Bankruptcy

[Berkster]

Does anyone know if accounts that were included in a bankruptcy fall off of your credit report after the 7 year period or after the 10 year period that the bankruptcy comes off? Thank you!!!!!!

[beamMEup]

Hi berkster,

Welcome to the forums!

The notation "IIB" or included in bankruptcy should report for 7 years (same as a 30 day late or other similar notation).

The account itself should report for about ten years after it's closed.  That means it should report as a good clean account for about three years.  Bonus!

[Berkster]

Thanks beamMEup I appreciate the reply.

[Tricky3]

Hi, 

Just the information I was looking for!

So, the account(s) will drop off from being listed with an *status* of "IIB" / "Derogatory" after 7 years from the closing date of the Bankruptcy [or is it the Date Filed]?  But the "Public Record" of the Bankruptcy stays on for 10 years, right.

Lasly, some (most) of my accounts that are list under Bankruptcy are still being updated/reported - is this resetting the "7 year clock"?

[aussiesareforever]

All my accounts IIB reported for about 7 years after the DOFD. At the 7 year mark, the accounts were all deleted. I don't think they report as a "clean" account for three years.

The BK does stay on for a full 10 years (Chapter 7)

[ihatemyscore]

Aussiesareforever, 

Quick question. Even though you had accounts listed as IIB on your CR did it continually hurt your chances of obtaining good credit cards? I am going to have about 15 accounts listed as IIB for the next 7 years, so I am just wondering.

Thanks Sorry to jack OP thread. 

[aussiesareforever]

---

ihatemyscore wrote:

Aussiesareforever, 

Quick question. Even though you had accounts listed as IIB on your CR did it continually hurt your chances of obtaining good credit cards? I am going to have about 15 accounts listed as IIB for the next 7 years, so I am just wondering.

Thanks Sorry to jack OP thread. 

---

It depends on what you call "good credit cards". I had no problems getting the cards in my signature. The only other card I've applied for post BK was the American Delta Express Gold card. I didn't realize at that time at Amex was not BK friendly

I had about five CC and 8 other accounts IIB. I'm 4 years post discharge. I'm pretty sure you will be okay if you manage your credit wisely

[Tricky3]

How does one define "DOFD" for BK?  I assume as soon as I filed, since that would be when the CC where told.  But then again I stopped paying the cards when I first started talking to my lawyer so they became deliqent/late many months before I filed.

/off topic

BTW aussiesareforever, you sure do have a nice score (compaired to my best score of 698) and I am ~6 years post BK.  However it seems my new car & house refinance are two of the four negitves listed on my report(s). 

[aussiesareforever]

---

Tricky3 wrote:

How does one define "DOFD" for BK?  I assume as soon as I filed, since that would be when the CC where told.  But then again I stopped paying the cards when I first started talking to my lawyer so they became deliqent/late many months before I filed.

/off topic

BTW aussiesareforever, you sure do have a nice score (compaired to my best score of 698) and I am ~6 years post BK.  However it seems my new car & house refinance are two of the four negitves listed on my report(s). 

---

It will actually be when you stopped making payments on the account. I stopped paying my cards about three years before I filed BK. All those accounts fell off about four years later. In your case, your accounts will fall off about seven years after you stopped paying.

Thanks for the compliment. I'm sure my scores have dropped this month since I'm now carrying a balance on my Apple financing card (thanks to the 0% interest, I bought an iPad). Hopefully it'll bounce back up after I pay it off and I probably won't check my score again until then. Congrats on the new house and car. I'm sure both of those will give you a good score boost in a few months.