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Deleted bankruptcy

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Re: Deleted bankruptcy

I keep seeing the words "credit score" in this forum when what I think you mean is your FICO score (VERY different).  Each credit reporting agency "scores" differently.  FICO uses all three credit reporting agencies' data and scores range from 300 to 850.  I strongly recommend you read this:
 
 
Also, someone in this forum said that paying cash is the worst thing you can do!  I have lived on a cash basis for 7 years now and find it INCREDIBLY liberating.  Each time one of my collection accounts dropped off my credit report, my score went up.  I haven't used credit at ALL and I'm now considering buying a house at the beginning of next year when everything negative is off my credit report and I've saved a little more money.
 
Over the last year, I have applied for and received a gas card, a furniture store card, and two department store cards.  (My credit history is 33 years.)   I will apply for a major credit card as soon as I find one that doesn't charge an arm and a leg just for HAVING it.  I have no intention of charging anything on any of these cards unless I already have the money to pay it off (just a stupid exercise to decrease my debt-to-credit ratio and increase my available credit, which in turn, increases your FICO score!)
 
If you can possibly do it, I HIGHLY recommend going 'cardless'.  I realize that many people are in dire straights right now and NEED the help their credit cards can give them, but if at all possible, DON'T get caught up in it!  I kinda took a Mary Poppins approach to spending and decided to make a game out of not spending.  I LOOK for ways NOT to spend money.  You'd be surprised how much you can do without and NOT change your lifestyle!  Save your credit for a BIG purchase (like a house) and use cash whenever possible.  Learn the difference between a NEED and a WANT (I do not NEED a new address book.  I WANT a new address book.)  What I need is DRAMATICALLY different than what I want!
 
Remember that your possessions do not define who you are.  It's what's INSIDE that counts.  You can't buy that with or without a credit card!
 
Cheers,
Laurel
Message 41 of 105
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Re: Deleted bankruptcy

Only somebody who has never had a bankruptcy come of their report would tell you that your score does not improve or that it even goes down. Hhaving ANY public record on your credit report negatively affects your FICO score. Period. Once removed, your score will go up. How much will depend on what and how many steps you have taken to improve your credit, e.g. New trade lines, etc.
Message 42 of 105
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Re: Deleted bankruptcy

What 7 years it's 10 years the report stays on your credit file, unless it's a chapter 11. Mine is going to come off in another year but it has been 9 years so far.. I have repaired my file so it should look good with others by that time as well.
Message 43 of 105
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New Member

Re: Deleted bankruptcy

I'm just joining. There has been some interesting commments made about whether BK comes off in 7 or 10 yrs.  The FCRA (fair credit reporting act) sets the time period negative information can remain on your credit report.  The law allows a bankruptcy filing or an unpaid IRS tax lien to remain on your crdit report for 10 yrs.  A Chapter 13 can stay for only 7 yrs.  Other negative info becomes obsolete after 7 yrs and must, at request, be removed.  I got my info from th book "Great credit ...Guaranteed!  Improve you credit in only 90 days...or your money back!" 2007 by Arny Gold. Please get this book it will help tremendously!!!!
On the road to recovery!!!
Message 44 of 105
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Re: Deleted bankruptcy

Actually, my bankruptcy just hit the 7-year mark a few weeks ago and my score went up a couple of points (to 704) on Equifax. I haven't checked the other two scores, but I've been a careful credit user since the BK. On that subject, any comments on relying on only one credit reported instead of taking the high cost of using all three?
Message 45 of 105
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Re: Deleted bankruptcy

Please forgive me if I mis-typed. Yes, I am aware that a FICO score is difference than a credit score. So to re-state what happened to me after my bankruptcy dropped off my record, my FICO score jumped 80 points. Yes, my FICO score.
 
My point still stands....   Bankruptcies dropping off can raise your FICO score. (And most likely WILL)
 
 
Message 46 of 105
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Re: Deleted bankruptcy

Double Check your state laws and the terms of your Bankruptcy settlement. Some BK can stay on for up to 10 years from the closing date. BK's totally different from revolving accounts--its closer to a judgment and is totally controlled by its own set of laws. Good Luck!
Message 47 of 105
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Re: Deleted bankruptcy

MY BK TOOK 10 YEARS TO COME OFF,IT DID NOT MAKE MY SCORE GO UP,NEVER BEEN LATE ON ANY BILLS IN 10 YEARS,
Message 48 of 105
New Visitor

Re: Deleted bankruptcy

 Hello forum  members I am Chance1025 but call me Chance, everybody does, I hope WHO ever shares this name does not mind, if so, by all means call me Chance 1025.
 I don't want to dispute what anyone else has said but my personal experience is different. I might also preference this with changing of the Bankruptcy laws. I filed in 1989, I maintain and kept an existing account that was excluded and only penalized me with restricted loan amount but my financial institution did finance a car. I repaired my credit by 1998 the restoration was well on it's way to full repair. By 2002  my score it was 700 but Jacobson closed all it's outlets  in teh state I live and  put  a surrogate in place to collect the rest of the debt, I moved in the process and it took the company a couple of months to catch up to me  and I paid off the balance immediately following.. That drop my score by 50 points but I didn't find out until three years later and it was to late to challenge.I now have a score of 727 and after I pay off a couple more obligations  it will be in the excellent range. Just an personal account, true story.
Message 49 of 105
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Re: Deleted bankruptcy

That is something I am going to do!
Message 50 of 105
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