A bankruptcy, even a dismissed bankruptcy, will lower your credit score 75 to 150 points. There's really no way to raise it other than by paying your bills when due, and time. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Visit RossLawOffice.com for more information about bankruptcy.
Sure...and if your answers contradict your sworn application...your case can be dismissed
Typically, mortgage companies are willing to lend to a consumer 12 months after a bankruptcy is DISCHARGED. Make sure that the disposition is recorded on all three credit bureaus. Also, follow up and make sure that all credit accounts that were included are notated as "included in bankruptcy" and cleaned up, so that they will no longer impact your credit scores. You also need to establish and pay on time positive credit. Twelve months of positive payment history on even one account will help you to get another mortgage.
During the bankruptcy period you cannot borrow any money at all and not even operate a bank account properley. Once discharged (now 12 months) you are legally able to apply for credit as normal (although you must declare you were bankrupt by law). The chances of getting a mortgage however are slim to say the least. All lenders and brokers will see from your credit and the bankruptcy register that you have been bankrupt and are unlikely to lend you to for perhaps up to 7 years. However, there are specialist morgage providers who would be prepared to consider a mortgage application from former bankrupt people, although the risk is clearly evident in the high APR that will be quoted. By finding a good mortgage broker it is possible to get a mortgage but deposit, loan to value ratio and interest will all be at a disadvantage to the applicant.
When participating in a Chapter 13 BK repayment all major financial transactions must have the approval of the bankruptcy trustee. If the person does not clear the action with the trustee the "13" can be dismissed with prejudice.
Adding to below--it shouldn't even be on your report after 7 yrs. Lots of times it drops off before that. Yes, but having the bankruptcy on your credit report is not as bad as most people would think. After a year or so following the bankruptcy discharge (about 4 months after you file) a person can get credit for new cars and for new credit cards even with a bankruptcy on their record, and after another year can even get a home loan, but that is only if they have good present income.
I have 3 credit cards since my Bk was discharged 18 months ago. Always pay before the due date. Have had a checking account for 18 months also, no overdrafts. My credit score is still only 650. Any advice?
wait till 3 months after because they will NOT do anything before
It depends on what your credit score was before your filed bankruptcy. If your credit score was low before your filed bankruptcy, then after your bankruptcy is discharged, if you send a copy of your Schedules and Discharges records to all three credit bureaus; Trans Union, Experian and Equifax and ask them to zero out all the past due balances now that you do not owe them anymore then your credit score will more than likely be higher than before you filed. Also, your bankruptcy filing is picked up under the Public Records section of your credit report, however, after 12 months the scoring models do not pick up the bankruptcy anymore so it does not effect your score. It is visible on your report for 10 years after a chapter 7 and 7 years after a chapter 13, but not in your score. It is a good idea to open up an account after your bankruptcy discharges so your scores will continue to go up. If you open a credit card, just make sure you do not go over 30% of the limit, and pay it off every month. You can go to http://www.bankruptcy-records.us/Credit_Restoration.html for step by step instructions on how to handle your credit after a bankruptcy.
People whose credit history is clear of bankruptcy, who have not been denied by GE Capital Retail bank within the last six months, and are above 18 years old are eligible for a Chevron Texaco credit card.
A Chapter 7 bankruptcy may display on your credit for 10 years from the date of filing. Chapter 13 may stay for 10 years also, but it is customary for those to be removed after 7 years.Here is more specific advice and input from various contributors:All discharged bankruptcies whether a state or federal filing remain on a CR for 10 years. A dismissed chapter 13 remains for 7 years from date filed, a dismissed chapter 7 remains for 10 years from date filed.Chapt.7-11-12 will remain for ten years. A chapter 13 will remain for seven years from date filed if successfully completed, for 10 years from date filed if dismissed.Ten (10) years from date filed for a discharged chapter 7 or 13. Seven (7) years from date filed 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.Seven years in AustraliaDetails of a bankruptcy order in the UK will stay on your credit file for 6 years.7 to 10 years depending on the state you live in. Most lenders will consider loans after 2 years. If information is still on you credit history after this time frame you need to dispute with all three major credit bureau agencies.
Wait 10 years from the date of the bankruptcy filing (some bankruptcy courts have ruled that the time is from the date of discharge, usually less than 6 months from the date of filing). If the bankruptcy has not been removed from a credit report, go to the credit reporting bureau website and complete the form asking for the error (not removing the bankruptcy listing) to be corrected. If that doesn't work, either get a lawyer or send the bureau a certified letter, return receipt requested, asking them to remove it. You may want to send the same letter by ordinary mail, just in case they refuse to accept the certified letter.
Not necessarily. Sometimes it can take a credit bureau a few months (or even longer) to take an old record off your credit report. The best advice I can give is to request a credit report after 10 years have passed. If the bankruptcy is still listed, you can dispute the record directly with the credit bureau. You can get a free credit report at www.annualcreditreport.com or from most housing counseling agencies. You can find these agencies by looking on www.hud.gov.