Don't wait that long to build credit — well before
the bankruptcy drops off your credit report, you can qualify for loans and lines of credit with good rates and terms, almost as if your bankruptcy never happened.
Not exact matches
If your
credit scores haven't already plummeted as a result of late payments, missed payments, charge -
offs, and defaults, when the
bankruptcy is listed on your
credit reports, you'll notice a large and immediate
drop in your
credit scores.
Bankruptcies tend to vary greatly between individuals and situations, and while the above lengths of time that a
bankruptcy remains active on a
credit report are considered the general rule, there are many cases of the
bankruptcy record
dropping off much sooner, sometimes within only 2 - 3 years.
It may even be possible for you to ask your life insurance provider to review your policy once the
bankruptcy drops off of your
credit report.
Your discharged loans may
drop off your
credit report before the
bankruptcy itself, depending on how long you waited to file after falling behind on payments.
However, once you complete your
bankruptcy case, your
credit score will begin to improve as you continue paying secured debts on time and your discharged debts begin to
drop off your
credit report.
Negative items, even
bankruptcies, eventually
drop off your
credit report and no longer depress your score.
The last time I went through my
credit report there were all sorts of things on my record including messed up addresses,
bankruptcy and tax liens to dispute, and the companies all
dropped it
off my record.
I had a
bankruptcy drop off my
credit history and now I have a null
credit report meaning I don't have a number rating.
It may even be possible for you to ask your life insurance provider to review your policy once the
bankruptcy drops off of your
credit report.