If a consumer's bankruptcy has fallen off the cr, and that person has perfect credit, can he or she have a fico score in the high 700s or 800s? I ask because a public record, such as a bankruptcy, may still be available at an online archive after 10 years. The government doesn't archive, I was told, for 15 or so years. A company may keep a database of archives and internally lower the score of a consumer who is applying for credit. Just a thought. Any thoughts from others?
Re: Bankruptcy Archive and Fic I think by law the CRA must drop the bk-listing after 10 years (bk-7) and 7 years (bk-13). So it does not matter if the bk is housed at another database, the CRA cannot relist a bk after the 7 or 10 years have gone by. Best regards, Sam
Re: Bankruptcy Archive and Fic Sam, I think that 7, 10, and 13 year drop off date does not apply if the credit sought is more than $150,000 (i.e a house). A big misconception is that people's credit histories disappear after a certain amount of time. What remains as a history and what's shown on the credit reports are two totally different records, unless of course the credit is $150K. Marci
Re: Bankruptcy Archive and Fic Marci, So does it mean that if you apply for a credit card and you are a millionare many times over or better, the credit card company may deny you a credit card limit of 150k or more due to a bk? Another question? At what point does a bk become archived and not available to creditors - or always available?
Re: Bankruptcy Archive and Fic Frank, I didn't say that a credit card would deny a millionaire a card based on BK. What I'm referring to is what the CRA's keep in their databases - not what potential lenders do with said information. All I'm saying is that if a person applies for $150+K in credit, then by law the potential creditor (more often mortgage lenders than credit card issuers) has the ability to view a person's entire history - even if it "falls off" the consumer report after 7 years. In other words, your accurate credit history is never truly gone - ever. What is not known, and one question which has been posted here, is what happens to the accounts which are deleted due to errors. I'd like to know if those "deleted" accounts show up in complete histories along with their "deletion dates" - even if they are not in the common 7 year reports and do not affect FICO scores. For credit under $150K, the chap 7 BK is shown to lenders for 10 years and the chap 13 BK is shown to lenders for 7 years. But they are ALWAYS there in the CRA database. Marci
Re: Bankruptcy Archive and Fic Marci, I misunderstood and thank for your clarification. Here's another question. If your accurate credit history is always in the CRA database, when does bad credit, such as a bk, become old and unworthy of reputation? In other words, can a 15 year old bk be a thorn in your side as far as credit lending, starting a business, or employment forever? This question is predicated on the fact that that person's credit report since the bk is in perfect shape.
Re: Bankruptcy Archive and Fic Frank -- that is up to the lender and their specific qualifications for whatever credit you're seeking. it may not matter whether it's there or not. BTW, not only will your *entire* credit history be available if you're applying for more than $150K in credit, but it will also show for certain employment background checks and life insurance applications.
