how bad will filing for bankrupcty & then dismissing it affect a person credit report, if they want to buy?
954491
Not a good idea. Listen to your daugher ;-o heheheh!
458379
Yes and no. If you have declared bankruptcy, 10 years. Non-payment and late payments...2-7 years. There is a reason people get bad credit...unless you change your ways, you will just keep on adding to the pile. 7 years is a very long time. Start today to clean it up, or nothing will have changed in 7 years. Good luck
43997
Because of the high interest rate, over a period of time you will owe more in interest that the actual amount of your purchase. So.....unless U file bankruptcy (which will also ruin your credit), they CAN and WILL take everything you got.
850549
With years in the business:\n\nNo.  You can pull your credit as much as you want through a pay site (or www.anualcreditreport.com) and it will not affect your score.  You will actually be able to see three different sections of credit pulls:  1. Pulls that are public and affect your credit, 2. Pulls that are by your current creditors to monitor your credit and that are not public, and 3. Marketer's pulls and your own pulls that are private and only viewable by you.  \n\nOnly the public pulls affect your score.  The three items above are not in order, and some under number 2 can appear as public, depending on your creditor.  Generally, however, you only get a hit when a pull occurs.\n\nAlso, the affects on your credit due to credit pulls are generally overstated by most people.  Unless you are going to open 10 new accounts in one week, a pull here and there will not drastically decrease your score.  The idea here is that if you open may new accounts, you are getting desperate for credit are are more likely to default on it.  With a big (non-mortgage) cluster, you could be going gang buster before filing for bankrutpcy, or something along these lines.\n\nAs for mortgage pulls, you have a 15 day window to have numerous mortgage pulls before your credit decreases.  However, use caution, as I have sometimes seen many mortgage pulls to affect a score by 5-10 points, even though it is "not supposed to".  I think this may have to do with they way the company is coded by the bureaus.\n\nIf you miss one credit card payment, talk to your credit card company about it.  If you were less than 30 days, it likely wasn't even reported.  If it was, they might be willing to remove it under extenuating circumstances - but don't hold your breath!\n\nIf the late payment is already on your credit report, it likely won't have a bad impact on your scores if you have other longer-term established credit.  Also, and very importantly, the affect it has on your score dramatically decreases with time.  By one year out, it's impact will be much less than when it was a current late.  After 2 years it will only have a signifigant impact if you have other bad debt.  Overall, if this was 2 years old and your score should be 750, it might only be 725 or 730.  If you score two years out is in the mid-600's, you'll need to pay attention to paying the other debt down.\n\nGood luck.
1024379
I am a mortgage loan officer, and work with credit issues everyday. As to what you are referring, I have heard of this but never done it. Would be curiuos to see if you as the consumer can get all three bureaus to report the same information. \n\nThe reporting is done from the creditor's side. They report to whomever they choose.. typically depends on your local region. For example, smaller based creditors in the SouthEast will typically report to Equifax. Larger national companies may report to all three. How they would gather the information is more my question.\n\nNow, in regards to how to improve your scores, I believe you are getting some mixed advice. You must understand how the scores are built before you can determine what will impact good or bad.\n\nMajority (but not all) of your credit score will be based on the past 24 months. So in other words, if your credit history over the past 2 years is mostly bad, your score will reflect that. Old credit may hinder scores slightly, but will not comprise the majority of your score.\n\nOld negative items may not have a major impact on scores, but can prevent you from getting over the 700 score mark and maybe even hinder you with certain lenders.\n\nMy suggestion to anyone trying to improve credit is this: Get on time with ALL current open credit, add good POSITIVE credit to help push scores up, and depending on your purchasing goals you will work on your old negative items now or later. For example, looking to buy a car or home within 90 days... leave the old stuff alone. Looking 1-2 years down the road, pay it off.  Why?\n\nPaying off old negative items will update the item to something within the past 24 months (Date of last activity) and will be factored more highly in your scores. So paying it off now will bring your scores down! (Yes, that does sound contrary, but it is what happens.) If you want to buy something sooner than later, do what you can now to boost your scores (i.e. Good credit) and then attack the old stuff after you buy what you needed.\n\nIf you attack it now with a long term goal in mind, your scores may suffer in the short term, but with the added positive credit and paying off of old credit, you will have sweet scores in the long term.\n\nSee the information below on where to find the good positive trades and how to work them to your benefit.\n\nGood luck!
694380
My wife is a bank manager. You can't buy a home with a conventional loan in a year or two if you file bankruptcy. Fight against it for as long as you can. I believe it stays on your record for seven years. Look for help from family and friends or private or public agencies who provide financial advice( They will work with your creditors in establishing a payment schedule.) Bankruptcy is your last resort. The government has made it much more difficult to do so in recent years.
622925
NOT TRUE!  YOU NEED TO REGAIN YOUR CREDIT, BY BUYING A CAR AT A BUY HERE, PAY HERE. IT WILL HELP YOU RE-ESTABLISH YOUR CREDIT IN TIME, USUALLY A COUPLE YEARS. ALWAYS WHEN BANKRUPTCY HAS BEEN FILED, TECHNICOLY THEY CAN HOLD IT AGAINS YOU FOR 10 YRS.
334203
Once your bankruptcy is cleared, make sure that the credit reporting agencies, all 3 of them delete the bankruptcy completely from your credit report. Do not have alot of inquiries on your credit report, (ie: credit card applications, new car applications, furniture etc.) Inquiries lower your score. Alot of places want to run credit reports on you when u go to buy something, DON'T LET THEM UNLESS U REALLY THINK U MAY BUY FROM THEM. Always pay your bills on time, in advance or completely off as soon as u can. All of this looks good on a credit report. It will take awhile for your report score to go up, but remember when it does go up, the better rates you will get on almost anything u would want to buy especially the really big purchases car or house.
186890
If half of you paid any attention he was talking about his bank account...\n\nno closing your account will have no effect on you credit report so long as you do not have a negitive balance when you close it.\n\n...see simple and to the point!\n\n-Good Luck
382691
Yes. It takes 7 years for an account to fall off of your credit report, and it is 7 years from the last date of activity. So if you opened the account 5 years ago, but you paid on it last month, it won't fall off until 7 years after last month. Your best bet is to just keep paying as agreed. \n\nFiling bankruptcy won't help, either. They just changed the laws so it really wouldn't do you any good.
483076
If you have to file go for chapter 7. A bankruptcy stays on your credit report for 7 years AFTER it's discharged. So if you go 7 it's dischatged immediately and if you go 13 it's\ndischarged after you finish making payments...about two years from now. So you credit will be bad longer with a 13. Also, most of the people you probably owe (credit cards, phone, etc)\ndon't care. They've made their money from you and will get a tax break from your defaulting on your payments...good luck on a new start.
434783
You need to study the file very carefully.  It may say paid, but if it also says "Charge-off," "Repossession," "late notations", or "Collection", (just to name a few), it's still a negative item on your report, and will effect your credit score.\n\nItems on your report will stay for 7 years from the date of first default.  \n\nThe bad part is that once the creditor has your money, they generally won't give you the time of day.  That's why it's recommended you get an agreement that they remove any negative information, in writing, before you pay off the debt.  \n\nNow that you have lost all leverage to do that, all you can do is politely ask them to remove the listing.  Not likely im most cases I have counseled.
916280
This will show up as a Foreclosure and ruin your credit. \n\nIt will be very hard for you to purchase a new home in your new state, not impossible but very very hard. You'll be looking at an interest rate of 9.5% on up. \n\nMost lenders won't finance with a Foreclosure on your credit report. I would suggest a REFI w/ Foreclosure Buyout.
1131729
It's permanent.  Future creditors aren't supposed to look behind it, basically what your credit was like before the bankruptcy.  Although, they do & can question you about your payment history on any account.  People talk about being "out" of a bankruptcy for a certain number of years.  It's supposed to be 7 when it's done.  It's not.  That also used to be when people would be able to claim it again to clear their credit again to start over.  The laws have changed regarding bankruptcy so you can always check with the lawyer/attorney who worked on your case. If you want to rebuild your credit, apply for one or two cards.  Use the cards for quick things, extra groceries, stamps, gas for the car/truck/van, going to dinner & the movies.  When the bill comes in the next month, pay it off in full.  If you can't, pay 1/2 then pay it off the following month.  The biggest credit card mistake people make are the interest fees, aka APR (Annual Percentage Rate).  Also, late fees have gone up from $10 to as high as $35.  I didn't file bankruptcy with my credit.  I got an accident settlement that allowed me to call my creditors up & settled the accounts.  Now I have a checking account that I use a Debit card on. It has a Visa logo & I can use it like a credit card.  If no money's in my checking, the transaction is denied.  It keeps me paying attention to my spending better too.
352273
Yahoo just had something on the homepage about devious "junk buyers" buying old debt for pennies on the dollar and then trying to make you pay even after the statute of limitations had passed-I know there is limits but as to what they are I can not 100% tell you.  \n\nAnd actually it is never 'removed' from your credit report, but companies only 'pull' a 7-10 year history, so it does not show, the debt is always listed on the report, so it never really disappears, just hanging out in old debt land, and if you go for a Senate Hearing or something they will pull it up.\n\nThe report said something about the basement buyers buying the debt and then reporting it as a 'new' debt to get it back active on your Credit Report, which is against the law.  The report also said they target those that paid some debt, because they were more worried about the ramifications of the credit report.  I will research and see if I can find the article-it was an informative read.
879327
Yes.If they've gone to collections or an attorney then they're on your report(s) and marked key derogatory or 30,60,90,120 days late.Sometimes the creditor will sell these written off accounts to resurgent companies.At that point you should contact the resurgent company and dispute with all three bureaus.\nOnce you dispute an account that's sold or written off the creditor has no claim to it anymore and will not reply to the dispute.Then the bureaus will remove the information.I did this very same thing and am paying Capital Management only 2477.00 back on 7079.00.They buy these accounts for just a few cents on the dollar and don't report to the bureaus.Resurgent companies don't want your credit ruined.\nBankruptcy is the very last resort.It screws up your credit almost as badly,and yes these bankruptcies go on your reports.\nBarring any of this contact an agency(like the ones you see commercials for) and they can help reduce your payments.I have to do this with my evil ex-wife because I unknowingly married into 27,000.00 of credit card debt.I think we used Credit Guard but I try to think of that experience as little as my failed marriage
978208
I've read many of Debt Guru's answers in the past and they usually are fairly decent.  But this one I have to comment on.  It's very self-serving and borders on spam.  I don't suppose you are the owner/employee of this company, are you?\n\nTelling people not to file because it "stays on your public record the rest of your life" is the exact sort of scare tactic nonsense that collection agencies tell you.  Yes, the statement is true, but very few creditors go through the trouble of referencing bankruptcy records, and depend more on credit reports.  BK filings drop off credit reports after 10 years.  You know that!  So why are you passing on this sort of advice, other then scare people enough to do business with you?\n\nOne more reason why people need to look carefully at these "credit repair" companies.\n\nTo answer your question, it really depends on how much debt you are in.  You need to look at your individual situation and see if it's the right thing to do.  A bankruptcy attorney will give you an hour of free advice, so call around and do some research.  NEVER file a BK on your own.