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How much weight does a CH7 have?

Discussion in 'Credit Talk' started by Dianna, Jul 10, 2003.

  1. Jul 10, 2003 #1
    Dianna

    Dianna Member

    I filed CH7 BK in 1997 and everything was discharged. Next June the TL will drop off.

    I'd like to know how heavily the BK public record will effect my score - everything else being solid.

    thanks in advance for any help!

    Dianna
     
  3. Jul 10, 2003 #2
    LKH

    LKH Well-Known Member

    Bad news, the bk listing won't fall off for 10 years, not 7. By the time it does fall off however it's impact will greatly reduced.
     
  4. Jul 10, 2003 #3
    Mirage

    Mirage Well-Known Member

    But with the bk notation on your CR most CC prime lenders and retail cc will not extend you credit.

    The good thing is getting a mortgage at a decent rate is do-able.

    Best regards,
    Mirage
     
  5. Jul 11, 2003 #4
    david1

    david1 Well-Known Member

    bk 7 has no impact on the FICO score. but if you have the accounts "included in bk" it has big impact on the score, however 1 account or 10 accounts did not make any difference. Some lenders see bk7 or "included in bk" and reject credit immediately even if your score is 700.

    If last date of activity of an account is say march 1997 with included in bk status, bk is being discharged on march 1998, Will the negative account be deleted on March 2004?

    thanks
     
  6. Jul 11, 2003 #5
    Dianna

    Dianna Member

    Thanks for all of your kind replies :)

    interesting that the BK public record (after tradelines are removed) doesn't factor into the FICO score.

    I'm very glad to have a clear idea about when I can expect to see improvements. Looking forward to that clean slate :)
     

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