Chapter 7 Bankruptcy

[randaljon]

Does a chapter 7 BK stay on your credit files for 10 years? Has anyone ever had theirs fall off after 7?

[Anonymous]

Yes a CH 7 reports for ten years from date of filing.

CH 13 BK's typically report for seven (*with an exception for dismissed CH 13's which report for 10 years on Equifax only).

So do you have a CH 7 that you're waitin' on?

[randaljon]

This is 7th year since it was discharged. I guess I have 3 more years to go.

[Anonymous]

Yep - but countdown is from filing date rather than from discharge date.

Remember that you can still have a score in the 700's with a BK on your report.  How's your rebuilding coming along?  Anything else got a hold on that score?

[randaljon]

Thanks. Rebuilding going great since last January. I brought scores up from 530s to 680s. Just having alot of issues with Equifax not showing a full report so it's down in the 660s.

Discover card turned me down for credit and said it was because of the Bankruptcy in 2005 when I got the denial letter.

I have a negative CC account included in BK still posted but that falls off October of 2012.

I have 2 90 day lates from November of 2007 from Sallie Mae student loans. The 90 day late is inbetween 2 incidents of forbearance, I don't know how that happened. I been disputing that, but Sallie Mae been hard to deal with. The payment history shows that I was in forbearance, but they say I was not.

I have a 30 day late from 2008 with my Auto Loan. It was 19 days late that month, not 30 according to payment history. So I am disputing that. Those are the only baddies besides the BK on my reports.

[Anonymous]

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@randaljon wrote:

Thanks. Rebuilding going great since last January. I brought scores up from 530s to 680s. Just having alot of issues with Equifax not showing a full report so it's down in the 660s.

Discover card turned me down for credit and said it was because of the Bankruptcy in 2005 when I got the denial letter.

I have a negative CC account included in BK still posted but that falls off October of 2012.

I have 2 90 day lates from November of 2007 from Sallie Mae student loans. The 90 day late is inbetween 2 incidents of forbearance, I don't know how that happened. I been disputing that, but Sallie Mae been hard to deal with. The payment history shows that I was in forbearance, but they say I was not.

I have a 30 day late from 2008 with my Auto Loan. It was 19 days late that month, not 30 according to payment history. So I am disputing that. Those are the only baddies besides the BK on my reports.

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Some card issuers are more BK sensitive than others.  As long as my BK is still on my reports, I've got a short list of potential card issuers that I know are more willing to work with folks with BK's still on their reports.  I'm saving the others for after the BK ages off.

Lates or other baddies after BK are typically score killers.  That's harder than just the BK itself.  So your continued work with Salie Mae correcting that will be worth your time.

And the 30 day late on the auto loan is the same.  As you continue your GW and correction efforts, you'll likely see a score rise even with the BK still on your reports.  And in the meantime, you'll find even with higher scores that some creditors are more BK friendly than others.  Luckily, there's enough folks out there that will work with BK's that it's absolutely doable to rebuild; and to get your scores up into the 700's (mine has been up to 741 with a BK reporting).

Best wishes and keep us posted!