Bankruptcy Still On After 10 Yrs
I checked my credit report and noticed a bankruptcy from 4/94 still on there and my score was lower because of it. My question is it supposed to come off by itself or do I have to call the bureau? I always thought 10 yrs. was the max. Or is it more. That is the only negative that the report lists. Another thing is if I can get it off, how much might my score increase? I am at 721. Thanks
Your score might temporarily go down when the BK listing drops ... but at 121 months from discharge, it has to go as "obsolete" ... you shouldn't have to dispute, but it won't hurt to do so.
Equifax 800-685-1111
Experian 800-397-3742
Trans Union 800-916-8800
I realize it's important to get incorrect items cleared up on your credit report, and all, but what can you do with a higher score that you can't do now? Just curious....
Quote:
On 2004-06-11 09:16, jam200 wrote:
I realize it's important to get incorrect items cleared up on your credit report, and all, but what can you do with a higher score that you can't do now? Just curious....
Score doesn't matter in this instance. A BK appearing on the report is a dealbreaker with many potential creditors ... there are even lists floating around on the net of creditors who are and aren't BK-friendly.
I just thought it shouldn't be on that long is all. I bought a house last year and I dont think it affected that. No one said nothing. They didnt talk about scores at all.
Usually derogs stay on a report about 6mos past the date they "should" fall off, example--30-60-90 day lates fall off naturally after 7 years from the date the account first went negative, plus 6 additional months. A BK7 and 13 will fall off naturally after 10 years, plus 6 mos. Any judgments remain the standard 7 years from the date paid, plus 6mos or the length of validity of the governing state it was filed/granted in, plus 6mos for those unpaid. For instance Ohio judgements are valid 21 years from date granted if unpaid.
That is all a general rule however, and not to say you cannot get the item deleted B4 the additional 6mos or even the 7yr rule of thumb. My advice, and this comes from experience, trust me...NEVER EVER EVER EVER call a credit reporting agency unless you plan to follow up on it with a letter. Again, my advice is to skip the phone call and save your breath altogether! Just start with a letter and send it CRRR, ceritified w/return receipt requested and ask them to delete the item as it has passed the 7year reporting period. All they can do is say no, you have to wait. Sometimes you'll luck out and get it deleted.
FYI...if you don't normally deal with a reporting bureau, have recently moved or have never needed to contact them before, be prepared in advance and send them a copy of you SS card and ID with a current address on it. They are only going to ask for it anyway after they get your letter, and that witll further delay your progress. Remember, they have 30days to respond and complete your request or send you a written reason why they didn't, plus an additional 2wk should they need it.
Good luck! 8-)
Jam200:
Higher credit score will get you better rates, higher LTV, easier approval, etc.
Good advise on that last post. I didn't realize the importance of a good credit score until recently. Anything over 650 to 900 is pretty decent.
That Bankruptcy should be off in a few months. Just write to the bureaus and sometimes they make an exception and take decrepancies off before time. But it must be done in writing.
Good Luck.