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Q:
How do I get credit after bankruptcy settlement?

I filed Chapter 13 bankruptcy five years ago. I have since paid the required payments in my settlement which ended in September. I have tried to apply for a credit card and been turned down. I pay the balance on my wife’s credit card (I have a card with my name on it) and am the sole user of the card. My question is how long does it take for financial institutions to realize that I have learned my lesson? What can I do? -Jimmy

Jimmy,

A Chapter 13 bankruptcy will continue to negatively impact your “credit worthiness” for up to seven years. Lenders try to judge “credit worthiness” when determining whether or not to loan someone money.

The good news is that your credit report is improving each month as your bankruptcy ages and you continue to use credit wisely.

For now, consider applying for a secured credit card, they are often easier to obtain. Be sure to make all payments on time and as agreed!

Good Luck,

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