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 (866-718-6029) or setup a consultation with them. They also happen to have incredible customer service.