topic Re: CAN YOU ANSWER NO in General Credit Topics

CAN YOU ANSWER NO

Anonymous — Sun, 13 Jul 2008 00:50:23 GMT

when BK no longer shows on your public records?

Re: CAN YOU ANSWER NO

Anonymous — Sun, 13 Jul 2008 00:52:03 GMT

depends. does it ask like in x amount of years or ever?

Re: CAN YOU ANSWER NO

llecs — Sun, 13 Jul 2008 01:01:36 GMT

Remember, some creditors use info like LexisNexis and your info may be on there for a longer period.

Re: CAN YOU ANSWER NO

smallfry — Sun, 13 Jul 2008 01:49:44 GMT

I would say no. At least I plan on it.

Re: CAN YOU ANSWER NO

Anonymous — Sun, 13 Jul 2008 01:50:25 GMT

I sometimes see have you had a bk in last 10 years but sometimes it says ever had a bk. I would think it pertains to what is on your CR. So if it were removed or fell off that would be like never having it. But not sure about that answer.

Re: CAN YOU ANSWER NO

Anonymous — Mon, 14 Jul 2008 07:01:33 GMT

I was thinking about Chases's deadly three questions.

Re: CAN YOU ANSWER NO

Anonymous — Mon, 14 Jul 2008 07:57:34 GMT

Isn't a BK a public record. So technically it can still be confirmed after 10 years? I've seen the questions that say have you ever filed BK. But I don't know if they mean on your CR with in 10 years or with in a life time? Apps need to be more specific. It sounds specific but when I think about credit I think about what shows on CR files.

Message Edited by ilovepizza on 07-14-2008 03:57 AM

Re: CAN YOU ANSWER NO

llecs — Mon, 14 Jul 2008 13:52:26 GMT

I have a judgment that never appeared on my CR, but it is over 12 years old and it still accessable via online through the courthouse's website. I am certain that if a creditor were to dig around they would find it.

Re: CAN YOU ANSWER NO

smallfry — Mon, 14 Jul 2008 14:04:59 GMT

@llecs wrote:
I have a judgment that never appeared on my CR, but it is over 12 years old and it still accessable via online through the courthouse's website. I am certain that if a creditor were to dig around they would find it.

BK wouldn't haunt you past the drop off points on your credit reports.

Re: CAN YOU ANSWER NO

llecs — Mon, 14 Jul 2008 14:25:33 GMT

@smallfry wrote:

@llecs wrote:
I have a judgment that never appeared on my CR, but it is over 12 years old and it still accessable via online through the courthouse's website. I am certain that if a creditor were to dig around they would find it.

BK wouldn't haunt you past the drop off points on your credit reports.

There would be no evidence on your CR that the BK ever existed. But OP's question was "Can you answer no when BK no longer shows on your public records?" You can still find evidence of the BK on sources like LexisNexis as they aren't required to follow the FCRA, I don't believe.

Re: CAN YOU ANSWER NO

Anonymous — Mon, 14 Jul 2008 20:35:44 GMT

If it's on a job application or security clearance form (or for any sort of government credential), then you have to answer the question as asked, not based on when it falls off of a credit report. Answering "no" in this situation means that the employer will have grounds for terminating you. Well, your employment. It's the cover-up that kills you!

Re: CAN YOU ANSWER NO

RobertEG — Tue, 15 Jul 2008 01:32:28 GMT

Creditors can still get them from the CRAs if still in their databank beyond the normal 7/10 year reporting periods specified in section 605(a) if for loans/insurance apps of $150K or more. This is an express exemption under section 605(b) of the FCRA inserted at the political power of higher-end lendors to get the statute enacted.

FCRA 605 (b) Exempted cases. The provisions of subsection (a) of this section are not applicable

in the case of any consumer credit report to be used in connection with

(1) a credit transaction involving, or which may reasonably be expected to involve, a

principal amount of $150,000 or more;

(2) the underwriting of life insurance involving, or which may reasonably be expected

to involve, a face amount of $150,000 or more; or

(3) the employment of any individual at an annual salary which equals, or which

may reasonably be expected to equal $75,000, or more.

Message Edited by RobertEG on 07-14-2008 06:32 PM

Re: CAN YOU ANSWER NO

haulingthescoreup — Tue, 15 Jul 2008 02:12:40 GMT

@Anonymous wrote:

I was thinking about Chases's deadly three questions.

These aren't a form of legal document. They are meant to warn off those who shouldn't waste an inq on a hopeless cause.

I had a 90-day that had just turned 2 years old, but I answered "no" to the have you had a serious derog question. The late is there on my report to see, and I'm sure that they saw it, as they pulled my EQ report, where it is displayed in all its glory.

I doubt that any creditor would take an applicant on his/her word about no BK's. If you are apping for Chase and check "no" there, and they see it on your reports, there's you opportunity to discuss it.

There's no deceit there, IMO. I wish other creditors gave you similar warnings, for instance, WaMu asking if you had ever defaulted on a Providian card.

Re: CAN YOU ANSWER NO

RobertEG — Tue, 15 Jul 2008 02:59:29 GMT

Huh? Being asked a straight-forward question that requires your signature in affirmation is not a legal document?

Declarations of fact require factual declarations.

A signature affixed therto is a legal assertion of fact, to the best of knowledge of the signator.

I would never urge anyone to omit a fact, and then await for someone to challenge their omission.

Contract law 101.

Message Edited by RobertEG on 07-14-2008 07:59 PM

Re: CAN YOU ANSWER NO

Anonymous — Tue, 15 Jul 2008 07:05:45 GMT

When I talked with rep at Chase he said to submit the app and they would call to discuss the BK. It is 8.7 years old.

There's no signature on an online app.

Message Edited by casinoannie97 on 07-15-2008 12:05 AM

Re: CAN YOU ANSWER NO

smallfry — Tue, 15 Jul 2008 10:07:53 GMT

@RobertEG wrote:
Huh? Being asked a straight-forward question that requires your signature in affirmation is not a legal document?
Declarations of fact require factual declarations.
A signature affixed therto is a legal assertion of fact, to the best of knowledge of the signator.
I would never urge anyone to omit a fact, and then await for someone to challenge their omission.
Contract law 101.

Message Edited by RobertEG on 07-14-2008 07:59 PM

I just think you are being argumentative. Once Chase starts pulling Lexis/Nexis you need to answer yes but in the real world the question implies does one show on your reports that we will pull for credit.
This is not a police interrogation. You don't have to wonder if the record which was supposed to be expunged truly is.
I wouldn't worry about Chase prosecuting you in court about an "incorrect" statement on your credit application. I would hope there is at least a little common sense left.

Re: CAN YOU ANSWER NO

haulingthescoreup — Tue, 15 Jul 2008 11:34:43 GMT

@RobertEG wrote:

Huh? Being asked a straight-forward question that requires your signature in affirmation is not a legal document?
Declarations of fact require factual declarations.
A signature affixed therto is a legal assertion of fact, to the best of knowledge of the signator.
I would never urge anyone to omit a fact, and then await for someone to challenge their omission.
Contract law 101.

Message Edited by RobertEG on 07-14-2008 07:59 PM

Robert, it's not a document. It's a pre-screen on the Chase website. There is no intent to deceive. As I said, it's meant to discourage those who haven't a prayer of qualifying.

Before completing the application, you should be able to answer "Yes" to the following statements by checking the boxes:

Yes, my credit history is clear of bankruptcy.
Yes, my credit history is clear of seriously delinquent accounts.
Yes, I have NOT been denied credit by Chase within the last 6 months.

It doesn't ask, "Do you swear that these statements are true?" It says, "You should be able to answer "Yes." In other words, you are in the ball park for Chase credit cards.

The credit application is separate. Once you authorize the credit pull, all the uglies are there for them to inspect.