Establishing Credit Takes Longer Than Research Says

by Terry

Establishing credit after bankruptcy takes longer than the research says it will. Most of the research I did said that my credit would be back to normal levels after a couple of years, but that is definitely not the case. Although I am able to get a credit card, insurance and auto loans, the rates are all very high. The credit cards I am able to get, not only have a high rates, but they also have punitive fees. For example, one charges $35.00 for a late payment, every 5 days its late in a billing cycle! Oh, and if I want my credit increased they are more than happy to, but I will be charged a $50.00 fee for that.

I am now 3 years out from a chapter 7 bankruptcy filed because I ran into medical issues and couldn't work. The process itself wasn't too bad. I did have one company try to collect after the bankruptcy was final. I called and gave them the information they needed for their records and let them know if I heard from them again I would be contacting the my lawyer. They took care of the issue and did not contact me again.

Looking back now, I would do it again if I was in the same situation because I did not have any other way out. However if I was ashamed to have to do it the first place and will not allow myself to get in that situation again.

Establishing Credit Takes Longer Than Research Says

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