Hello, My question will follow a brief history. I filed Chapter 7 bankruptcy 7-1/2 years ago due to some unforeseen circumstances. Currently, I am in the process of rebuilding my credit, all negatives except for the public record are gone from my credit report. If I apply for any credit cards with the companies that I had debts with when I filed, I am declined, as expected. But some of them do not even pull a credit report, they go by their internal records. My question is this: In 2-1/2 more years, when a total of 10 years have passed and the bankruptcy is no longer on my credit report. Will these same companies still be able to decline my request for credit based on their internal documents - even though they didn't challenge the bankruptcy - so in a sense they agreed to discharge (forgive) the debt. If this is the case then bankruptcy doesn't accomplish anything other than ruining your credit for ten years. Thank you in advance for any information you can give me. My attorney back then didn't explain anything to me. Thank you, Confused
RE: Credit 10 years after bank They do not "forgive" the debt. They just can no longer "legally" pursue you for the debt (collection agency's, etc...). Amex and Citibank have very long memories! They keep their internal records "indefinetly" (yes, they legally can do that!) so if you try to include them in a BK, you will have a very tough time getting credit from Amex and Citi again! chet
RE: Credit 10 years after bank Yes they will be able to decline you as some keep your SSN on file indefinetly. With as many card issuers out there, this should not be a problem after the bankruptcy falls off your reports.
