Best Answer

10 years and your going to have to start over like u never had credit and make sure that the credit angencies take it off ur credit report

No 10 years is not true, you can get excellent credit as soon as you re-establish credit, the best way is with a unsecured credit. Try to get 3 very small balances and pay the balance in full or more than the monthly payment each month. Your credit is driven by having credit. Try reading a few books like Credit After Bankruptcy, it give you much more details and it also end the myths of bankruptcy.

witihin 2-3 years after the bankruptcy has been filed. bankruptcies can take off up 200 points off your credit score. you can improve your credit rating by 1)continue to make all payments on time 2)follow up on your credit report and scores 3)being patient with time good luck

User Avatar

Wiki User

โˆ™ 2015-07-15 21:03:50
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: After Chapter 7 bankruptcy how long will it take before you can get a good to excellent credit status?
Write your answer...
Related questions

How long does it take after a bankruptcy is discharged to show on your credit report?

The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.

How is your credit affected by a chapter 13 bankruptcy verses a chapter 7 bankruptcy?

Both have the same negative impact on your credit.

Do you have to get credit counseling before you can file for bankruptcy?

You do not have to necessarily get credit counseling before you can file for bankruptcy.

How does surrendering your house in chapter 7 affect your credit report?

If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.

How long will a dismissed bankruptcy stay on your credit?

:A bankruptcy under chapter 7 or 11, or a non-discharged or dismissed chapter 13 bankruptcy generally remains on your credit file for 10 years from the date filed. A discharged chapter 13 bankruptcy generally remains on your credit file for 7 years from the date filed.

Does a chapter 7 bankruptcy affect your credit the same as a chapter 13?


How can one get a loan if they have declared bankruptcy?

Getting a loan after bankruptcy can be difficult depending on what type of bankruptcy one files. A Chapter 13 bankruptcy, one cannot even apply for credit during the length of the bankruptcy. In a Chapter 7 bankruptcy, that is a different story. One can file Chapter 7 bankruptcy and as soon as it is discharged can apply for credit. The only problem with getting a loan after bankruptcy is that you may have to have a co-signer until you build up some positive credit.

How long does a bankruptcy stay on your credit report in tx?

A Chapter 7 bankruptcy stays on your credit report for 10 years. Generally a Chapter 13 bankruptcy will be removed after 7 years, but can remain up to 10 years.

How long after a chapter 13 has been discharged can you apply for credit?

Between five (5) and six (6) years, depending on how long it took to discharge the chapter 13 bankruptcy. Generally a total of ten (10) years after the bankruptcy appears on your credit report is required before applying for prime credit. The average chapter 13 takes 4-5 years to be discharged, leaving about 5 years of having the bankruptcy still on your credit report.

How do you remove a dismissed chapter thirteen bankruptcy from a credit report?

You can't. A valid entry for a dismissed chapter 13 bankruptcy will remain on a credit report for seven years from the date of dismissal.

In Maryland how long does a bankruptcy stay on your credit report?

Chapter 7 will stay on your credit report for 10 years from the date bankruptcy was filed. Chapter 13 typically stays on your credit report for 7 years from the date the bankruptcy was filed, however, can remain on your credit report for 10 years.

Which damages your credit rating more chapter 7 or chapter 13?

If you have to file bankruptcy, your credit has already been seriously damaged by your credit history. Any form of bankruptcy will help. Chapter 7 will help the quickest, since everything happens, if filed properly, within 6 months. Chapter 13s can last up to 5 years, and most fail before the plan is completed.

How long does a chapter 13 stay on your credit report in Wisconsin?

A chapter 7 bankruptcy filing remains on your credit report for 10 years. Chapter 13 bankruptcy remains for seven years. Under chapter 13 bankruptcy you repay at least a portion of the debt, so it is removed a little sooner.

How long does chapter 13 bankruptcy stay on credit report?

Bankruptcy filings typically stay on a debtor's credit report for 10 years.

Before discharge of a chapter 7 active bankruptcy can you apply for credit or will it affect you bankruptcy?

No legitimate commercial lender will grant you credit while you are in a Chapter 7. Any applications will be turned down and will adversely affect your credit score. The only possible credit situation would be a mortgage restructuring, if you are reaffirming the mortgage, and even then they prefer to wait until you are discharged.

Is chapter 7 bankruptcy clear 10 years from court announcement or hearing date?

Chapter 7 Bankruptcy will be removed from a credit report 10 years after the date the Bankruptcy was FILED.

How long is a chapter 13 bankruptcy on your credit?

10 years from discharge

Would filing chapter 7 bankruptcy clear foreclosure from your credit report?

No, in fact it will leave a Bankruptcy record on your credit report for 10 years.

Can I remove bankruptcies from my credit report?

Not really. Chapter 13 bankruptcy stays on the credit report for seven (7) years (can be ten, but usually seven) and Chapter 7 bankruptcy stays on the credit report for ten (10) years. Once the term is over, you may dispute the bankruptcy with the credit bureau, however, there are no ways to remove the bankruptcy until the term is complete.

Can you cash out refinance after bankruptcy?

The answer to this question depends on the policies of the individual lender and the type and status of the bankruptcy. The majority of lenders want 24 months to have passed from the date of discharge of the bankruptcy before they will consider any mortgage loan. A chapter 7 BK is generally judged more harshly than a chapter 13. What some bankrupty filers forget is that their credit performance after the BK will be very important. New credit must be established in moderation with account open dates after the BK, with low use of credit cards and excellent repayment history.

Can bankruptcy hurt you?

Whether you are filing Chapter 13 or Chapter 7 bankruptcy, your credit score will be directly impacted for 7-10 years AFTER you exit protection.

When you file chapter 7 bankruptcy and the case was dimissed will this show up on my credit report?

Yes. It will show that you filed bankruptcy and that the bankruptcy was dismissed.

How long does chapter 13 bankruptcy stay on credit report in state of ND?

It does not matter what state you filed your Chapter 13 Bankruptcy, as it was done in Federal Court, and these types of events stay on your credit for 10 years.

How long does a bankruptsy stay on your credit?

A Chapter 7 bankruptcy will remain on your credit history for 10 years.

In state chapter 7 bankruptcy remain on your credit?

A BK stays on your credit record for 10 years.