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Bankruptcy Reporting Time Limit

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DrewJ28

Guest
What is the name of your state? Iowa
I know that my bankruptcy from 1997 can show up on my credit report for 7-10 years. My credit since 1999 has been clear of any negative reports. I have paid all old debts that were not discharged by the bankruptcy, and all my current bills (utilities, Auto Ins., Auto Payment, etc.) have all been on time or early for 2 years now. My only concern is that my wife and I are looking at purchasing a home, and we would like to have that bankruptcy off our credit report. Can we legally ask for it to be removed? Or is it "set in stone" that no matter what..bankrupties have to show up for 7-10 years?
Thank you.
 


Ladynred

Senior Member
There is no way for you to have this removed. Banktruptcies stay on your credit 10 years for CH 7, 7 for Ch 13. Since it sounds like you've been pretty diligent at rebuilding your credit history, and the last BK was 5 years ago, at this poing you should be able to get a pretty decent interest rate on a standard mortgage.
 

bigun

Senior Member
Drew,

I'd suggest you get your credit reports and be certain all the info is correct. All the bad accounts need to say included in bk. You don't need a bk plus a raft of chargeoffs.

Next, talk with some banks and mortgage brokers about what sort of credit score plus downpayment they require for conventional fincing. Also, check out FHA mortgages. They require 2 years of post bk clean credit. They are not score driven but they do require any collections or judgements to be satisfied and a 2 year track record of good credit. Getting a mortgage at conventional rates post bk used to be mission impossible but not any longer. You'll need to do some homework. Also, check and see if your state has any special programs for first time home buyers.
 
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CaliCat

Guest
Some smaller loan places look at each app individually rather than an automated system. Those ones are usually your best bet. We will be buying a house soon out guy said he only looks at the credit for the past year or two, but a repoed home in the past five years he won't deal with. But bankruptcy is differnt-probably because they can literally take the farm.
 
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lckwod

Guest
Drew,
If you kept ypur credit good since bk you should have no problem at all.
I filed in 97, discharged in feb of 98, and bought a brand new house with 6% fixed apr in march of 2001. It is true that if for some chance their are bills that you forgot to put in your bk or aquired since and have shown up on cr they will want you to pay those ( my husband and I had a few like utility bill, phone, a loan he cosighned on that the bank wanted us to have paid off before approving the loan). Other wise it sounds like your on the right road to being a home owner. Good luck!!
 

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