7 years "bad luck" instead of 10

[hhou812hh]

Is it true that ch13 filings are listed on credit reports for 7 years and not 10? I have researched it and found that bk filers in both chapters are marked for 10 years, but since ch13 debtors pay something back they usually report it for only 7 years. Is this true? Anyone have the answers?

Thanks

[Pumpkin729]

As far as I know Chapter 13 are 7 years.

[HHM]

For purposes of credit reporting, a bankruptcy is a bankruptcy so it doesn't matter which chapter, they both may be reported for "up to 10 years".

However, as far as credit scoring goes, the negative aspect of bankruptcy (the weighing down of your score) only lasts 1-3 years depending on your prior credit history and your post bankruptcy credit habits.

People get all freaked out that bankruptcy will be reported for 10 years and think they can never get credit for that time, such an assumption absolutely FALSE.

If you already have a reasonable credit history and maintian good credit habits after bankruptcy many people will see their scores over 700 within 2 years of their bankruptcy discharge.

[hhou812hh]

For purposes of credit reporting, a bankruptcy is a bankruptcy so it doesn't matter which chapter, they both may be reported for "up to 10 years".

However, as far as credit scoring goes, the negative aspect of bankruptcy (the weighing down of your score) only lasts 1-3 years depending on your prior credit history and your post bankruptcy credit habits.

People get all freaked out that bankruptcy will be reported for 10 years and think they can never get credit for that time, such an assumption absolutely FALSE.

If you already have a reasonable credit history and maintian good credit habits after bankruptcy many people will see their scores over 700 within 2 years of their bankruptcy discharge.

Yeah I figured they did everything based on score and not bk filing. I was more concerned with items like renting an apt., or employers or insurance, etc. They probably don't care about a score. They would want to see if you are a "reliable" individual and to them a bk says you aren't even though that isn't true in most cases.

Thanks for the input HHM!!

[Lightning]

A bankruptcy indicates that you were not financially reliable in the past. Once you prove yourself and rebuild your credit, lenders will be more receptive.

[Minnymouth]

I'm still in "awaiting closing" on my case.......and receive credit offers everyday.........even from companies I filed on. I was discharged Oct 2004.
All depends on how your credit was the years before you had to file.
Its amazing...... re-finance offers, auto offers, and cc with the same companies you file against.

Minny

[hhou812hh]

I'm still in "awaiting closing" on my case.......and receive credit offers everyday.........even from companies I filed on. I was discharged Oct 2004.
All depends on how your credit was the years before you had to file.
Its amazing...... re-finance offers, auto offers, and cc with the same companies you file against.

Minny

Yeah, American Express is probably the only one that will ban you for life from getting their card. I was discharged in 1990 and responded to the junk mail they kept sending even last year and they told me straight out NO due to a bk even though the bk has been off my report for 5 years.