topic Re: When Will My Ch 7 Stop Being Used Against Me? in Bankruptcy

When Will My Ch 7 Stop Being Used Against Me?

SKBirdmind — Wed, 14 Jun 2023 19:49:18 GMT

Subject says it all...

I filed back in May 2019 = over 5 years ago now? Shouldn't it have long-since fallen off? The last several denials I've gotten have stated ONLY bankruptcy as their allegations for doing so - no other aspects of creditworthy-ness (like charged-off accounts, large amounts reporting, etc.).

Or is this more of a "I murdered someone, now I have a criminal record forever"-type of situation?

Re: When Will My Ch 7 Stop Being Used Against Me?

sccredit — Wed, 14 Jun 2023 20:01:11 GMT

It will be on your report for 10 years. I filed in 2017, discharged in 2018. The only creditors I have dealt with that are still using it against me are the ones that were included in it. The one exception is Wells Fargo, they used it against me last year.

Re: When Will My Ch 7 Stop Being Used Against Me?

SKBirdmind — Wed, 14 Jun 2023 20:06:22 GMT

Ouch......

I guess with a few notable exceptions, most "included" creditors I'd have no real reason to try and work with again.

Re: When Will My Ch 7 Stop Being Used Against Me?

Guyatthebeach — Wed, 14 Jun 2023 20:18:17 GMT

SKBirdmind,

Personally, the effects of my chapter 7 bankruptcy lessened after year 5, but Citi and Chase remembered my bankruptcy until the day it dropped of my CR's.

It will get better in time.

Guyatthebeach

Re: When Will My Ch 7 Stop Being Used Against Me?

Rogue46 — Wed, 14 Jun 2023 20:55:30 GMT

It will stay on your reports for 10 years there's nothing you can do about that but as said upthread it seems to lessen right around 5 years which was also the case with me unless they were included then it could be a very long time before you get back in.

Re: When Will My Ch 7 Stop Being Used Against Me?

LakeLife — Thu, 15 Jun 2023 10:49:36 GMT

@SKBirdmind wrote:
Subject says it all...

I filed back in May 2019 = over 5 years ago now? Shouldn't it have long-since fallen off? The last several denials I've gotten have stated ONLY bankruptcy as their allegations for doing so - no other aspects of creditworthy-ness (like charged-off accounts, large amounts reporting, etc.).

2023-2019=4

It will lessen after 5 but still hurt until 10. Obviously, there's a reason people are hesitant to file for it, and creditors will be understandably cautious.

Re: When Will My Ch 7 Stop Being Used Against Me?

rosco75 — Thu, 15 Jun 2023 12:32:41 GMT

Besides Amex and Chase, after year 5 you shouldnt have any trouble with the majority of creditors. It sucks but it is what it is.

In my own personal experience it was the best thing that Ive ever done. I am only slightly over 2 years post discharge and I have the cards in my sig, and I just closed on a beautiful house last month. Im a little salty that I cannot get an AMEX or the chase amazon prime card as those are cards I would use religiously but I understand the why behind it and know that after a few more years I will be let back in.

Just have the "in the garden" mindset for the next few years and set yourself up for sucess later. No inq's and no new credit. By the time it falls off you will be in a fantastic position!

Re: When Will My Ch 7 Stop Being Used Against Me?

FireMedic1 — Fri, 16 Jun 2023 15:19:11 GMT

You have enough cards to keep building. Top big boys wont touch you until the BK is gone. asire as the BK agesAnd whoever you burned. Everything I have took time and planned out. I dont have Chase, Citi, BoA, ect. Dont need them. My cards are just fine. Nor will I ever try for them. Things get better as the BK ages and more post BK history builds and ages your accounts. My blob below was empty. Nothing to put in the siggy. 7 yrs later it sits there for folks like you can see what can be done by reading and learning on here how to play the game. It isn't there to brag at all.

Re: When Will My Ch 7 Stop Being Used Against Me?

md_rebuild — Fri, 16 Jun 2023 00:58:51 GMT

I'm 4 years out of my BK7 with $100K in CL. I know its there, the major financial institutions know its there, and that's fine with me.

My only "want" is Amex (didn't burn them in the BK7). I have 14 more months until I'm "5 years, 1 month", then hopefully they'll take me (I really want the co-branded Delta Gold). Once that happens, I'm perfectly happy waiting another 5 years until I see what Chase or Citi will offer.

The way I look at it...I know who has rewarded me during this time. I'd rather give them (NFCU specifically) my time and attention rather than wait for Chase or Citi to let me in the door!

Re: When Will My Ch 7 Stop Being Used Against Me?

SKBirdmind — Fri, 16 Jun 2023 17:13:50 GMT

Appreciate the insights and personal experiences - seemingly, the short answer to my question is "5 years OR 10 years, depending on how you look at it."

@Guyatthebeach wrote:
Personally, the effects of my chapter 7 bankruptcy lessened after year 5, but Citi and Chase remembered my bankruptcy until the day it dropped of my CR's. It will get better in time.

@Rogue46 wrote:
It will stay on your reports for 10 years there's nothing you can do about that but as said upthread it seems to lessen right around 5 years which was also the case with me unless they were included then it could be a very long time before you get back in.

I also wonder if that could be disputed, or otherwise removed early?

@LakeLife wrote:
2023-2019=4

It will lessen after 5 but still hurt until 10. Obviously, there's a reason people are hesitant to file for it, and creditors will be understandably cautious.

I suppose it's possible I'm getting held back less by Ch 7, and more by not being able to do simple math? Hah... And no, creditors wouldn't be "understandably cautious" if they knew the background as to why I actually had to file.

@rosco75 wrote:
Besides Amex and Chase, after year 5 you shouldnt have any trouble with the majority of creditors. It sucks but it is what it is.

@md_rebuild wrote:
I have 14 more months until I'm "5 years, 1 month", then hopefully they'll take me (I really want the co-branded Delta Gold).

INTERESTING - do you mean to say these creditors always blacklist people who have filed for that long? I've shared my AmEx frustrations on various other threads, but always figured it was because they closed my last account of which I included in Ch 7...

@rosco75 wrote:
In my own personal experience it was the best thing that Ive ever done. I am only slightly over 2 years post discharge and I have the cards in my sig, and I just closed on a beautiful house last month. Im a little salty that I cannot get an AMEX or the chase amazon prime card as those are cards I would use religiously but I understand the why behind it and know that after a few more years I will be let back in.

I'd agree on many perspectives here, namely that filing was among the best financial choices I've ever made and that creditors (like AmEx?) shouldn't be treating me like a criminal - extending the metaphor in my OP.

@FireMedic1 wrote:
You have enough cards to keep building. [...] My blob below was empty. Nothing to put in the siggy. 7 yrs later it sits there for folks like you can see what can be done by reading and learning on here how to play the game. It isn't there to brag at all.

Very impressive, as well! Definitely, plenty to work and play around with in my current profile for now.

@md_rebuild wrote:
The way I look at it...I know who has rewarded me during this time. I'd rather give them (NFCU specifically) my time and attention rather than wait for Chase or Citi to let me in the door!

While I'm in your shoes as well with staying locked out for Delta, there IS quite a lot to be said of putting more dedication towards creditors that actually want you... In my case, I have a total credit line of $10,500 with Capital One (over 3 x cards) and $11,800 at CitiBank (over 2 x cards). Speaks volumes over competitors who won't even consider you...like Chase and AmEx? Good riddance?