Quote:
Originally Posted by 68 Firebird Brian
Bankruptcy will follow you forever. Look at any Bank questionnaire, "Have you ever declared bankruptcy". They don't care if it was 5 years or 50 since you filed. This is your last resort option.
|
Not true... I went through a bad divorce back in the mid 80's that left me no choice but to declare bankruptcy. I became a cash only guy for 7 years and after that my bankruptcy fell off and I started building credit. I score in the 780's now and have not been denied for any type of credit I have applied for since that 7 year time after my bankruptcy. I have not ever seen any application that ask "have you ever filed bankruptcy". The key is to change, never be late on a payment. Keep a couple low interest cards you pay off monthly if you use them. Keep your income to debt within a good ratio. Pay off debt early, double up, etc...