Finance, Forex and Investments

How long after a bankruptcy does it usually take to get low interest rates again?

I had a BK in 2002 and have about 7 credit cards right now with not so low interest rates which I expect. I want to finance a nice car but definitely do not want to pay high interest rates ( 10-25% is high to me). If I maintain a perfect credit record post BK, how long would it be before I can get normal interest rates like normal people ( like 0%-5% APR)? *also I will be doing everything I can to increase my credit score ( like keeping minimal balances, no late payments, etc) .

Public Comments

1. It depends on your credit activity right now...7 credit cards is considered a lot. The bankruptcy will be on your credit report for 10 years so it will be at least that long before you can get a 0% apr again.
2. If your debt to income ratio is too high or you have too many open lines of credit, companies are going to be more wary of lending to you. This along with the fact that you have a bankruptcy on your record, you will be paying high interest rates for quite a while. Your looking at minimum 10 years of effects from this. Take my advice and do not open any more lines of credit. I know you are trying to rebuild your credit, but having more than 2 credit cards is going to be a big red flag. Even if you pay on time every month, and keepingminimal balances, companies are going to look at the available credit you have and will look at that as possible debt if you were to charge each card to its max.
3. The prime rate right now is 8.25%, so 0-5% APR = 8.25-13.25%. How low are you expecting?
4. I would stay clear of credit altogether. Take the bankruptcy as a fresh start and don't dig yourself back into a hole.
5. 0%-5% apr are only introductry offers to new cards, normal people interest rate are around 9.9-15.99. Trust me I work for credit card co. I have seen some 1.99-3.99 but they are few and far and they were held by elderly people which means they have been with the bank for years, it does depend on your relationship with the bank also the more money you have in accounts the more they are willing to work with you.
6. important things about bankruptcy will help you get an answer. 1. Bankruptcy is process adopted by federal court process catering to individuals and businesses repay their debts or clear their debts under the protection of bankruptcy court. Also known as "reorganizations " or "liquidations", bankruptcy is often the last recourse to get out of any debt. 2. When the property of the debtor is sold to recover and pay off the debt it is called Chapter 7 bankruptcy. Contrary to popular belief, all the property owned by a debtor is not sold, some part of it is left with him to allow him to start afresh. 3. When there is no sale of property but the debt are reorganized so as the debtors, are able to repay them over a long period it is called Chapter 13 bankruptcy. 4. Both these types of bankruptcy have a large number of rules, and exceptions, suited to different kind of debts, individuals and other concerns. 5. The "ticket in" is counseling session that everyone who wishes to file a bankruptcy must attend. This session must be attended at least six months prior to filing for bankruptcy. This term was adopted in the new bankruptcy law. Read more from: http://www.credit-card-gallery.com/bankruptcy_credit_card.html