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Chap 7 fall off early?

Valued Member

Chap 7 fall off early?

Is it possible for Cap 7 to fall off before 10 years?  I was on a credit score site and it said to be removed after 8 years.  Is that possible?  I can't remember which site I was on when I saw it :/

Message 1 of 29
28 REPLIES
Community Leader
Senior Contributor

Re: Chap 7 fall off early?

Accounts will drop off 7 years from the DoFD

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 2 of 29
Community Leader
Valued Contributor

Re: Chap 7 fall off early?

Some credit reporting agencies will remove a BK a few months early, but never years. As Scupra pointed out, perhaps you confused that with derogatory accounts included in BK, which fall off after 7 years.


Fico 08: 720/721/719 TU/EX/EQ
Message 3 of 29
Valued Member

Re: Chap 7 fall off early?

Thank you for the replies, yes the account drop off dates must have been what I saw.  Does that help your credit any when they drop off or does it not matter since the BK is still posted?

Message 4 of 29
Community Leader
Valued Contributor

Re: Chap 7 fall off early?


freshstart17 wrote:

Thank you for the replies, yes the account drop off dates must have been what I saw.  Does that help your credit any when they drop off or does it not matter since the BK is still posted?


It should, they're called "derogatory accounts" for a reason. I filed in 2010 and mine start falling off in a few months, I'll let you know. Smiley Happy


Fico 08: 720/721/719 TU/EX/EQ
Message 5 of 29
Community Leader
Senior Contributor

Re: Chap 7 fall off early?

When all of my IIB accounts dropped off I gained around 30 points IIR
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 6 of 29
Valued Member

Re: Chap 7 fall off early?

I went and looked at my account that showed my Chap 7 stuff and our old home equity that was included in the BK said this below.  How is it still updating in 2017, the others with this credit union are not.  I did recently by a car and the dealer sent them an application that was denied could that be it?  The mortgage does not show this though.  Our Chap 7 was finished May 18, 2010, filed on Feb 5, 2010.

 

Account Details

Message 7 of 29
Member

Re: Chap 7 fall off early?

My chapter 7 was filed in May 2007 and it's still being reported by all 3 credit bureaus.  I'm hoping that it's finally off in 3 more months.. which will make it 10 years.

EQ: 736 -- TU: 741 -- EX: 732
Message 8 of 29
Valued Contributor

Re: Chap 7 fall off early?

Hi, just wanted to follow up on some of you here who mentioned your Ch7 would be falling in a few months.

 

Any updates? :-) Hope good news!!

Message 9 of 29
Frequent Contributor

Re: Chap 7 fall off early?

A chapter 7 BK  stays on your report for 10 years, not 7.

Message 10 of 29