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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 for more information about bankruptcy.

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โˆ™ 2005-04-04 03:47:04
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Q: If you filed bankruptcy 18 months ago but it was dismissed and now you would like to purchase a home and your credit score is not that great what can you do?
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Related Questions

Can you be asked twenty months into your bankruptcy to go in for an interview?

Sure...and if your answers contradict your sworn application...your case can be dismissed

How long after filing chapter 7 bankruptcy can you purchase a house?

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.

Can you have a cosigner on a car loan while in the last few months of bankruptcy?

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.

Will your credit score go up after your chapter 7 bankruptcy passes the 10 year mark?

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.

Can you use your va loan after bankruptcy?

If the bankruptcy was discharged more than 2 years ago, it may be disregardedIf the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that you and/or your spouse are a satisfactory credit risk unless both of the following requirements are met:you and/or your spouse have reestablished satisfactory credit, andthe bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)If the bankruptcy was discharged within the past 12 months, it will not generally be possible to determine that you and/or your spouse are satisfactory credit risks.

Who may file Chapter 7 bankruptcy?

Almost any individual, partnership, or corporation may file a chapter 7 bankruptcy petition if he or she live in, has a domicile, a location of business, or property in the United States. If you filed a prior bankruptcy petition and the prior proceeding was dismissed within the last 180 days, you may not be able to file a second petition. If you pass the "means test" and complete the required credit counseling within six months prior, most people can file a Chapter 7.

Do's and Dont's after bankruptcy discharge?

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?

How long does a bankruptcy stay on your credit report?

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.

What will your credit score be after bankruptcy is discharged?

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 for step by step instructions on how to handle your credit after a bankruptcy.

Fixing credit errors How do I go about getting a bankruptcy off my record it's been just 3 months short of 10 years it was a chapter 7?

wait till 3 months after because they will NOT do anything before

Who is eligible for a Chevron Texaco credit card?

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.

If your bankruptcy is nine and a half years old will it be taken off your credit report when it reaches the 10th year automatically?

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 or from most housing counseling agencies. You can find these agencies by looking on

How do you get bankruptcy off credit report?

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.

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.

Which type of money uses a delayed payment to purchase goods?

Paying for a drum set in six months and receiving the drum set today

How soon after a bankruptcy was dismissed can you refinance?

* The usual length of time after a bk dismissal required to refinance is 24 months. There are different requirements with different lenders. Some specialize in assisting borrowers with bks. * It depends on the type of Bankruptcy you filed....Chapter 7 or 13. I have lendors that will offer financing one day out of a Chapter 13.

Is it okay to tell a credit card company or a collection agency that you are filing bankruptcy?

Yes, in fact they might ask the debtor if that is what they are considering. It is the opinion of some that a creditor might rush to file suit but this is a ridiculous argument, as lawsuits can be stopped and then discharged in bankruptcy. Also it takes an average of 15-20 months for the typical creditor-debtor suit to reach court, as opposed to the average bankruptcy filing of a few months.

What is the APR rate on the newest Discover Credit Card?

Discover Credit Card offers an intorductory purchase and transfer APR of 0%. After 15 months at 0% APR, the APR will change to a variable purchase APR. The APR will vary from 11.99% to 19.99%.

Where is the best place to get financed for a vehicle after being dismissed from chapter13 bankruptcy?

If the Chapter 13 was dismissed before the Plan was completed and the balances of unsecured debts discharged, you may have a difficult time getting a car loan. If the Plan was completed and you have a discharge, you will be able to get a car loan at car dealers, but you will pay a high interest rate. If you make on-time payments for 6 months, you may be able to get a refi on the loan at a lower interest rate. Your best bet is to open an account at a local credit union and apply there for a car loan.

Where can one find the lowest interest rates on new cars if one has been in bankruptcy?

If you've ever been in bankruptcy, you know how difficult it can be to find a low interest rate on a new car. Keeping the car you own, paying cash or find other modes of transportation. If this is not an option then buying cheaper car with cash may be a choice. Finally, you may need to build your credit up and then refinance six to twelve months after purchase. Improving your credit during this time will help to make for a lower payment.

How many years on credit history for bankruptcy?

10 years. If you are interested in buying a home you have to wait at least 24 months from the date it was released/discharged in order to qualify for a home loan. So, though it takes 10 years for a bankruptcy to be removed from your credit profile you can qualify for a home loan in as little as 2 years from the Date of Release or Date of Discharge.

Where can I see my credit history and find my credit rating?

Your best be will be to visit You are allowed 1 free credit report every 12 months. This will allow you to see in what areas your score is lacking before you make a home purchase.

How long does it take to have a chapter 7 discharged?

Typically 5 or 6 months from filing date to the discharge date, providing no amendments to the schedules are required. Fraudulent or questionable entries on the schedules can cause the process to be drawn out and the bankruptcy ultimately dismissed however.

How long does someone have to wait before they can get a loan on their own after a bankruptcy is discharged?

This depends on the type of loan you are referring to and the lender. Mortgage lenders typically want a person to have 12 months clear credit history after a bankruptcy has been Discharged (not filed). Automobile and credit card lenders like the same, but there may be exceptions. The best thing is to ask, without allowing your credit to be pulled. The only thing I would add to the other posting is..Beware of predatory lenders. The type who have ads that read "bankruptcy, bad credit, no problem", or something of that nature. IMO, they are loan sharks, and you need to be extremely cautious.

How soon after Chapter 13 bankruptcy can you buy a new house?

There is no real limit as to when you can begin considering buying a home after a bankruptcy, though it is much more favorable to wait at least two years, while you build your credit back up. Chapter 13 bankruptcy can remain on your credit report for up to ten years from the date it was filed. However, filing for bankruptcy can actually be somewhat beneficial for rebuilding credit. As bankruptcy eliminates all or most of your debts, your debt to income ratio improves. This means that more creditors will be willing to extend credit offers to you, which will allow you to begin the rebuilding process. Most credit obtained after a bankruptcy will most likely have high interest rates, but if you obtain credit that you can afford to repay, you will begin to see a definite improvement in your credit score. It is possible to begin the home purchasing process in as few as 18-24 months after filing bankruptcy. To start, you cannot be currently in a bankruptcy proceeding, your case must be decided. To begin the rebuilding process, check your credit report. Make sure that everything that is supposed to be included in the bankruptcy is included. After you've corrected any errors that may be on your credit report, it's time to start rebuilding your credit. Secured credit cards and installment loans are good ways to show creditors that you can again be trusted to pay back money that you owe before trying to jump right into a mortgage payment. When you are again able to qualify for a home loan, it might come with high interest rates. Don't panic. Try to make a larger down payment to keep the loan smaller, and make sure there are no prepayment penalties. This will offer you the possibility of refinancing at a lower interest rate as your credit improves.