Deleted bankruptcy

[Anonymous]

Thanks, Guardian!!  Your information was very helpful!!  I have a BK about 2 come off of my report!!  I was getting scared!!  I have been working hard at re-establishing my credit since I filed in 2002.  I agree.......it depends on your situation!!  It doesn't make sense for your score to drop!!!  Every time something negative comes off of my credit either via age of the account or false information, my score goes up!!!  I also agree about the CCs.  It is not wise to cancel them once you have paid them off.  KEEP THEM OPEN!!  If you have a zero balance, that helps your score as far as your "debt to limit" ratio is concerned!! (I hope I used that term correctly)!!!

[TheNewWorldMan]

A key to improving your credit after any negative event is to make sure you have good, open accounts (with low balances if they are revolving accounts).

Remember, your credit score is a balance between the good and bad. Sometimes you can't do anything about the bad, but you can counteract and dilute it with good credit.

[Onielynn]

Hi, I'm very new to the forum but three of my family members filed bankruptcy.  All have recovered nicely and the their credit scores went sky high.  They have been extremely careful about rebuilding their credit after bankruptcy. 

I have too many years to go but I've been rebuilding and even have a Chase card limit 5000 and the interest rate is low.

[Anonymous]

after you file BK it stays on your reports for 7-10 years. When the 7 or 10 year term expires, the BK is deleted....at that time....your score IMPROVES, or goes up!

[TangMeister]

There seem to be quite a few generalizations in this thread, concerning what happens after a BK drops off your CRs. Some say "scores go up!" and some say "scores go down!" post BK drop-off. The thing is...it simply depends on how you've managed your credit before and since the BK, with regard to accounts that will remain on the credit report after the BK and related IIBs drop off.

If you've had sterling credit aside from the BK, and rebuilt properly and quickly post-BK, your score will most likely go up...simply because you'll compare favorably to other's when you're rebucketed out of the BK grouping.

If you have some CR negative factors showing....late pmts, repos, collections, settlements, charge offs, liens, judgments, high revolving debt, etc...since your BK, then your score may very well go down when your BK drops off and you're rebucketed into a non-BK comparison group. They may have better CRs than you, so you're going to be penalized for it. Heck, it may even stay about the same for either case, depending on your credit history and reports.

It is VERY MUCH a YMMV situation...and aside from the above scenarios, perhaps we can avoid generalizations and hopefully stop confusing the less-informed readers out there.

If you've done your best and your CR reflects that accurately, then you'll score as well as you can...up or down, regardless of the BK, eh? Good luck!

[App_Addict]

Score will go up, no it will not, yes it will. As you can see everyone is saying something different because quite frankly everyone will have a different experience when they loose their BK.  The best thing to do is just keep your nose as clean as possible after a BK and you will not have a worry.

[mjbfan79]

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robertkinder wrote:

Score will go up, no it will not, yes it will. As you can see everyone is saying something different because quite frankly everyone will have a different experience when they loose their BK.  The best thing to do is just keep your nose as clean as possible after a BK and you will not have a worry.

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I agree everyone story is different it depends on allot of things.

[Anonymous]

How did you delete the bankruptcy from your report? I have a 7 year ole Chapter 7 I would like to get rid of. Thanks!

[mjbfan79]

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dgrimm wrote:

How did you delete the bankruptcy from your report? I have a 7 year ole Chapter 7 I would like to get rid of. Thanks!

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Chapter 7's will stay on your report 10 years from the file date so you have 3 more years to go then it will be removed.

[tnbumblebee]

My Ch 13 just came off my credit report from all 3 cra's and my score jumped on average 45 points on each report. My ch 13 discharged was on my reports for 7 yrs not 10 yrs as some people have reported. A ch 13 dismissed will stay on 10 yrs and a ch 7 will stay on 10 yrs. Theres a big difference between a ch 13 discharge and a ch 13 dismissed. Hope this helps everyone.

Message Edited by tnbumblebee on 08-17-2008 07:32 PM