"If you never plan to get a loan for a home or car, then you don't need to have a CC"

[artgood]

I read this on another post.

Hypothetical: I intend to NEVER open another CC account.

What are our chances, of getting a mortgage or car loan?

I understand the need to "rebuild" credit, but I just don't see ever having a credit card again.

[JackBondLove]

I was denied a HELOC (Home Equity Line Of Credit), and was told it was because I did not have 4-6 open lines of credit.

[Logan]

I was denied a HELOC (Home Equity Line Of Credit), and was told it was because I did not have 4-6 open lines of credit.

Your primary reason was your BK not 4-6 open credit lines.

[mountanddo]

Your primary reason was your BK not 4-6 open credit lines.

Would the fact that he is also unemployed and is going to use his retirement as his income make a difference as well?

[Diesel73L]

I read this on another post.

Hypothetical: I intend to NEVER open another CC account.

What are our chances, of getting a mortgage or car loan?

I understand the need to "rebuild" credit, but I just don't see ever having a credit card again.

I get where you're coming from, but I don't see how you rebuild credit if you never borrow again. I intend to sort through the cc offers that will inevitably deluge us post discharge, pick the one I despise the least, use it to buy gas and groceries, and pay it off every month. My wife will be reaffirming a car loan after discharge so she'll get good reports on that-I have no need to finance a vehicle in the foreseeable future, but I suppose I will eventually. Going forward cash will always be king for us, but credit will be like that expensive specialty tool in our toolbox. We won't need it often, but when we do, we'll be awful glad we had it. We are going to be walking away from our underwater home post CH7 so we need to be as aggressive as possible to rebuild good credit after the foreclosure goes through. We fully intend on purchasing a home (with a very hefty down payment) after the three year waiting period is up.

[AngelinaCatHub]

I was denied a HELOC (Home Equity Line Of Credit), and was told it was because I did not have 4-6 open lines of credit.

Probably the best favor they've done for you. Remember what brings you here? 'Hub