[Dalliesgrrl]

What are some things a couple could do AFTER filing Ch 7 to help get their credit back where it needs to be? I understand the "Don'ts" (applying for more credit, racking up credit, loans etc) but what are some positive things that can be done to help restore the credit?

Thanks!

[George_1950]

"The Bankruptcy Court has no jurisdiction over credit reporting agencies. The Fair Credit Reporting Act, 6 U.S.C. Section 605, is the law that controls credit reporting agencies. The law states that credit reporting agencies may not report a bankruptcy case on a person`s credit report after ten years from the date the bankruptcy case is filed. Other bad credit information is removed after seven years. The larger credit reporting agencies belong to an organization called the Associated Credit Bureaus. The policy of the Associated Credit Bureaus is to remove chapter 11 and chapter 13 cases from the credit report after seven years to encourage debtors to file under these chapters."
How Long Will A Bankruptcy Show On My Credit Reports?
Credit reports indicate the borrowers' use of credit, so it is difficult to get a 'good' report if no credit is utilized, in my view.

[Dalliesgrrl]

"The Bankruptcy Court has no jurisdiction over credit reporting agencies. The Fair Credit Reporting Act, 6 U.S.C. Section 605, is the law that controls credit reporting agencies. The law states that credit reporting agencies may not report a bankruptcy case on a person`s credit report after ten years from the date the bankruptcy case is filed. Other bad credit information is removed after seven years. The larger credit reporting agencies belong to an organization called the Associated Credit Bureaus. The policy of the Associated Credit Bureaus is to remove chapter 11 and chapter 13 cases from the credit report after seven years to encourage debtors to file under these chapters."
How Long Will A Bankruptcy Show On My Credit Reports?
Credit reports indicate the borrowers' use of credit, so it is difficult to get a 'good' report if no credit is utilized, in my view.

I'm not sure how this response answers my question at all..?

[George_1950]

I'm not sure how this response answers my question at all.. ???

I wanted to point out that credit reporting agencies can report the bankruptcy for 7 to 10 years. If you do not undertake any borrowing ("applying for credit ... loans"), you will not have anything to put on credit report, other than the bankruptcy.

[Dalliesgrrl]

Ok... that makes sense; I apologize for not understanding the first reply.

With that said, are there certain forms of a credit that are better then others to apply for? I've heard that loans look better then credit cards.. but I'm really unsure. Up to this point, I just knew that if you charged it, you shouldn't charge more then you could pay back in a month.. and after this, we're listnening to theory for sure! :)

What would be a good time frame to start applying for good credit? I wouldn't assume I would want to run out right away and try and apply.. 6 months? 1 year?

[George_1950]

Are you buying your home? That will be on your credit report. I have thought it prudent to have one major credit card for emergency purchases such as car repairs. Similarly, it is prudent to have an emergency savings account for large ticket repairs and replacements.