Does the timeline for Ch. 7 BK to fall off start when you filed or when discharged?

[PHXDWTN]

I was under impression that the timeline for such things as being FHA approved (2 yrs since BK) and credit report (10 yrs since BK) started on the discharge date.

I pulled my credit report with Experian and it shows the BK with Status Details "This item is scheduled to continue on record until Aug 2019".

August 2009 is when I filed and was discharged January 2010.

So is August 2009 the date to go by for timeline items or January 2010?

[BKParalegal]

Credit reports never lie so why question it? And if you did question it, what good would it serve you? Kidding on the first but not the second statement.

Good luck and be thankful

[tcreegan]

Hi PHX,

FHA is in a state of flux, they were 3 yrs then 2 yrs and who knows what next month. One thing thats as important as the BK is what you have done since the BK to rebuild credit. The X yrs past BK is a guideline, not an exactly this date thing. What got you into the BK and what you have done since matter more than file date vs discharge date.

Pull your credit reports and clean them, do some rebuilding, give it a shot, worst thing is they say no...

Tom in Colo

[PHXDWTN]

Thanks for the reply tcreegan.

Since the BK I've applied for a credit card (offer from Capital One that came in the mail within weeks of the discharge) and have paid it off each month (~$50) for the past 13 months now. Haven't done anything else in regards to repairing the credit.

I've pulled the credit reports and am not sure if there is or isnt anything to clean up.

[tcreegan]

so far so good! See if a local bank or credit union will give you a small loan, tell them up front you're doing credit rebuilding and you'll authorize an automatic draft from the acct your monthly income goes in. If that doesn't fly, get another card and do the same, use it a little bit, pay it off each month, on time. Ask for a credit increase on the card you have. ....just some thoughts...

On your credit reports, make sure there are no accounts listed w/ a balance that went through the BK. Look for any 'charged off' 'closed' or other negative notation. Ask them to be re-labeled 'included in BK' and show a zero balance. Anything that is positive, leave it alone.

If you have pre-BK judgments, file to have them vacated then try to get them off your credit reports, or at least notated 'included in BK' or 'satisfied'

Good luck with this!

Tom in Colo

[PHXDWTN]

I pulled all 3 credit reports yesterday and have been going through them all day. Here are a couple of them, I don't think anything looks out of the normal but any input you can provide would be great!

Transunion: FICO Score 654
4 accounts: Charged off as bad debt - These were charged off pre-BK - All "Negative Indicators"
2 accounts: Payment after charge off/collection - These were settled for less than full amount pre-Bk - All "Negative Indicators"
9 accounts: Paid or paying as agreed - 2 "Negative Indicators"
3 accounts: Unrated - All "Negative Indicators" These show "Included in BK"
All accounts show $0 balance.
1 account: Collection Account "Account descriptions: Ch. 7 BK"
1 public records: Civic Judgment in bankruptcy Amount $6601 Paid Aug 31,2009 (this was the date the BK was filed)

Equifax: FICO Score 687
6 accounts: Included in Bankruptcy - All "Negative indicators"
3 accounts: Bad debt/collection - All "Negative indicators"
10 accounts: Pays account as agreed - 2 "Negative Indicators"
All accounts show $0 balance
2 public records: Both show "Included in BK"

The only ones I really have a question on are the "Bad debt/Collection" ones. These were sold/charged-off pre-BK and I've read on here that since the action happened pre-BK, that is in fact the correct status of those accounts and it can't be changed...have to wait the 7 years for them to fall off the credit reports.

[tcreegan]

Hi PHX,

Technically, pre-BK events should be reported as whatever they were at the time. ....but if you send letters and bug them about it they can mark it 'included in BK' just to get rid of you pestering them.

Tom in Colo

ps: 654 and 687 are pretty decent scores following a BK!

[patches]

Are the credit reporting agencies allowed to show the high balance or the credit limit after a bankruptcy discharge?

[jetsfan2010]

Regarding your original ques, it is 2 years from date of discharge not filing