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
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
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.
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.
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.
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.
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.
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.
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.
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