Found online: The credit reporting agencies treat a chapter 7 dismissal and discharge the same. Equifax, Experian, and Transunion report chapter 7 dismissals and discharges for 10 years. A chapter 13 dismissal is treated slightly different. Experian and Transunion report chapter 13 dismissals and discharges for seven years. However, Equifax reports a chapter 13 discharge for seven years, but reports a dismissal for ten years.
Regardless, I'm going with what's shown on my reports. I doubt that all 3 would have gotten their own policies wrong if they did in fact report for 10 years.
Starting Scores (6/30/2020): EQ 640 | EX 660 | TU 658
@missji wrote:Found online: The credit reporting agencies treat a chapter 7 dismissal and discharge the same. Equifax, Experian, and Transunion report chapter 7 dismissals and discharges for 10 years. A chapter 13 dismissal is treated slightly different. Experian and Transunion report chapter 13 dismissals and discharges for seven years. However, Equifax reports a chapter 13 discharge for seven years, but reports a dismissal for ten years.
Regardless, I'm going with what's shown on my reports. I doubt that all 3 would have gotten their own policies wrong if they did in fact report for 10 years.
The FCRA for many years stated that CH-7 remained for 10 years and that CH-13 remained for 7 years, it also stated that "dismissed" BKs would remain for 10 from the time they were FILED, It looks like that was replaced with new verbiage in 2018. Now the time period begins upon order of relief or adjudication of such and not the date of filing. Here are the rules now:
§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c](a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.5
(5) Any other adverse item of information, other than records of convic-tions of crimes which antedates the report by more than seven years.
(6) The name, address, and telephone number of any medical information furnisher that has notified the agency of its status, unless – (A) such name, address, and telephone number are restricted or reported using codes that do not identify, or provide information sufficient to infer, the specific provider or the nature of such services, products, or devices to a person other than the consumer; or(B) the report is being provided to an insurance company for a purpose relating to engaging in the business of insurance other than property and casualty insurance.
(7) With respect to a consumer reporting agency described in section 603(p), any information related to a veteran’s medical debt if the date on which the hospital care, medical services, or extended care services was rendered relating to the debt antedates the report by less than 1 year if the consumer reporting agency has actual knowledge that the information is related to a veteran’s medical debt and the consumer reporting agency is in compliance with its obligation under section 302(c)(5) of the Economic Growth, Regulatory Relief, and Consumer Protection Act.
(8) With respect to a consumer reporting agency described in section 603(p), any information related to a fully paid or settled veteran’s medical debt that had been characterized as delinquent, charged off, or in collection if the consumer reporting agency has actual knowledge that the information is related to a veteran’s medical debt and the consumer reporting agency is in compliance with its obligation under section 302(c)(5) of the Economic Growth, Regulatory Relief, and Consumer Protection Act.
Congrats on your approval!
Mark your calendar for the 61 day 3x CLI request!
Mark your calendar for the 61 day 3x CLI request!
Congrats and welcome to the Amex family 
Some background - three tiers of achievability are recognized with Amex: cobranded cards like Delta, Hilton, and Marriott are the least strict underwriting and easiest to get. Mid-tier are the charge cards (Platinum, Gold, and Green). Highest tier and tightest underwriting are core revolvers (Blue Cash cards, Cash Magnet, Everyday cards). Preapproval for a card in a tier generally means equal chances for any other card in that tier (possibly excepting the highest cards like Delta Reserve or Hilton Aspire due to the higher SLs they offer as a function of their high AFs). You getting preapproval for Delta cards and Green charge means an approval would have been pretty likely for any of the hotel or airline cards (again, possibly except for Reserve and Aspire) as well as for any of the charge cards.
Nonetheless, you're in and can work on building a history. One note - lots of anecdotal evidence here suggests that while Amex will approve cards with a BK showing on your reports, so long as the filing date is at least 61 months old, very few people have been able to get increases on their cards until those BKs fall off. If this happens, don't get discouraged, just keep at it and the increases will come in time. Meantime, congrats!
I think people are missing the difference between what the law allows and what is done in practice. This says the CRAs can't report for more than 10 years. It doesn't state that they can't report for less than that. The removal date on my reports is seven years from the date my case was filed and the following information from each bureau is consistent with the removal dates on my reports. That's what I'm going with.
Transunion:
https://www.transunion.com/customer-support/faqs/credit-basic
Bankruptcies:
Generally, bankruptcy and dismissed bankruptcy actions remain on file for up to 10 years from the date filed. A completed (discharged) or dismissed Chapter 13 remains on file for up to seven years from the date filed. A voluntarily dismissed bankruptcy remains on your file for up to seven years from the date it was filed. The actual accounts included in bankruptcy remain on file for up to seven years from the date of closing/last activity regardless of the chapter pursuant to which you filed.
Experian:
https://www.experian.com/blogs/ask-experian/when-chapter-7-bankruptcy-is-deleted/
Chapter 7 and Chapter 13 bankruptcies are the two most common types of consumer bankruptcies. The process for each is different, as is the length of time they remain on your credit report. In a Chapter 7 bankruptcy, also known as straight or liquidation bankruptcy, there is no repayment of debt. Because all your debts are wiped out, Chapter 7 has the most serious effect on your credit and will remain on your credit report for 10 years. The accounts included in the bankruptcy, however, are removed from the credit report earlier than that.
In a Chapter 13 bankruptcy, your debts are restructured and you typically pay a portion of them over three to five years. A Chapter 13 bankruptcy is deleted seven years from the filing date and has a lesser effect on your credit than Chapter 7
Equifax
Bankruptcy public records stay on your Equifax credit report from seven to 10 years, depending on the type of bankruptcy.
And regardless, this is a thread about approvals and a post about good news so why has it now turned into a bankruptcy discussion? Not to be rude but I'm just going to stick to enjoying all of the positive comments of congratulations.
Not to rain on the parade, but usually a 1K approval on Amex means it might be slow going on the CLI.... But you still got the card... so thats a win
-J
Congratulations…you never forget your 1st!
Congrats on your Amex Approval 🎉👍
Not concerned about a CLI the day I was approved for the card. Not even sure why that is coming up.