You should write a book on the subject! I am sure many people would love to hear your story.

Thanks JGIBBS! We are OK now but I can't begin to tell you how ashamed I felt for several years afterward. It was a great learning experience that I would not want to repeat. It was a business tool though and we used it to help us out of a tough spot.

Lexie wrote:
Just because we were doing so well living on cash. It took us quite a while to get the bankruptcy paid off. Then we learned how to monitor our money. Only then did we apply in earnest for another credit card.

That sounds smart to me, Lexie. I imagine I'd feel the same way and take it slow in your shoes. Either way, you've worked hard, come out on top and should be proud!

Gotcha, understood. Still glad to see it worked out.

FrankN wrote: Interesting. Did it take 7 years to get another credit card because you couldn't get approval or because you wanted to live on cash?

Just because we were doing so well living on cash. It took us quite a while to get the bankruptcy paid off. Then we learned how to monitor our money. Only then did we apply in earnest for another credit card.

Interesting. Did it take 7 years to get another credit card because you couldn't get approval or because you wanted to live on cash?

JGibbs wrote:

Lexie wrote: Oh Yes FrankN. I remember being scared to death to even get a credit card after the bankruptcy. We are very careful to pay them all off at the end of the month now. We realize that we are not longer invincible.

Do you remember about how long it took you to get approved for the first credit card after bankruptcy? I figured the wait would be a long time.

We didn't even try for about 3 years and were turned down on our first application. I believe it took about 7 years to get another credit card. We lived on cash all that time and it wasn't a bad way to live. Those darn credit cards are so much easier and more convenient though.

Lexie wrote: Oh Yes FrankN. I remember being scared to death to even get a credit card after the bankruptcy. We are very careful to pay them all off at the end of the month now. We realize that we are not longer invincible.

Do you remember about how long it took you to get approved for the first credit card after bankruptcy? I figured the wait would be a long time.

Oh Yes FrankN. I remember being scared to death to even get a credit card after the bankruptcy. We are very careful to pay them all off at the end of the month now. We realize that we are not longer invincible.

Lexie wrote:

FrankN wrote: That is great to hear and I think you were very smart in taking it very seriously. Ball park, if you don't mind me asking, what was your credit score range and what range did it improve to?

I don't remember FRANKN. it's been years since this happened. I will tell you though that I bought a relatively new car about this time last year. It's the first car I have financed in years and I had no trouble at all getting the loan. There's not a day that goes by that I don't get a credit card application in the mail so I know it's pretty good by now.

And hopefully you have learned your lesson to not over finance with credit cards as well

FrankN wrote: That is great to hear and I think you were very smart in taking it very seriously. Ball park, if you don't mind me asking, what was your credit score range and what range did it improve to?

I don't remember FRANKN. it's been years since this happened. I will tell you though that I bought a relatively new car about this time last year. It's the first car I have financed in years and I had no trouble at all getting the loan. There's not a day that goes by that I don't get a credit card application in the mail so I know it's pretty good by now.

Take solace in knowing that people on our end learn from our mistakes. When a company can just turn around and start a new business as if nothing happened, they didn't learn anything.

Wanderer wrote: Unreal how companies file BK and turn right around take a new name (maybe) and continue as if nothing ever happened. Maybe I took it too personally?

No, not at all. It doesn't seem like a just system at all. I wish you were never ashamed though. Mistakes happen and life can throw more obstacles than a person is counting on. You did the best you could. No shame in that.

Lexie, BK affected me the same way you took it and I was a ashamed (lost a business). Took me around eight years to get my first big person credit card (not the bottom feeders). Unreal how companies file BK and turn right around take a new name (maybe) and continue as if nothing ever happened. Maybe I took it too personally?

Wanderer wrote: Business BK's are another area all to themselves.

It doesn't appear to harm them though. Not the owners and not the ones in power making the decisions. It seems they can start another company, get another loan, even stay in the same business and move on. It seems like a smart deal for any failing business or am I wrong?