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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2830
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I had bankruptcy in Dec 2012. Many $$ lenders say "bankruptcy

Customer Question

I had bankruptcy in Dec 2012. Many $$ lenders say "bankruptcy no problem" yet not one will offer credit (unsecured card) Credit rate is low fair to high bad. Any suggestions?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

Try your bank where you have a checking/savings with, or try a credit union.

Terry L. :

You probably got many solicitations for new credit upon filing, you may want to use one of those, as they know your situation, and are specifically targeting post-bankruptcy debtors.

Terry L. :

If none of those work, perhaps you have to demonstrate your credit worthiness to potential lenders

Terry L. :

To do this, you should apply for a secured credit card.

Terry L. :

This means you will give them $500, and they will give you $500 in credit to use, and you pay it back

Terry L. :

That way the lender know's your good for it, and it helps rebuild credit, and shows timely payments on your credit report.

Terry L. :

Hope that helps.

Terry L. :

Otherwise, just use you debit card for the next few months, maybe the lenders will be easier to work with once you are a few more months out of bankruptcy.

Terry L. :

Good luck!

Terry L. :

Did you have any further questions?

Terry L. :

please click accept to close question and for me to receive credit for answering. If you have any other questions, I'll be happy to answer them.

Terry L. :

thanks

Terry L. :

Tery

Terry L. :

Did you have any further questions?

5/7/13 3:36 PM

please click accept to close question and for me to receive credit for answering. If you have any other questions, I'll be happy to answer them.

5/7/13 3:36 PM

thanks

5/7/13 3:36 PM

Tery