Question-I have a ch 13 from 96 it will be off in 2003, as I am rebuilding, I was wondering if in say 5 years I have no negatives and a good mix of positives , will it be possible to have an exellent credit rating? AND say in 10 years I go for another mortgage, and they ask if Ive ever has a BK, since its not on my report any more at that time can I say no?
With hard work (not that hard really) and a commitment to not repeat any past mistakes, then you should be able to clean up and move forward in much under five years. I've been at it for maybe four months and I'm about half way there. As for the BK question, boy, I don't think I would want to lie on a financial form. Federal offense and all. Ever means "ever", not "lately." The further that stuff gets into the rearview mirror, though, the less it should be able to harm you.
Usually the applications that lenders use ask if you have had a BK in the last 7 or 10 years. I, personally have ever come across one that has asked if you "ever" had a BK. After 7 years a Chapter 13 comes off and a Chapter 7 comes off in 10 years. What the lender is looking for usually is how you have managed your credit recently. If it says "ever" I would not lie, but read the question carefully. They may only be asking about the last 7-10 years.
