|
|
| *Loan,banking and credit>>>credit report |
I filed Chapter 7 bankruptcy in 2001. When it is taken off my report, how much is my credit score going up? |
My credit score is not that good (between 584-624 for each bureau), and I was wondering if I should get a credit card to raise my score, or if it will go up substantially when my brankruptcy goes off of my report (in 2008)? A bankruptcy isn't going to disappear in 2008. Bankruptcies are normally retained in a credit file for ten years from the date of filing/discharge, as allowed under law. Certain debts, including bankruptcies and tax liens are exempt from the seven year elimination requirement. Source(s): http://www.ftc.gov/os/statutes/031224fcr... It will get better after 2008. If you do decide to get a credit card you will probably have a very high interest rate because of the low score. You're going to be hard pressed to receive a credit card with a low 600 FICO score. You're FICO will not raise after the discharge of the BK. It can be even worse. If you have "no credit" you're a bigger risk than someone who has shown they are a risk. Not knowing is more frightful to your credit score, as they don't know what you're going to do. Wait until the discharge of the BK, then try for a credit card. Good luck. chapt 7 stays on your report for 10 years.... Good luck with that..we filed chapter 7 in 1996 and it's still on our reports.. If you have 2000.00 in a savings, convert it into a 24 month loan and pay it off in 12. If you do not have any funds available, perhaps a friend or family member can put up the money. |
| Tags |
| credit check credit counseling credit debt credit line credit repair credit report credit score credit card online bad credit loan bank of american |
SiteMap--Copyright/IP Policy--Contact Webmaster--Resource of HR For personal non-commercial use only. |