would be a orchard credit card it's for people like you rebuilding your credit.

this is what would be my suggestion.

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