After Personal Bankruptcy how long does it take for your credit History to be okay again?

Question

After Personal Bankruptcy how long does it take for your credit History to be okay again?

Answer 1

Your credit report only shows the last 7 years of credit items, but bankruptcies and judgments remain for 10 years.  However, bankruptcies and judgments are "public records" -- your great-grandchildren can still find those!

Just because certain items fall off your report over a period of time does not make your credit history "okay again."  You have to rebuild your credit over a period of years by paying everything on time and as agreed.  Utilities, for example, only report negatives such as unpaid bills.  

Start with your bank and build up your accounts.  Borrow against your CD (secured loan) and pay it off regularly to get your first positive record.  Build from there.

Answer 2

your credit history never go's away.  (based on own knowledge of working in the credit industry)

Answer 3

up to 10 years!!!

Answer 4

Once again SPIFIMAN and SP are the only ones that know what they are talking about.

Answer 5

Hi...Speaking from personal experience here!!! Im presuming you are in the uk? I was discharged in March 2007 so about 18months ago...My credit rating is improving rapidly and has been doing so for the last 6 months...i keep a regular eye on it through experian online..It takes 6 years for the bankruptcy to come off your credit file but as long as u pay bills on time and have no credit accounts showing your credit report will start improving in about a year...Hope this helps.

Answer 6

This is so sad SP is the only one that knows what she is talking about.

Additional information:

It's good to see from the thumbs up for myself and SP that there are at least a few people out there in answer land that actually understand credit and bankruptcy.

Answer 7

Your credit history will depend on how you treat it. If you re-establish your credit, pay bills on time and keep your debts so they don't go out of control again, you can re-establish and get your credit back up there again. It takes a lot of hard work and discipline to regain what you once had. You basically have to start from scratch and work your way back up to a good credit history again. It's going to depend on how you do it that says how long it takes. Income, your pay history and how you control your debt will be the key to your own success in keeping it that way. Good Luck!

Answer 8

Never. You're toast.

Answer 9

I don't think it ever is.

Answer 10

I was under the impression that all your credit history, good or bad, can only be kept at experian for 5 or 6 years.

http://www.insolvencyhelpline.co.uk/cred...