I am just wondering....I have a Ch7 that was discharged in 3/02. My credit reports say that it will be on record for 10 yrs. I believe this should be 7 yrs because I filed before the new law went into affect. Last year I paid off neg. accounts and applied for and recieved a Orchard Bank CC (secured). My credit score started out before in the mid 500's. Then in August 07 it went to 646. I was stunned..But now it fell back to the low 600's and I dont understand why. I have paid my card on time everytime since I recieved it. Also, My husband recently was discharged from a Ch7 and he applied for a CC at the same institution I got mine and he got one for $300 unsecured. I dont understand that either. In his bankruptcy, We decided to let the bank have the house back..the payments are over $1200 on a 126,000 loan. I am not included on the bankruptcy. How long do we have till we have to move. He also kept both auto loans which we have been paying on even when the bankruptcy was going on and another small loan. We would like to puchase a nother home using my credit perhaps, but I am unemployed. Do banks lend to couples where one works outside the home and the other doesnt?
Is there anything reporting differently on your credit reports that would cause the drop? BK is a public record for 10 years, old law or new law. Chapter 13 is 7 years from filing date. Accounts included in the BK are 7 years.