topic Re: What to expect when the 10 years are up? in Bankruptcy

What to expect when the 10 years are up?

Anonymous — Thu, 14 May 2015 04:56:54 GMT

hello,

I filed for BK back in July of 2005. It was discharged in January of 2006. This year is my tenth anniversary. Should I expect the item removed from my credit file in July? My credit file is in good shape otherwise, no lates or collections. Should I expect a dramatic increase in my credit score? What are some possible surprises that might arise?

Thanks,

Mike

Re: What to expect when the 10 years are up?

Anonymous — Thu, 14 May 2015 08:39:01 GMT

@Anonymous wrote:
hello,

I filed for BK back in July of 2005. It was discharged in January of 2006. This year is my tenth anniversary. Should I expect the item removed from my credit file in July? My credit file is in good shape otherwise, no lates or collections. Should I expect a dramatic increase in my credit score? What are some possible surprises that might arise?

Thanks,

Mike

For me there was a FICO Score increase of 85 points. Three bureaus cleaned my reports. Received pre-approved apps from Discover, FNBOmaha, Citi Bank. The world of prime credit opened up. Credit limits were smaller (which grew well) and the Apr's were the lowest offered by each creditor. It was impressive. Need to know that it is very individual and also based on the current credit file. For many years I worked on my credit life before the BL7 dropped off so when the big day came I had a solid credit file (using many subprime cards). After obtaining prime cards I cleaned out the subprime cards (closed the accounts). Yes closing did hit my scores (for a short time). My goal was to wash out any signs of the BK. Note creditors are not dumb and they would look at when my credit started and say you are how old? Something happened here? Can't fool a sharp credit analyst. Also found out about blacklisting as the file looked clean but the credit venders did not clean out their files and when you app with your SSN# the credit vender quietly runs an internal search and digs for credit history. Surprised at how much they knew. Now as the new file develops the effects of the past fade rapidly and many credit venders let me have a second chance. Good luck and best wishes on your new credit life. Oh, as you likely know the credit file is used for setting insurance rates and employment so keep in mind it is more than about lending today.

Re: What to expect when the 10 years are up?

Wizdog1 — Thu, 14 May 2015 12:37:43 GMT

Thank you Spider, great info to know!

Re: What to expect when the 10 years are up?

CH-7-Mission-Accomplished — Thu, 14 May 2015 12:56:59 GMT

You should call the three CRA's today and request an early exclusion so they will delete the BK7 now. TU normally does it at 6 months out. EQ and Ex starting as soon as 3 months out. If anyone says no, call back in one month and request again. No point in living with this on your record one day longer. TU is the most accomodating and does so the earliest.

Report back about your score increase to give the rest of us hope!

Re: What to expect when the 10 years are up?

mynameainttracy — Thu, 14 May 2015 12:57:12 GMT

My 13 has recently dropped off 2 of my CRs and both also saw an 80-90 point jump.

Re: What to expect when the 10 years are up?

Anonymous — Thu, 14 May 2015 13:53:50 GMT

Thanks for for the replies! I didn't know you could request an early dropout. I'm curious where do I find these phone numbers to call? I have never seen a phone number with a live rep from any of the credit companies!

Just to to be sure, is it removed from filing or the discharge date? I am very excited to finally be able to have access to decent APRs and feel like I can make the choice which card to have instead of be at the mercy of subprime CCs.

Thanks,

Mike

Re: What to expect when the 10 years are up?

CH-7-Mission-Accomplished — Thu, 14 May 2015 13:59:18 GMT

Just to be clear you call each of the CRA's directly -- not creditors.

There should be some backdoor numbers in the stickies.

Try these numbers and keep punching buttons till you get a live person.

TU 800-888-4213.

Equifax 1800-846-5279

Experian

1 800 493 1058

Re: What to expect when the 10 years are up?

CH-7-Mission-Accomplished — Thu, 14 May 2015 13:59:48 GMT

It's 10 years from filing date.

Re: What to expect when the 10 years are up?

TRC_WA — Thu, 14 May 2015 14:09:28 GMT

@mynameainttracy wrote:
My 13 has recently dropped off 2 of my CRs and both also saw an 80-90 point jump.

That's what I'm looking for at the end of the year when mine falls off.

@CH-7-Mission-Accomplished wrote:
You should call the three CRA's today and request an early exclusion so they will delete the BK7 now. TU normally does it at 6 months out. EQ and Ex starting as soon as 3 months out. If anyone says no, call back in one month and request again. No point in living with this on your record one day longer. TU is the most accomodating and does so the earliest.

Report back about your score increase to give the rest of us hope!

TU also happens to be my lowest score so that will be nice... because TU is the only pull of my CU and seems to be loved by Barclays and Synchrony too.

Oct 1st can't get here soon enough.

@CH-7-Mission-Accomplished wrote:
It's 10 years from filing date.

... and if a DISCHARGED Chapter 13 it's 7 years from filing date.

A dismissed 13 stays for 10 years... although there have been reports of 7 year removals by TU and EX. EQ seems to play hardball and keeps it for 10 years.

Re: What to expect when the 10 years are up?

jim44 — Thu, 14 May 2015 21:42:48 GMT

@Anonymous wrote:
hello,

I filed for BK back in July of 2005. It was discharged in January of 2006. This year is my tenth anniversary. Should I expect the item removed from my credit file in July? My credit file is in good shape otherwise, no lates or collections. Should I expect a dramatic increase in my credit score? What are some possible surprises that might arise?

Thanks,

Mike

Congrats, It's so nice to read about someone who is at the end of their BK journey. It wouldn't matter to me if my scores are in the 700s and no one except vendors have seen the BK on my credit reports..... just having the remark gone would be incredible. A HUGE weight off your shoulders.

Re: What to expect when the 10 years are up?

Anonymous — Fri, 15 May 2015 07:55:26 GMT

Thank you for the encouraging words. I'm looking forward to having that removed. Although life after BK wasn't so difficult, I was able to get a Credit card and several auto loans, it always felt like they were doing me the favor for lending me. I didn't have the power to shop for the better deals or best APR. I want the credit cards and lenders to fight for my business, and I don't want to feel greatful just because they approved me with high interest rates. My current score ranks somewhere between 650 and 685, depending where you look. I am hoping to get a boost and jump into the 700s. Looking forward to July when I get an Alert from myfico saying a major change happened to your credit report! Cause for celebration!

Re: What to expect when the 10 years are up?

gdale6 — Fri, 15 May 2015 23:53:25 GMT

The BK will be removed at end of next month. I would call the CRAs and ask for the early exclusion as others have suggested if granted its gone now. When mine cleared off TU I got a 66 point bump.

Re: What to expect when the 10 years are up?

Anonymous — Sat, 23 May 2015 17:59:38 GMT

Update....

I called all 3 CRA's and got zero result. No one knew what I was talking about when I asked for an early removal. The good news I found out was that my BK will be removed in June since that would be considered 10 years since I filed in July 2005. So I guess June 6 will be the day to watch. I'm curious what will happen.

Thank you,

Mike

Re: What to expect when the 10 years are up?

gdale6 — Sat, 23 May 2015 18:04:13 GMT

@Anonymous wrote:

Update....
I called all 3 CRA's and got zero result. No one knew what I was talking about when I asked for an early removal. The good news I found out was that my BK will be removed in June since that would be considered 10 years since I filed in July 2005. So I guess June 6 will be the day to watch. I'm curious what will happen.

Thank you,

Mike

Hmm, its an early exclusion of the TL. Its different from an early removal. Removal and Exclusion are 2 different things. An exclusion means the item is hidden so it isnt released to anyone requesting a regular credit report. A removal is same as deletion and that means is totally purged from your file. Since its so close here I would wait and see what happens early next month and if deleted grats. If not then call them again asking explicitly for the "Early Exclusion"

Re: What to expect when the 10 years are up?

TRC_WA — Tue, 26 May 2015 15:17:01 GMT

@gdale6 wrote:
@Anonymous wrote:

Update....
I called all 3 CRA's and got zero result. No one knew what I was talking about when I asked for an early removal. The good news I found out was that my BK will be removed in June since that would be considered 10 years since I filed in July 2005. So I guess June 6 will be the day to watch. I'm curious what will happen.

Thank you,

Mike
Hmm, its an early exclusion of the TL. Its different from an early removal. Removal and Exclusion are 2 different things. An exclusion means the item is hidden so it isnt released to anyone requesting a regular credit report. A removal is same as deletion and that means is totally purged from your file. Since its so close here I would wait and see what happens early next month and if deleted grats. If not then call them again asking explicitly for the "Early Exclusion"

So am I correct in assuming that based on my 4/1/09 Ch 13 filing date I can get a TU EE on 10/1/15 and EQ/EX on 1/1/16 going by the 6 month/3 month that seems to be pretty common? But they aren't actually removed until 4/1/16?

Re: What to expect when the 10 years are up?

Scupra — Tue, 26 May 2015 18:19:59 GMT

For what it's worth.. When I asked for EE i received result letters stating "this account has been removed etc..."

Re: What to expect when the 10 years are up?

Anonymous — Sun, 31 May 2015 06:10:36 GMT

Go on the CA's websites. You can dispute each report and use "too old to report" or "request early deletion". They'll remove early. But I suppose at this point, with only 6 days left anyway, it really is no big deal. I would've been requesting early deletion starting in Dec of last year. Congrats !!!! I've got 9 years into this prison term and I can't wait. Wish I could push a "fast forward" button.

Re: What to expect when the 10 years are up?

Anonymous — Tue, 02 Jun 2015 00:20:02 GMT

Scupra - your BK has already been excluded?!?

Re: What to expect when the 10 years are up?

Anonymous — Tue, 02 Jun 2015 02:28:58 GMT

..........talk of anti-climax. I checked my Experian credit report today. My BK is no longer listed or showing, yay! ......yet, my credit score hasn't moved 1 point. In fact it went down 3 points because a zero balance CC I have just charged me my annual $39.00 fee and suddenly I have a balance on a "dormant" account. This isn't the trumpet blowing and dove flying I expected when my BK gets removed. My score is 669, not a single late in 10 years, no collections. 4 of my 7 CC have 0 balance. Negatives: 10 inquiries because I've been shopping for a mortgage. The 3 credit cards have 87% utilization, but regularly going down. I have to say, I'm a little disappointed. I was hoping to cross the 700 threshold.

Re: What to expect when the 10 years are up?

Anonymous — Tue, 02 Jun 2015 05:04:23 GMT

Hold out for a few days. I had a baddie drop off a few days ago and lo and behold my score went down 3 points. Then out of nowhere it went up 10 points 4 days later.