Have we not learned....

[Flamingo]

this is so true. really the only thing that helps is time. it's a sad day when a score of 836 can't get one a decent interest rate for a car loan.

we had 3 cards to rebuild but closed one since it was reporting regularly to the credit agencies. we also have excellent scores, but i'm certain we would fall into the same situation if we were to apply for any large amount of money. with that bk sitting on there, many creditors simply do not want to take a chance. which actually, makes no sense since one cannot file bk anytime soon, one would think that's a safer risk than many.

Don't get me wrong, we still obtained a fantastic deal and 1.9% rate but with another lender. We had 3 nice offers from 3 other lenders but but a 4th, a bank that merged with a bank that was included in our filing in 2002, denied us credit as we had "previously discharged debt" with them. So if one is car shopping or house shopping or looking for a loan for school, house renovations, etc. several years beyond one's bankruptcy, if you apply or the auto dealership, etc. applies to a bank or subsidiary that was included in your BK filing, there is a good chance you will be denied, no matter what your credit standing is at that point.

[Flamingo]

All I have to say is that I'd rather have credit and not need it than need it and not have it.

When our BK came off our credit reports in April 2009, we were left with very little credit on our credit reports. Many previous accounts in good standing paid off or closed out prior to our filing were removed as 7 years had passed since we filed and they dropped off due to the timing. We currently carry a zero balance Mastercard and Visa, and zero balance credit cards with a large home chain, major department store national chain and Walmart Discover. We don't need nor want anymore. We save money for car repairs and don't just charge them and worry about paying it off later. We budget and use credit prudently. We now have stellar credit after working hard after discharge by being careful and not going crazy and not using credit just because it is there. That is what makes the difference....remember, a credit card cannot use itself. If someone has a credit problem or addiction, just as with anything else, avoid it or get someone else involved who can help one maintain and control their credit as they try to rebuild.