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F
FosterSan
Guest
Take A Deep Breath....10 YEARS!!!!!
Believe it or not, it takes TEN TEARS from the date your bankruptcy is reported to the Credit Reporting Agencies. It may be a lot less for a Chapter 13, but I know I will have to wait ten years (filed Chapter 7; discharged October, 2003). I have learned alot from this ordeal. Bankruptcy is not the "fresh start" that consumer groups, attorneys, and even the U.S. Bankruptcy Court makes it out to be. I am facing a black mark on my credit reports, ridiciously high interest rates for automotive, and home loans (if you are lucky to obtain one). Insurance is even worse! I work for an insurance company & I got turned down for an auto and life insurance poilicies because of it. Lenders tell you "You need to re-establish your credit", but how are you supposed to do that when no one will give you the time of day? And don't tell me about Secured Credit Cars. They are the biggest ripoff of all! Their interest rates are outrageous! I urge anyone who is considering filing Chapter 7 or 13 Bankruptcy NOT to do it, if possible. I had no choice (laid off from 2 jobs consecutively & my posessions destroyed, and also suffering the loss of my former fiancee in an apartment fire with no renters insurance) . I even put statements to that affect with all three credit reporting agencies. I did this to no avail. I am so discouraged. Will someone PLEASE tell me what to do?
Believe it or not, it takes TEN TEARS from the date your bankruptcy is reported to the Credit Reporting Agencies. It may be a lot less for a Chapter 13, but I know I will have to wait ten years (filed Chapter 7; discharged October, 2003). I have learned alot from this ordeal. Bankruptcy is not the "fresh start" that consumer groups, attorneys, and even the U.S. Bankruptcy Court makes it out to be. I am facing a black mark on my credit reports, ridiciously high interest rates for automotive, and home loans (if you are lucky to obtain one). Insurance is even worse! I work for an insurance company & I got turned down for an auto and life insurance poilicies because of it. Lenders tell you "You need to re-establish your credit", but how are you supposed to do that when no one will give you the time of day? And don't tell me about Secured Credit Cars. They are the biggest ripoff of all! Their interest rates are outrageous! I urge anyone who is considering filing Chapter 7 or 13 Bankruptcy NOT to do it, if possible. I had no choice (laid off from 2 jobs consecutively & my posessions destroyed, and also suffering the loss of my former fiancee in an apartment fire with no renters insurance) . I even put statements to that affect with all three credit reporting agencies. I did this to no avail. I am so discouraged. Will someone PLEASE tell me what to do?
W
willingtocope
Guest
FosterSan...take heart!
It is true that technically a BK stays in your credit history for 10 years...but...it is possible to have it disappear from your credit report.
It is true that technically a BK stays in your credit history for 10 years...but...it is possible to have it disappear from your credit report.
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You also need to work on some credit repair - and I don't mean secured cards. After bankruptcy, its not ususual for lots of those old accounts to be mis-reported, so you need to get all 3 of your reports and see what kinds of other scuff marks have been left behind from the bankruptcy.
All accounts should be reported as 'included in bankruptcy', show a ZERO balance, and there should not be any lates or charge-offs with dates AFTER your BK filing date. If accounts are not be reported in this way, dispute, dispute, dispute. This not only works, its necessary for rebuilding your credit.
All accounts should be reported as 'included in bankruptcy', show a ZERO balance, and there should not be any lates or charge-offs with dates AFTER your BK filing date. If accounts are not be reported in this way, dispute, dispute, dispute. This not only works, its necessary for rebuilding your credit.
Last edited by a moderator: