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ON APPLICATIONS...

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Anonymous
Not applicable

ON APPLICATIONS...

If it asks if you've had/filed a bankruptcy in the last 7 years if mine is 8 years (filed 1999) that I can answer that question "no."  I've noticed a lot of the "online apps" say 7 years (as opposed to the 10 I used to see).The answer seems obvious to me, but somehow I don't know if I'm right.  Hey, it's Friday, what can I say!! Smiley Wink


Message Edited by hipgal0825 on 10-12-2007 11:25 AM
Message 1 of 3
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ShanetheMortgageMan
Super Contributor

Re: ON APPLICATIONS...

You would be safe answering no to that question, the 10-year rule only applies to how long a BK can remain on one's credit from my understanding.
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Message 2 of 3
Anonymous
Not applicable

Re: ON APPLICATIONS...

A reason is that you can only file once every seven years... so it is easier to get credit (higher rates are a different story) perhaps one year out than it may be between years 7-10 -- because they know you have mismanaged in the past and elected to file bankruptcy to clear things up.  You could file next week and they are part of the discharge.  Fair - no! Realistic -yes.
Message 3 of 3
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