2006-06-12 17:21:58 · 8 answers · asked by Jeannetta J 1 in Business & Finance ➔ Credit
There are several variables that will affect the answer to this question.
If you have previous credit currently building, the bankruptcy falling off the report will create a positive influence on your overall score. If you have not worked on your credit or have no credit in the prior ten years, your score will be a few points higher, but will still be problematic in establishing new credit.
If you have no credit after the bankruptcy is off your report, you need to start out small. Start out with store credit (like Target or Walmart) keep your charges minimal and make your payments on time. I recommend to charge about 75% of your available initial credit and pay off 50% of the balance each month until you are at $ Balance and repeat this three times. In about 6 months, of good standing, they will increase your credit. In a year or two, you should be able to get a loan with a "Financial" institution (a subsidiary of a bank) and develop your credit further.
2006-06-12 17:29:19 · answer #1 · answered by cute_valley_boys 3 · 1⤊ 0⤋
My question is "Why is it still there?". After all these years you could have had it remove by now. In two years out of bankruptcy my scores were up to mid 600 scores. Three years out all accounts associated with the bankruptcy were deleted from my report making the bankruptcy obsolete. That makes your bankruptcy . Refer to "The fair credit reporting act" where it pertains to bankruptcy.
2006-06-12 18:04:27 · answer #2 · answered by David H 3 · 0⤊ 0⤋
Actually, your score could drop - right now you are being scored with all other people in the bankruptcy process, so you are compared to them. Once you are out - you then become compared to all other people that have not filed bankruptcy. So, it will depend on how you've managed your finances during the time it was on your credit report. Hope this helps!
2006-06-12 17:29:33 · answer #3 · answered by heavenneeds2know 2 · 0⤊ 0⤋
I don't think the bankruptcy will simply disappear . My wife filed bankruptcy years before I met her and it still haunts her fifteen years later .
2006-06-12 17:35:57 · answer #4 · answered by jim d 3 · 0⤊ 0⤋
depending on the amount of credit you reported yes it will make your credit report go up it will be better
2006-06-19 12:15:43 · answer #5 · answered by maci224 2 · 0⤊ 0⤋
DEPENDS IF U HAVE ANY NEW GOOD THINGS ON YOUR CREDIT. SHOULD GO UP A LITTLE, BUT AFTER TEN YEARS THE IMPACT ON YOUR FICO SCORE IS LOW.
2006-06-12 18:05:01 · answer #6 · answered by naomanilladeville 1 · 0⤊ 0⤋
What do you think?? A major black mark disappears. Which way would it go??
2006-06-12 17:22:48 · answer #7 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Rise...
2006-06-12 17:27:03 · answer #8 · answered by Amanda 3 · 0⤊ 0⤋