Credit scores to rise

[Peter1469]

Credit scores to rise

More than 6M US adults will have their personal bankruptcies disappear over the next 5 years leading to a possible economic boom as their credit scores will rise and open up to loans.

Credit scores for U.S. consumers reached a record high this spring while the share of Americans deemed to be some of the riskiest borrowers hit a record low—a potential boon for lending and economic activity.

Consumers’ improving fortunes reflect falling unemployment and continued, if lackluster, economic growth. An added benefit: The passage of time since the recession and housing meltdown is helping household balance sheets.

[Agent Zero]

People having recently filed bankruptcy can receive unsecured credit cards within a year and buy a home within two years. They're considered ok credit risks because they can't file again for 7? years.

[Agent Zero]

Also most anyone can afford a new or newer car thanks to subprime lenders. Of course they'll pay exorbitant rates.

[Peter1469]

People having recently filed bankruptcy can receive unsecured credit cards within a year and buy a home within two years. They're considered ok credit risks because they can't file again for 7? years.

I am not sure how big of a hit the bankruptcy is to credit, but I doubt you will get favorable interest rates with one on your record.

[pjohns]

Also most anyone can afford a new or newer car thanks to subprime lenders. Of course they'll pay exorbitant rates.

You make a fair point.

But I am not sure that the traditional alternative to subprime lenders--i.e. loan sharks--is somehow superior...

[Common]

People having recently filed bankruptcy can receive unsecured credit cards within a year and buy a home within two years. They're considered ok credit risks because they can't file again for 7? years.

They get secured credit cards immediately and some retail chains will issue cards with low limits like 200 or 300.00

[Common]

Whats the highest credit score attainable now ?

[Peter1469]

850

[Don]

Credit scores to rise

More than 6M US adults will have their personal bankruptcies disappear over the next 5 years leading to a possible economic boom as their credit scores will rise and open up to loans.

Probably won't take long for most of them to go bankrupt again.

[Don]

850

My score is 820.