loan or credit turned down because of Bankrupcy in the past.

Welcome beckie. I don't know how that works for sure. I too thought that after 7 years your bankruptcy would no longer be a factor on your credit report.

I'm sure someone with more knowledge on the subject will be along shortly to offer you some assistance.

Good luck! :)

Bankruptcies are allowed to stay on your credit for 10 years.

However, bankruptcies are a matter of public record ... although they only stay on your credit report for 10 years, they are still searchable to the public indefinitely for as long as the courts keep those records.

Many lenders have access to PACER, which is a government login to Federal court records. By using PACER, a lender can see any bankruptcy you have ever filed ; even if it is 20 years ago and no longer showing on your credit report.

From an underwriters' standpoint, right now you are more "at-risk" for another bankruptcy. Underwriters know that many people are repeat filers and will actually go BK several times in their life. Depending on your current credit situation, if you have any delinquencies since your BK was discharged 7 years ago, they may have reason to believe you will be filing again soon.

Yea.....a friend of mine filed bankruptcy almost 15 years ago. It's STILL showing up on her credit!! However.......I REALLY thought, with bankruptcy, it shows your lenders ( when you apply for a loan) that you don't 'owe' anyone anymore. I guess it can be a 'positive' or 'negative' item, depending on the situation.

Bk stays on report for ten years,but most lenders applications ask if your ever filed and you must answer this question correctly.

From what I understand ( please correct me if I'm wrong), even if you filed BK a ZILLION ( exagerating, of course...but, you get my point), a lender can find out through certain records. But, some people file BK to have a 'new start' on their credit.

I don't know if I would call it a new start on your credit. More like a new start on your finances. It doesn't start your credit over, in fact it takes it even further down.

Well...that's true,Goudah. "New start with finances". It DOES bring your credit score down. That's what I meant....thanks for verifing.

Sorry, but not always the case. If your credit is overwhelmed and shot with credit cards..then filing bankruptcy can actually increase your score.

Also it helps to reaffirm your home and vehicle, because you are still paying on those items through your chapter 7 and that increases your credit score even more. I know alot of people choses not to keep their home and vehicle and they have to literally start over which can be difficult in that situation.

Our home won't be paid off for years, and our vehicle has two more years left on payments for it, so two years from now when I get another vehicle--creditors will not care that I filed for bankruptcy, they will look at current payment history.

Very few people can keep their house in a Chapter 7. Most's state's homestead exemptions don't allow for it.

And no, BK does not increase your credit score. It has a worse effect on your score then collections, judgements, repossesions, etc. Maybe what happened in your case is stuff came off your report, making it seem like it went up, when in reality the BK still took it down.

And the creditors will care that you filed for BK. All creditors care about that. Yes, they will look at your current history, but they will also look at the BK and give you are higher interest rate.

They won't charge you higher interest with a good 24+ month payment history. My parents got a great interest rate 3 years post bankruptcy with NO current payment history. My opinion of Great may differ from yours, I am not sure.

And my credit score did increase with my BK filing, rather it knocked off some bad reports or etc...regardless it increased rather than decreased and from this point on will only increase.

Yes, I understand that they will look at your BK, but they don't base their decision on BK when you have a good payment history. They are more concerned with your payments being current and your ability to make payments.