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Bankruptcy entries on credit report

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mortgagevictim



Joined: 25 Sep 2008
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Posts: 25



990 Magic Points

Subject: Bankruptcy entries on credit report
 
Posted on Thu Oct 09, 2008 3:21 pm  

I was wondering if anyone knew how much entries that were included in bankruptcy affect your credit score? I had a bankruptcy in 2003 and the credit cards, etc that were included in the bankruptcy are listed on my credit report, but do show "included in bankruptcy". I know the bankruptcy stays on for 10 years and negative entries stay on for 7 1/2 yrs, but I don't know how the individual entries affect a credit score. Thanks for the help!
 
fireyone



Joined: 26 Feb 2008
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Posts: 2863



2054 Magic Points

 
Posted on Thu Oct 09, 2008 3:42 pm  

I am not real sure on this one. I had a bnakrupsty a long time ago but never looked at my score. Hopefully someone can answer this and explain it to you.
 
Justin

Justin

Joined: 17 Jul 2006
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Posted on Sat Oct 11, 2008 7:37 am  

Normally all debts are included under bankruptcy. If you file a Chapter 7 bankruptcy, you need not pay back most of the debts except court fines, child support obligations, student's loan and secured debt which remains collectible. A bankruptcy listing may lower your credit score by as much as 100 points. The debts that are included in bankruptcy should be listed in your report as "included in bankruptcy" and must show "zero balance".
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Justin
 
carol

carol

Joined: 27 Jun 2006
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Posted on Sat Oct 11, 2008 7:56 am  

If the debts are not listed as "included in bankruptcy", you should first verify it with the credit bureaus. However, if a particular debt has not been included under bankruptcy, it will not show under bankruptcy listing. Since the list of creditors that are included in your bankruptcy, do not show up in your credit report, you can amend it anytime by paying a small charge in the bankruptcy court. For this you can contact the bankruptcy clerks office.
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Carol
 
fireyone



Joined: 26 Feb 2008
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Posts: 2863



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Posted on Mon Oct 13, 2008 12:52 am  

What do you mean get it amended? To show all creditors included in the bankrupsy?
 
mortgagevictim



Joined: 25 Sep 2008
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Posts: 25



990 Magic Points

 
Posted on Mon Oct 13, 2008 9:41 pm  

Carol-the correct debts that were included in the bankruptcy are listed on my credit report and they do show "included in bankruptcy". I was just wondering what type of affect bankruptcy has on a credit score. Justin had mentioned it could lower the score by as much as 100 points. Well, I've got 5 more years of it being on my credit report--it's just a waiting game.
 
carol

carol

Joined: 27 Jun 2006
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Posts: 375



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Posted on Thu Oct 16, 2008 5:46 am  

Hi Mortgagevictim
If the debts that are included under bankruptcy shows under "included in bankruptcy", then it's Ok. But it does not mean that you should just wait for 5 more years for bankruptcy to come out of your credit report and improve your credit score. Bankruptcy will remain in public records for ever, although it will not be reflected in your credit report. So you should in the meanwhile build up a good credit history by spending on your existing credit cards and repaying it on time, so that as soon as the bankruptcy listing comes out of your credit report, you get a good push on your credit score.
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Keep in touch
Carol
 
Credit Solution



Joined: 15 Oct 2008
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Posts: 17



328 Magic Points

Subject: mortgagevictim
 
Posted on Thu Oct 16, 2008 10:26 pm  

When you go bankruptcy you credit score is compare with a bankruptcy formula different with others without bankruptcy.
 
fireyone



Joined: 26 Feb 2008
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Posts: 2863



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Posted on Mon Oct 20, 2008 12:26 am  

explain???
 
Credit Solution



Joined: 15 Oct 2008
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Posts: 17



328 Magic Points

Subject: Bankruptcy entries on credit report
 
Posted on Tue Oct 21, 2008 12:51 am  

you are compare among people with bankruptcy, same as you... that how they figurate you score. After you done with bankruptcy you score will go down becasue you will be compare with other people without bankruptcy
and you will be in disavantage if you not have been stablish your credit.
 
fireyone



Joined: 26 Feb 2008
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Posts: 2863



2054 Magic Points

 
Posted on Tue Oct 28, 2008 11:13 am  

In any case bankrupsy is the most damaging to your credit report. I have been there before and it really stays with you 10 years down the line. It is a long start up from the bottom when you have to totally rebuild your credit. It can be done but is a long journey and very time consuming. I would advice anyone to always try to find a different solution unless there just isn't any other option. that was my case. There was n o other option for me. It has been off my credit record for quite a few years now and it feels so much better to not have it weighing me down.
 
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