Credit Score After Bancruptcy - Chapter 13.

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Q. I've checked my credit score recently, and it is 625. It will be 7 years in 6 months after I filed chapter 13 in 1997. I wonder if my credit score will be at least 700 after my bankruptcy will be erased from my credit report?

A. While a bankruptcy listing can fall off of a credit report in as little as 7 years, in reality, they often stay on until you challenge the credit agencies. Even then, it can take reappear for 2 or 3 years as old information is re-reported to the agencies. Even with the bankruptcy off of your credit report, it is still a matter of public record, and that stays with you forever. Anyone who does a records or name search is likely to pull it up. I would be surprised to see you jump from 625 to 700 in that short of time period. The key is what other kinds of credit you have established over the past few years, and how you have been handling that new credit. The best quickest way to help here is to get some credit cards, use them, and pay them on-time each month. Some months pay the minimum, and some months pay them all off. You want to show that you can handle revolving credit by paying a bit of interest and carrying a balance, but you don't want the balances to build up, so pay them off every 3rd month. There are a lot of everyday expenses that you can use a credit card for, such as gas, groceries, phone bill, etc. Just be sure to budget your usage to avoid getting in trouble. Over time, you credit score issue will solve itself, but time is the key factor.

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