Credit Reporting on BK? How long before it shows up??

[poorpoorpoor]

Hello!!

I filed back in February and just had my 341 meeting and am officially in the 60-day club. Yay!!

My attorney filed a motion to reaffirm my car with a carmax current value of 7500. The bank filed a motion claiming the car was worth 12500. Yeah, right.
So my attny went back and offered them 9000 cash which the bank accepted. We are now scrambling to find the cash. Yay!!

Anyway... my next big concern is my credit report. How long do I have before any BK stuff shows up on my credit report (if it hasnt already)? I was late on a few payments before filing, so my score wasn't that low.

Also, how does it show on the credit report? Date filed or date discharged?

Anything you can share regarding this would be greatly appreciated.

Thank you!!

[Pjmax]

BK filing was probably on there a few days after filing. Discharge should post in the same manner. I suggest waiting until about 30 days after discharge to give your accounts time to catch up, then pull all 3 reports and check them. You may have to dispute some to get them to all report IIB and 0 balance.

Oh, and welcome to the 60-day club! Things have been slow around here lately, I'm sure the hammies are lookin' forward to dancing for you!

[Floridagail]

Your bkrptcy shows up instantly , It will be on your credit report for 10 yrs from filing date. The creditors chargeoffs will drop on 7 yrs from last pmt made. We pulled credit Karma the day of filing and it was there.

I found out the hard way, If they chargeoff b4 filing they can keep them as chargeoff with zero balance. Most of mine show as unrated status, not bankrptcy. Also my reaffirmed car showed as negative Included in bankruptcy (even though I paid on time never late and paid off the balance ) I got no credit for it. If you buy a new car it will show up as good credit, but this car will not.

I did eventually dispute with all 3 cra and they finally removed it totally from my report ( I just wanted it reported as positive not negative item). So it is like I never had made any car pmts.

[Pjmax]

Chargeoffs/discharged credit cards, will drop off 7 1/2 yrs from Date of First Delinquency, not date of last paid.

[Floridagail]

I mean that, some of mine are dropping off sooner, do not know why.

[tobee43]

mine are as well, i think pj is correct, it must be from the date of the first delinquency. i know we were pleasantly surprised so many would drop off in the next few years. while the bk will still be there loud and clear!

[Pjmax]

Oh, I hope they drop off sooner. Except for the BK, my IIB accounts aren't scheduled to go anywhere until 2016-17.

[paulsk]

I filed on 03/09 and today Credit Karma and Credit Sesame showed up the bankruptcy entry in the public record section, not sure when my creditors will know about it.

[btbeme]

A Ch 7 will show up as soon as it is filed; after it is discharged it will show the discharge date. Expect 6-12 months before a credit score begins to recover (if you are indeed focused on that and trying to redeem your debt...er, credit score).

And bad behavior prior to your filing will (and should) show up as bad behavior. Said bad behavior will stay on for 7 years from the last reporting date, which is usually your filing date or date of last payment (or the date it was written off pre-BK). And bad behavior post-discharge on a non-affirmed account will also show up as bad behavior, for at least 7 years (depending on a number of things well documented in other threads). After 7 years but before 10 years, your BK will show up but most or all discharged accounts will no longer show up or be counted against you. Newer accounts post-BK will show up and report your good/bad behavior. At the 10 year mark from discharge, your BK will drop off. But, by then, it will have very little effect on your score anyway.

Whew! Is your head spinning yet?

My two cents: While a credit score is seemingly necessary for everyday life in the U S of A, I am really certain that is isn't worth getting into debt in order to create one. In reality, a "credit" score measures how well you handle debt - how much you have vs. how much you COULD have; how well you pay debt, how long you have been in debt, etc. Think about this... people who pay cash for everything (even their cars) eventually will have no credit score. Would we consider them a bad credit risk? The current system seems to think so.

[Drazil65]

Hubby's 1 yr anniversary date is 3/21/13 since discharge (yeah!!!) and his score is mid 600's right now. As a matter of fact we discharged our car loan with Carmax in the Bky (did not reaffirm), kept making payments (have about 10 months left also have equity in car) and Carmax just approved my husband this week for new loan on a vehicle (3yrs old, 6% interest rate). I prequalified him with Carmax before we went in thinking they may not do it (understandably) being they were discharged.

[poorpoorpoor]

Thanks, guys!! I'm less concerned about the credit score than the BK flag on the report for employment purposes. I would assume both matter should the prospective employer pull credit information. I'm going to post another question regarding employment.

I appreciate everyone's input.