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A chapter 7 bankruptcy stays on your credit report for 10 years, chapter 13 is 7 years.
It doesn't take that long after you've filed for your score to go up, assuming you are paying your bills on time, etc. If you are going to wait a couple of years, you should be fine. Some will question the bankruptcy, but if you've shown that you have been responsible since, many will be lenient.
Good points Except all public records ( including bankruptcies ) are reported for 10 years. No difference between a 7 and 13
I'm on the road to improving my credit and eventually get a 660 and higher FICO score. What I'm wondering though, is that when applying for any/all major types of credit (a house, apartment, car, etc), would I be turned down because of the Chapter 7 still being on record? I've seen landlords in the renting section of this forum say they don't rent to people who've had bankruptcy within a certain amount of years (maybe 5, can't remember). So again, would a good FICO score be enough to overcome a bankruptcy and previous bad credit?
It is 2 years for mortgages here, N.D. You'll get credit offers galore w/in months after chapt. 7. Car loans pretty immediately, cause don't have debt, and a car is secured debt....they can pick up your car, unlike credit card debt, unsecured debt...random purchases.
There are some good tips for rebuilding your credit...check on Transunion or Experion...or on your bankruptcy papers.
The FICO is based on all the issues in your credit bureau, of which the bankruptcy will be a large part. It's not just one line of your credit bureau that says "Bankruptcy". Every account you included in the bankruptcy will be tagged as a "Charge Off" and will further lower that FICO.
So saying you have a good FICO to offset the bankruptcy would not happen.
By the way 660, is not a good FICO score. You'd be better off having a goal of 775+
The bankruptcy cases that I helped our attorney file the scores always raise..
OP it should be on your credit report...at the bottom. We used BestCase software, very comprehensive.
OP go back to your bankruptcy attorney, ask some questions.
OP...even though this seems mostly to be an add for credit cards there are some good tips on this 2nd site re: your question.
And, check for answers to your questions right at the source very good info. http://www.uscourts.gov/services-forms/bankruptcy
The FICO is based on all the issues in your credit bureau, of which the bankruptcy will be a large part. It's not just one line of your credit bureau that says "Bankruptcy". Every account you included in the bankruptcy will be tagged as a "Charge Off" and will further lower that FICO.
So saying you have a good FICO to offset the bankruptcy would not happen.
This is untrue. I filed chapter 7 years ago and almost immediately my score went up. That bankruptcy is still on my credit report and my FICO score is well over 700 now.
Quote:
Originally Posted by convextech
By the way 660, is not a good FICO score. You'd be better off having a goal of 775+
Well, obviously the higher the score the better, but I think 660 is a reasonable short-term goal. It will take a while to bring a low score up to even 700, much less 775. And a score of 660 is usually more than enough to rent an apartment or buy a car.
Quote:
Originally Posted by convextech
You cannot have a high FICO with a history of non-payment and a bankruptcy. Your FICO is BASED ON your history.
Again, completely untrue. A bankruptcy is obviously a blemish on the report, but if you pay your bills on time and use credit wisely, it will go up. I was able to qualify for a really good mortgage five years after my bankruptcy. The lender was very impressed and even commented that my credit history has been near perfect since my discharge - so many lenders WILL take that into consideration as well.
The FICO is based on all the issues in your credit bureau, of which the bankruptcy will be a large part. It's not just one line of your credit bureau that says "Bankruptcy". Every account you included in the bankruptcy will be tagged as a "Charge Off" and will further lower that FICO.
So saying you have a good FICO to offset the bankruptcy would not happen.
By the way 660, is not a good FICO score. You'd be better off having a goal of 775+
So charged off accounts lower your FICO twice? (once when initially charged off and again when BK).
Bankruptcy stays on file for at least 7 years, so it's gonna take 7 years to raise my score at least 100 points from what you're saying
No.. read those links...have a couple credit cards, use conservatively, pay early pymts..your credit will build..pay all paymts reliably...you'll be sitting good soon...
This is untrue. I filed chapter 7 years ago and almost immediately my score went up. That bankruptcy is still on my credit report and my FICO score is well over 700 now.
Well, obviously the higher the score the better, but I think 660 is a reasonable short-term goal. Itwill take a while to bring a low score up to even 700, much less 775. And a score of 660 is usually more than enough to rent an apartment or buy a car.
Again, completely untrue. A bankruptcy is obviously a blemish on the report, but if you pay your bills on time and use credit wisely, it will go up. I was able to qualify for a really good mortgage five years after my bankruptcy. The lender was very impressed and even commented that my credit history has been near perfect since my discharge - so many lenders WILL take that into consideration as well.
More accurate answer OP....think of bankruptcy as a clean slate, a chance to do it right...Not a strike against you...You got this!
Good points Except all public records ( including bankruptcies ) are reported for 10 years. No difference between a 7 and 13
Tax liens are reported until resolution plus 10 years, so some people die with 50 year old tax liens still being reported.
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