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how long will bk affect my credit

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Valued Member

how long will bk affect my credit

My chapter 7 bankruptcy was discharged 03-2009, and I know it stays on the credit report for 10 years, but I would like to know how long will it have an affect on my credit?
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Regular Contributor

Re: how long will bk affect my credit

That can depend on how pro-active you are.  First thing, pull all your 3 CRs and make sure that everything shows $0 balance and included in bankruptcy.  If there is anything else, like 'discharged' or not paying, etc. dispute those.  2nd, try and establish a secured card and use it for gas or something you do every month and PIF.  Only apply for things sparingly and keep your utilization waaaaaay down.

 

If you do the above you will have a better chance of establishing something... and then you just need patience.

We gave up the fight and filed BK in 2010. Smiley Sad
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Contributor

Re: how long will bk affect my credit

The effect of your credit will lessen over time. I believe the first two years you take the hardest hit. As the previous poster stated, try and open a couple credit cards to get some positive payment history going.
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New Visitor

Re: how long will bk affect my credit

It can affect your credit score for  7 years, although the impact will reduce over time if you take other actions to improve your credit score such as those mentioned above.
Message 4 of 5
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Senior Contributor

Re: how long will bk affect my credit

Chapter 7 will "affect" your credit for 10 years.

 

While some lenders will extend credit with the BK after a period of time and good patterns in current credit, your FICO and CR will allways be taking a certain hit from it.  And some lenders have a zero tolerance for any type of BK. 

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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