I know it will still be on my credit for the next 2 years at least but will my credit rating improve once the case is discharged since it won't be an open case?
2006-07-27 04:23:07 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
Your score probably won't change between now & then. What you have to do is start re-establishing new credit (secured credit cards, get a co-signer, etc.)...it's going to take some time. But on the bright side, you probably will qualify for a mortgage, there are many programs out there for people a day out of a bankruptcy. I have even "bought out" the Chapter 13 before it was completed.
2006-07-27 04:37:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
cdslsmn is wrong.
The reporting period for Chapter 13 is 7 years.
There are probably a number of negative reports related to people who fall into your bankruptcy. These accounts are supposed to now show "paid" and removed from your report.
Even with the bankrupty on your record, it's not going to look good. But now that you have been discharged, you should be able to shop around and find someone willing to give you credit.
Take the time to visit http://www.lifeafterbankruptcy.com for more help is pulling your finances together. This site has lots of great advice.
2006-07-27 06:08:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It will be on your credit report for more than 2 years. It will be on your report as long as 7 years from the last activity on every account you included in your bankruptcy. The sad thing is that to improve your score you should get some credit cards because revolving credit increases your credit score more than installment credit does. So you will probably get in more debt trying to get your credit score up. Save money.
2006-07-27 04:31:20 · answer #3 · answered by cdslsmn 3 · 0⤊ 0⤋