So my bk was discharged sept 2009, I have paid all car leases and credit cards on time since then
How many years does it theoretically take to bounce back?
I thought I was told in the past 5 yr payment history on a CC
Is that right?
I think it's subjective tbh.
There are a ton of factors. Such as, Ch7 vs Ch13, what your credit has been like since the BK, why you originally filed for BK. Lenders will typically see you as risk until the BK falls off completely, which can take 7-10 years.
+1 What type of BK? What does your CR look like since? Any baddies? Positive TLs?
Ch 7 discharged Sept 2009
lexus car lease started may 2010 joint paid on time
cap one cl 850
cap one cl 750
cap one cl 1000
first prem cl 750
citi cl 200 - opened sept 2009
barclays 3500 opened dec 2011
bofa secured opened dec 2011
all above paid on time
about 8 accounts included in discharge
have lots of inquiries 36 on EX
I was in primeville roughly five years after filing ch7. Card offers were in my mailbox within months. Decent limits were different back then, as we had the good 'ole days of Providan, and loose lenders, so 4k was obtainable much faster, as compared to now.
I consider myself "in good shape" coming up on three years from BK discharge. FICO scores just under 700 on EQ and TU, ample credit lines, a new home purchased and a zero interest car loan this year. My scores are probably higher than they've been since 2007 (due to high utilization back then).
I don't think you can become truly free of BK - even after the ten year period when it falls off the credit report you have to answer the "have you ever..." question accurately. Some lenders just won't deal with you if you have filed BK, and some of those you discharged (Amex for example) will blacklist you forever. My biggest concern, now that I have more than enough credit, is not to go back to using it excessively, and in a manner where an arbitrary decision to balance chase (BOA) collapses my scores like a house of cards by raising utilization.
Things I did right - NFCU (not everyone can join), used a secured Mastercard (USAA), cleaned up IIB items (took six months to get everything right). Worked through counseling with NACA to get a great mortgage on a new home.
Things I shouldn't have done - too many apps too soon. High fee low limit cards (CreditOne, First Premier), now closed.