Established Member
sal2009
Posts: 16
Registered: ‎05-31-2012
Neg credit items fall off bk date filed or date closed/resolved

Are the negative credit items supposed to fall off 7 yrs after the bankruptcy filed date?  or the discharged date?  i know the bk 7 stays 10 yrs but what about the individual items are supposed to fall off after 7....

Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
Re: Neg credit items fall off bk date filed or date closed/resolved
[ Edited ]

For the negative items it is 7 years plus 180 days (or 7.5 years) from the date that you went delinquent and never brought the account back current.

 

For the reporting of a bk to the CRA's the count starts at the filing date.  So for a 7 it is 10 years and a 13 is 7 years. 


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Established Member
ultimatefighter
Posts: 32
Registered: ‎04-04-2007
Re: Neg credit items fall off bk date filed or date closed/resolved

I've asked this question as well, as my 7 year anniversary of my BK filing is here and as I understand it is actually 7 years from the filing (earlier) date not discharge (later) date. That's a good thing for us BK filers! I plan to get my FICO reports in the next week or two so I'll confirm but when I got my "free annual" Experian report in June, under the "status details" on these BK included accounts it actually says "This account is scheduled to continue on record until October 2012" which is 7 years from my filing.

 

The BIGGER question is how this effects aka what kind of bump it has when these accounts fall off? I've not been able to find that answer so I'll be the example! If all goes right since I've had perfect credit since my BK, when I pull my FICO reports the only negative that will show will be the BK. Not those other 10-12 accounts that were late or negative because of it.

 

From there I'll be counting down 3 long years until even the BK falls off. That will be a glorious day! I'll definitely celebrate it and treat myself to a nice dinner or something nice on my credit card of course! 


Current Score: EQUIFAX 706
Current Score: EXPERIAN 712
Current Score: TRANS UNION 722
BK in 10/2005