Question Chap 13 not on credit report - Good or bad?

[Badjim19]

My Chap 13 was discharged 3 years ago and I haven't applied for any new credit until recently. I was declined because of a high balance on an existing account. There was no mention of a BK. So, I got my report from all 3 bureaus and was astonished to see no mention of a Bankruptcy in any of the 3 reports!

Isn't this good? Or am I mistaken in assuming that? Is this maybe a question I should ask my local banker?

[justbroke]

Yes, a Chapter 13 usually stays on your credit report only 7 years from filing. If you were in a 5 year Chapter 13, the case should actually be gone 2 years after completion of your Chapter 13.

This is always a good thing.

Remember, a Chapter 13 stays on your credit report for 7 years from the filing date. A Chapter 7 stays on your credit report for 10 years from the filing date. This is why most Chapter 13 debtors have "good" credit once they exit the Chapter 13, so long as they've maintained good payment history throughout the life of the Chapter 13 and don't have utilization issues with the credit that they do have.

[Flamingo]

In addition to this, what some folks will find when the Chapter 13 is removed from their credit reports is that they will find themselves in a whole new situation of not having enough credit or recent credit as all is removed for a period of about 7 years off of your credit reports....which can also make obtaining credit again difficult.