How soon after?

[Dennis1971]

I was curious after bk does it take to get a loan? Right now we are in the waiting to be discharged from our chapter 7, and have no need of any loans in the near future. We are reaffirming our home loan and heloc loan, so I know these institutions will be reporting good credit on our behalf.
Normally after a chapter 7 bk how long does it take to get a loan? Is there a normal time length that a banking institution prefers not to do business with you? Does it depend on your credit score? When will our credit score take the big hit of bk? Should I check our credit score now, if so how do you check your score? I would be very interested in hearing other's stories about credit after the bk.
Thanks

[BassBoy]

I was curious after bk does it take to get a loan? Right now we are in the waiting to be discharged from our chapter 7, and have no need of any loans in the near future. We are reaffirming our home loan and heloc loan, so I know these institutions will be reporting good credit on our behalf.
Normally after a chapter 7 bk how long does it take to get a loan? Is there a normal time length that a banking institution prefers not to do business with you? Does it depend on your credit score? When will our credit score take the big hit of bk? Should I check our credit score now, if so how do you check your score? I would be very interested in hearing other's stories about credit after the bk.
Thanks

Depending on the type of institution, the amount of time after a BK can depend and it depends on what type of loan (home, auto, personal and credit card). I know that with a BK, most conventional banks will not extend a loan for an auto, personal or credit card. I've only asked one bank about a home loan and they said they would like to see the BK off the report.

Since you are keeping your home, you won't need a home loan, but you can refinance the loan if you want to consolidate the 2 mortgages. This is usually never the right option because of the higher rate you might get.

Credit cards are usually fairly easy to obtain, but you have to be careful of which cards you choose. Some of them have high fees and by the time the creditor applies the fees, you have almost no available credit.

You should check your credit report within a month or so after your discharge. The first thing you should worry about is making sure all accounts are reporting correctly. I wouldn't worry too much about your score.....it's going to take some time for that to recover.