BK 7 Question

Discussion in 'Credit Talk' started by MiamiBlues, May 12, 2001.

  1. MiamiBlues

    MiamiBlues Well-Known Member

    I applied for a mortgage about a week ago. When my wife and I met with the mortgage broker she commented to me that the BK 7 filing listed on my credit profile was wrecking havoc on my credit score. Per the three bureau report, my Equifax Beacon Score was 608.

    Today I decided to go to Equifax's web page and pull up my score again. To my surprise it was 625. I have been working on my credit since last summer. I have approximately 2 charge offs one late pay trade line and the BK 7 on Equifax and TU. Experian does not reflect the BK 7 (got it deleted about a year ago), just the 2 charge offs and a late pay.

    On today's report, the codes listed were 38, 8, 10 & 13. In the explanation section of the report it states "Serious delinquency, and public record filed." and states that this is the single most factor affecting my score. Please note that the 2 charge offs are listed as "consumer disputes - reinvestigation in progress."

    Anyway, I have heard different opinions on just how long a BK has to remain on your credit report. I have heard that it must remain for a solid 10 years from the date of filing. I read on another board that it can be deleted 9 months short of the 10 year anniversary date and I have also heard it can be deleted 3 months short of the anniversary date. Can anyone confirm this?


  2. Mirage

    Mirage Well-Known Member

    On my Experian the experiation of my bk-13 is 7 years after I file. So I assume that a bk-7 is 10 years after the file date.

    Now here's the big rub, if you borrow or seek a job over a certain amount your entire history is revealed. I don't remember the exact amount but some of the others here on the board can give you that info.

    I was told that mortgage companies will consider a loan more favorable if you are 2 years past your dischaged date.

    Best regards,
  3. VJ

    VJ Well-Known Member

    I seem to remember if you are trying to borrow 150k or more or a job that pays 75 or 80k everthing shows including things that have dropped off your regular report because of time considerations.

  4. MiamiBlues

    MiamiBlues Well-Known Member

    That is correct. If you are borrowing over 150k, taking out insurance over 150k or applying for a job that pays over 75k there is no time limit. They can see it all.

    What I am trying to find out is will I have to wait until 04/2002 for my BK 7 to fall off or can I get it off sooner than that. Again, I've read on other boards that as a courtesy or early parole (LOL) the CRA's will take a BK 7 off prior to the 10 years. I just wish I knew if it were true.

  5. Marie

    Marie Well-Known Member

    has anyone ever seen this very complete history? I tried to get a copy of this and I was told there's no difference from my regular credit report. I highly doubt that, though.
  6. Maer

    Maer Well-Known Member

    I don't know if this is relevant but.... I recently came across a website where you could look up people that have filed b/k by name. It would give you their name, city & date filed (if you wanted more info you had to pay). It went back to 1981!!!. I played around on it for awhile (and was shocked at all the people I know that have filed) and was suprised at how many were 15-20 years old.
    I would guess that there are other databases besides our credit report where this info is kept.
  7. Kelly

    Kelly Well-Known Member

    Experian and Equifax delete negatives 3 months early. TU only gives you a 1 month reprieve. Of course, that doesn't mean you can't dispute the bk off your reports.

  8. MiamiBlues

    MiamiBlues Well-Known Member

    Thank you Kelly. That means I can't request my BK be removed legally until 01/2002. I had read somewhere that it was nine. As for TU, that doesn't surprise me one bit!

    Have a good day.

  9. MiamiBlues

    MiamiBlues Well-Known Member

    I just applied for $160k mortgage but the 3 CRA report I received didn't show anything really old except for my BK 7.

  10. eddie

    eddie Well-Known Member

    Kelly, will Eq. automatically delete the info three months early or do you have to dispute it as being too old?
  11. jshimmer

    jshimmer Well-Known Member


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