Can I get approved for a credit card, car, or house after filing for bankruptcy?

Filing for bankruptcy does not mean that you will necessarily be denied for credit and loans. There is no blanket prohibition in the Bankruptcy Code against making a loan to a person that has received a bankruptcy discharge. It is generally at the discretion of the bank underwriters as to whether the applicant poses an acceptable level of risk.

Rebuilding positive credit lines is essential to improving a credit score after bankruptcy. It's not unusual for our client's to receive credit card solicitations within 1 to 2 years after bankruptcy. If you work on rebuilding your credit with new credit cards and can successfully build new positive payment history, it will increase the likelihood of being approved for an automobile loan, car lease, or a mortgage post-bankruptcy.

One way of building credit is to open a "secured credit card" with a bank. So long as the creditor reports the payment information to the credit bureaus, the positive payments can help the scores with the credit bureaus. Be sure to review the terms and fees and fees of a secured credit card to ensure they are fair.

Even if your credit is not perfect, sufficiently rebuilding credit can help get approved for a loan, although the interest rate may be higher as compared to a person with a strong credit score. It still might be better then being denied for financing when you really need it.


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