The Day Has Finally Come!...No Public Record

[hindsight2020]

My experience recap...I don't post much here but it has been a great source of support for me.

Ch 7 12/6/99, D/C 3/2000

I was a broke-ass grad student with no other real options, or so I thought at the time. Discharged around 18k in unsecured debt and it helped tremendously. Within a couple of years I had moved on and started over. Bought a house, car, and used SBA to purchase a business. All the while my interest rates were a little higher and I had to do my share of begging and pleading to get credit, but it was do-able.

For those of you who are more recently in this growing group, i wish you good luck! Know this...things do get better. If you are like me, you will have plenty of times when you second guess your decision to retire your debts. Don't let it get you down. You did it because you had no other choice. People will say what they say, and judge you at times. But in the end, you did what you had to do to move on. I'm sure if you could have paid you would have, and that's what matters at this point.

My name here is Hindsight 2020, and it reflects my mixxed emotions about what decision I made 10 years ago. It has slowed me down, i won't lie. But now it is truely behind me. On December 8th, I pulled all three CR's. No Public Record. You can't believe the relief I feel as i write this. I have done my best to keep my bills current and wait for this day to come.

It will come for you too. Time does not stop, and all we need to do is learn from the past and let the time move forward. Early next year will be refinance time for me with my newer , clear CR's.

Keep your minds clear and your heads up...this will happen for you too!

Today, credit scores range from 729 to 768. I'm like all the other kids now, asterisk or not!

Take care all, and have some fun this season!

[dub]

Great story........thanks for sharing.

[Flamingo]

Congrats to you HindSight! I agree as our chapter 13 came off this past April after 7 years and it was well worth the effort over that time. Your posting is a great inspiration to those in Chapter 7. Please stick around for them to advise that there is a light at the end of that tunnel. Best of luck to you in your future endeavors!

[Logan]

Thanks for the 2020.

In my case I have never looked back in regret and I could give a crap what anyone else thinks especially because my life changed so much for the better the day I filed.

Good luck to everyone,

Logan

[aces67]

Congratulations!!

[jjj117]

A question. I'm discharged from a 13. I understand that the public record should drop off my credit reports 7 years after the filing date. That will be 7/11 for me. But won't all the accounts that were in my plan still reflect that the debt was settled through a Chapter 13? If so, can't potential creditors reviewing my credit reports still see the 13 and reject me because of it?

[SleepWellNow]

Thank you for posting. We all need to be reminded that there is light at the end of the tunnel. It's truly all in the past for you now. Congratulations!

[Flamingo]

A question. I'm discharged from a 13. I understand that the public record should drop off my credit reports 7 years after the filing date. That will be 7/11 for me. But won't all the accounts that were in my plan still reflect that the debt was settled through a Chapter 13? If so, can't potential creditors reviewing my credit reports still see the 13 and reject me because of it?

All the accounts that were in your Chapter 13 will be removed from your reports. What you may encounter at that time, as we did, that if you apply for credit you could be denied for lack of any long-term credit history; even if you have new credit accounts since discharge. Best of luck to you!

[jjj117]

Flamingo--Thanks for the response. That is mostly good news. It also kind of answers a question I posted in the mortgage thread. I will be applying for a mortgage right about the time this all disappears from my reports. I will have about 16-17 years of outstanding credit left from prior to my 13. To make a long story short I am planning on buying a vehicle. If I would do it with a year or so to go before I apply for the mortgage will that be at all beneficial to get a good credit history going? If I don't my current vehicle will be paid off by summer. The only history close to a mortgage application would be my gas bill and a credit card with a small limit(at least thats what it appears it will be at this time).

[frogger]

Thanks for the post.

[Flamingo]

Flamingo--Thanks for the response. That is mostly good news. It also kind of answers a question I posted in the mortgage thread. I will be applying for a mortgage right about the time this all disappears from my reports. I will have about 16-17 years of outstanding credit left from prior to my 13. To make a long story short I am planning on buying a vehicle. If I would do it with a year or so to go before I apply for the mortgage will that be at all beneficial to get a good credit history going? If I don't my current vehicle will be paid off by summer. The only history close to a mortgage application would be my gas bill and a credit card with a small limit(at least thats what it appears it will be at this time).

Here is what we did at our 7 year mark from the date we filed Chapter 13 in 4/02. In mid-May of this year (one month or so past the 7 year mark of 4/09) we obtained all three of our credit reports to ensure the BK info was removed - it was; all accounts that were included in the filing and our court information. The only thing that needed removal was our own personal statement that we ourselves included and had to delete. All that remained as to accounts in each report was our mortgage information (correctly reporting) and our Visa and Department Store Credit card we obtained after discharge. I applied for a Mastercard via a pet discounter which with use gives one free shipping and points toward future pet item purchases but was denied due to "lack of credit history." You may encounter the same. I don't think anyone can guarantee you will or will not get a mortgage or car loan depending upon what is or is not in your reports as to your credit history. Please note, though, that we did obtain a Home Depot and a Walmart Discover card earlier this fall and there was no issue as to lack of any past credit history. Approved immediately. I would suggest being pristine as possible as to your credit with no late payments and not going crazy applying for credit at that time and apply for the mortgage and see what happens. I would also consult before applying with a good broker or someone from the bank for some insight as to the situation before applying. Best of luck to you...

[Brendon]

Thank you so much for posting this. As I've gotten to know people on the forum, it seems that many move on once they've gotten through the difficult part of the process and rarely do we get to hear about this part of the cycle. It is inspiring to know that one day we will reach this point again. I have a long way to go, but continue to push on. Your post reminds us all that bk is not the end of the world. Sometimes when you go through something as emotionally traumatic as a bk it's hard to fathom that one day normal will come again. Thank you for your post and Happy New Year to you!!

[hindsight2020]

Just wanted to respond to Brendon and comment on Flamingo's post. When it comes to obtaining credit after even a few years of discharge, I took it personally almost when I'd apply and get rejected. It sort of made me not apply anymore, you know?

"Would you like to save 20% on you purchase today? Approval only takes a few seconds". Yeah right! I'd love 20% off, but it ain't gonna happen!

If you are applying for a big ticket item like a mortgage, definately use a broker. See, many of these credit companies have the same parent company. It's not always easy to know who is providing the credit. The broker will know this. It's not Target, or Home Depot, it's MBNA, which is B of A, etc. Whether or not the BK is removed, those guys don't forget...ever.

As the economy unravelled over the past couple of years, more bank mergers took place too, so I know for me, I have to stay away from anyone affiliated with BofA and Wells Fargo. Well, that's 70% of the lending industry right there (guess).

So as is posted all over this forum, get your D/C and move on. Rebuild credit as soon as you can and be smart. But if you don't want to be rejected you can still get back in the game. Just do a little homework before applying so you know who is checking you out, you know? It will save you some disappointment.

I'll be seein' y'all.

[nevergiveup]

Hidden info on credit reports?

I too have no record of my chapter 7 (it's been about 11 years). I am filling out an application for a business loan which will be in my corporation's name. It asks "Have you ever had a bankruptcy? If so, attach the discharge papers."

I have heard that what individuals are able to access is not the whole record. Lenders have access to more in-depth info--but I do not know what that includes.

I feel I have "paid my debt to society" and should not be saddled after these long years with this bankruptcy.

My natural tendency is to always be truthful. But that makes me [U]feel[U]like giving up. Will the lender (an investment company, not a bank) be able to see this bankruptcy if I do not list it? Quite frankly, I have no idea where my discharge papers are!

Now [U]that[U] sounds like I'm competent, doesn't it.

I hope someone can help me here, or suggest another place to ask.

[nevergiveup]

Is the bankruptcy ever removed?

I asked this question on another site, and got a response from a lender's agent. He should know because it is his business to. Apparently we have been misinformed. It never is off our record, and remains forever.

The bankruptcy is never "removed" from your credit report. After 7 years it is not used to calculate your score, but it will always show under the public records section. They will not remove it from your credit report.

Of course, maybe he is wrong.

Does anyone know if there is part of the credit record which the consumer cannot see (and cannot check for accuracy, either!)?