Chapter 7 bankruptcies appear on credit reports under the ‘Public Records’ section. They stay here for ten years (unless removed).
Having a chapter 7 bankruptcy on your credit report will drop your score up to 200 points. This makes getting credit cards, cars, or a home, very hard for at least three years.
We recommend 5 steps if you have a chapter 7 bankruptcy on your credit report:
- Open two credit builder cards (payment history is 35% of your score)
- Open one credit builder loan (credit mix is 10% of your score)
- Find a friend or family member to add you to their old credit card(s)
- Find a friend or family member willing to co-sign for a home, apartment, or car
- Dispute the accounts for validity and accuracy
When does a chapter 7 bankruptcy clear from credit report?
A chapter 7 bankruptcy will clear from your credit report for two reasons: 1) after ten years as mandated by law (under the FCRA) or 2) deleted due to a well-crafted dispute that challenges the accuracy and/or validity of the bankruptcy and/or reporting of it.
Get Your Bankruptcy Removed Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (800-807-4388) or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.