What to expect

Date: Sun, 04/02/2006 - 10:27

Submitted by LCW
on Sun, 04/02/2006 - 10:27

Posts: 1151 Credits: [Donate]

Total Replies: 3

I just realized the other day that my bankruptcy will be dropping off my credit report next june.My wife and I also finally got all of our bills caught up, and are beginning to work on cleaning up our credit report. Does any one have any idea what effect it will have on my Credit report next year when the BK drops off and everything is back to having been on time for at least a year?? Just curious.. thanks

Not only will your score go up but your rates will go down. GOO

Not only will your score go up but your rates will go down. GOOD FOR YOU!!!!!
In most cases a bk hurts your credit by a nominal amount. Once the bk is released on your report (in other words, the court released it on your bureau, you gain up to and sometimes more than 20 points depending on the type of bk. Once it drops off your credit report altogether can gain 20 or more points depending on the amount of creditors involved in the bk.
This information is according to the mortgage and automotive industry which I have been affiliated with.

Hope this helps

lrhall41

Submitted by kalevala316 on Sun, 04/02/2006 - 10:32

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Once BK is dropped off, you can get loans easily and of course t

Once BK is dropped off, you can get loans easily and of course the rate of interest will be lesser than past. What about the other accounts of your report. Are they in good standing?

lrhall41

Submitted by stella on Mon, 04/03/2006 - 13:59

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If you have no other negative marks on your credit report, I wou

If you have no other negative marks on your credit report, I would expect a pretty dramatic improvement once that bankruptcy drops off.

lrhall41

Submitted by dmj210 on Tue, 04/04/2006 - 08:38

( Posts: 123 | Credits: )