While I was shoppin’ for a new car, which one’s me? A cool Convertible or an SUV? Too bad I didn’t know my credit was whack, Cuz’ now I’m drivin’ off a lot in a used Subcompact. FREE that spells free, Credit report dot com bay-be(baby). Saw their ads on my TV Thought about going, but was too lazy. Now instead of lookin’ fly n rollin’ phat, My legs are sticking to the vinyl and my posse’s gettin’ laughed at. FREE that spells free, Credit report dot com bay-be(baby).
Question by Whitney: What does a credit report look like after bankruptcy?
I wanted to get information on what your credit report looks like after filing ch 7 bk. Does it still list all your accounts with the balances just with discharged on each, or is your credit report blank with just the bk on it?
Best answer:
Answer by Sparkles
Believe me, it is not blank.
A Chapter 7 bankrutpcy may display on your credit for 10 years from the date of filing. Chapter 13 may stay for 10 yeas also, but it is customary for those to be removed after 7 years.
Seven to ten years from the date of discharge.
All discharged bankruptcies whether a state or federal filing remain on a CR for 10 years. A dismissed chapter 13 remains for 7 years, a dismissed chapter 7 remains for 10 years.
Chapt.7-11-12 will remain for ten years. A chapter 13 will remain for seven years if successfully completed, for 10 years if dismissed.
Ten (10) years for a discharged chapter 7 or 13. Seven (7) years for a dismissed chapter 13, ten (10) years for a dismissed chapter 7.
Although it is true that the federal Fair Credit Reporting Act does provide that bankruptcy entries will remain for 10 years, there are some creditors that will only leave a chapter 13 bankruptcy on your record for 7, rather than 10 years. They do this to encourage people to pay part of their debts rather than discharge it all under a chapter 7. More importantly, the effect of bankruptcy on one’s ability to get credit is vastly overstated. The key to getting the credit you need has far more to do with the amount of present income you have rather than any negatives on your credit report. In short, if you have good present income, the creditors will look past your credit report to your wallet in the sense that it is possible, even with a bankruptcy on one’s record, to get credit for cars and new credit cards as soon as you are discharged in a chapter 7 (about four months after you file), and after a year or so, you can even get a mortgage on a house. They may not give you the best rate, but if you have good present income, even a person with a bankruptcy on their record can get the credit they want in almost all cases.
You will not qualify for a FHA until a chapter 7 has be discharged for 2 years. A chapter 13, you will only have to wait a minimum of 1 year from filing date.
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