Anyone else blacklisted?

I know it's a pretty private matter, but I am curious. My other half filed BK and was discharged 2 years ago. How long did it take you guys that have been there, before you could do things like take out a bank loan, car finance/lease from a dealer, or mortgages?

It is usually 7 years from what I understand. Though some people down the way recently filed and now they have a brand new horse trailer, a new home and two new cars so go figure-ph and they also just took a cruise to Mexico

Minimum 3 years before you can get any other kind of loan, and that's making sure you don't get any other black marks on your credit. It stays on your credit report for 10 years, 3 years longer than other bad marks. But from what I understand, after 3 they start making concessions...

Well my dad wiped 48K in debt about 3 years ago and he can't really get any car loans. On the plus side, he just took out a mortage on a brand new house, so I don't know how that works.

Peace,
Brandon

I don't have any debts myself but i know there are companies who advertise over here in the UK who offer loans to people even though you have CCJ's(County Court Judgements).

I think the interest is really high on them as well!

What exactly is a black mark?

It's when you have debts that are unpaid Stephanie and you end up getting a black mark against your name which prevents you from getting further credit from companies.

We do it with customers at work who don't pay their bills and it ends up if they want anything else from us they have to pay cash up front.

Originally Posted by Kat_Boy

I know it's a pretty private matter, but I am curious. My other half filed BK and was discharged 2 years ago. How long did it take you guys that have been there, before you could do things like take out a bank loan, car finance/lease from a dealer, or mortgages?

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I can only answer about mortgages and this is just U.S. standard. It usually is at least 2-3 years. He should try to establish credit as soon as possible with a credit card (typically secured by a savings account for people with past bankruptcy). Is there somewhere local willing to take a chance with him? A small store that he might have done business with that could set up a small loan for him or a payment plan? Anything to re-establish that credit. I know in the US we have mortgage broker companies that will do a mortgage for people with past severe credit issues, but they charge high rates and high closing costs. If you are dealing with a company like this, you just need to decide for yourself if it makes sense for you.

Again, Canada might be different. You might just call and ask the local banks what you can do to re-establish credit. I'm certain they would be able to point you in the right direction. Good Luck!

I work for a US bank in Retail Credit. To get credit with us, the bankruptcy must be discharged and over 3yrs old. In other words, everyone must be satisfied with their payoff and your accounts closed.

Originally Posted by rosiemac

It's when you have debts that are unpaid Stephanie and you end up getting a black mark against your name which prevents you from getting further credit from companies.

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Thank you, Susan. Would that blackmark just be with the one company to which you owed money or is it on your credit report that would be seen by every company that checked?

I had to file for bankruptcy back in 1999 due to divorce. I wasn't able to finance a car until last year but I did get a credit card in 2000 with not too bad of an interest rate. My score is much better now and the bankruptcy should be up in Feb of 2007. I can't wait.

Originally Posted by dawnofsierra

Thank you, Susan.

Would that blackmark just be with the one company to which you owed money or is it on your credit report that would be seen by every company that checked?

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I don't know what it's like in America Stephanie but if you are blacklisted with one company over here and you go somewhere else for credit they do whats known as a credit check to see if your ok and as soon as they see your blacklisted your refused. But as i mentioned there are companies who give out loans now even though you are blacklisted but the interest that has to be paid back to them is really high!.

When we get new customers we send them a form to fill in that asks for their bankers details and two companies who they deal with and we get references from them to see if their payments with them are ok.

Believe it's quite similar over here, Susan. I had just never heard of a blackmark before, thanks!

The ex and I had to file bankruptcy, in 1995. Within a year, he had acquired another wallet full of credit cards. We were able to finance a car, in 2000 and I have financed two cars, in the past year-and-a-half.

Since you can only file bankruptcy, every seven years, some companies figure that you'll HAVE to pay, one way or the other and will extend credit.

I called my bank today, and they said they would give him a car loan immediately. They said they also look at what the credit was likie before the bankruptcy. She said that tells them if you were habitual in your credit issues, or if it was a sudden strain of events that lead you to BK.
She said surprisingly, his score is not that bad considering. The secured card he got helped apparently.
She said, along with my credit, and income....we could be eligible for a new car loan, and a mortgage all within this year!

That's wonderful news! Glad that's past and he can move forward!

That must come as such a relief!