Bankruptcy will appear on your credit report normally for 7 to 10 years, but can remain tied to your record whenever you apply for a job with a salary above a certain amount, insurance or a loan above a certain amount, even after the 10-year period has passed.
And yes you may be able to get credit but you'll pay a lot more for credit. There are creditors who are willing to lend you money after you've filed for bankruptcy, but you'll pay dearly.
Individuals who have filed for bankruptcy are categorized as "subprime" borrowers and are charged much higher rates for credit cards, home mortgages, & car loans.
Generally, the effect of bankruptcy on your credit is not a bankruptcy issue; it is a banking or credit issue.
After bankruptcy, you should be able to get a mortgage after re-establishing yourself. However, it will be very difficult for you to get a credit card anytime soon. Many companies are leery of giving consumers credit cards shortly after bankruptcy.
Well the reason I was wondering is because my business partner has a mistake on his credit report that says he filed a bankrupcty with his exwife in 1997 and it is a mistake so I was hopen it would just drop off the report soon but guess we will have to dispute it. Thanks for all the info.
With BK, you need to re-establish your credit off the bat. That is the fastest way to get rid of it. You WILL get credit card offers in the mail, for like 25%APR, but with a credit limit of only 200. Take it. Buy stupid little things that you could of bought, but make minimum payments to help re-establish yourself. The better you do with that, the fast you save your credit. People have gone BK and had a mortgage after as little as a year by doing this
Normally like 7 years. The best thing to do is get a co-signer or get it in someone elses name. We can help you get a house as soon as possible / repair your credit at 678 910 0255
Usually 7 years it will get off your credit or creditors will start ignoring it like it never happened... just make sure to start re-establishing credit!
Hi! It is 7 years, but it will stop affecting your credit 2 years from the discharge date.
You can get a loan as soon as 1 day out of discharge. You'll pay a higher rate but it is available on owner occupied.
There are some circumstances that a BK can show up for ten years.
10 years.
Bankruptcy will appear on your credit report normally for 7 to 10 years, but can remain tied to your record whenever you apply for a job with a salary above a certain amount, insurance or a loan above a certain amount, even after the 10-year period has passed.
And yes you may be able to get credit but you'll pay a lot more for credit. There are creditors who are willing to lend you money after you've filed for bankruptcy, but you'll pay dearly.
Individuals who have filed for bankruptcy are categorized as "subprime" borrowers and are charged much higher rates for credit cards, home mortgages, & car loans.
Generally, the effect of bankruptcy on your credit is not a bankruptcy issue; it is a banking or credit issue.
You may be able to get information about credit reporting laws and practices by clicking http://www.ftc.gov/bcp/menu-credit.htm
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Many people have success disputing BK listings with the CRAs and getting them off the reports several years early. It's hit or miss, though.
After bankruptcy, you should be able to get a mortgage after re-establishing yourself. However, it will be very difficult for you to get a credit card anytime soon. Many companies are leery of giving consumers credit cards shortly after bankruptcy.
Sincerely,
Mario Costanz
Well the reason I was wondering is because my business partner has a mistake on his credit report that says he filed a bankrupcty with his exwife in 1997 and it is a mistake so I was hopen it would just drop off the report soon but guess we will have to dispute it. Thanks for all the info.
There are different types of BK, (ex: chap 7, 11) do a google search and you will easily find your answer. Generally it is 7 or 10 years.
With BK, you need to re-establish your credit off the bat. That is the fastest way to get rid of it. You WILL get credit card offers in the mail, for like 25%APR, but with a credit limit of only 200. Take it. Buy stupid little things that you could of bought, but make minimum payments to help re-establish yourself. The better you do with that, the fast you save your credit. People have gone BK and had a mortgage after as little as a year by doing this
Normally like 7 years. The best thing to do is get a co-signer or get it in someone elses name. We can help you get a house as soon as possible / repair your credit at 678 910 0255
Usually 7 years it will get off your credit or creditors will start ignoring it like it never happened... just make sure to start re-establishing credit!