What Chapter 7 Bankruptcy Does To Your FICO Score

April 11th, 2009 by admin

When you file Chapter 7 bankruptcy it will stay on your credit report for ten years. Some of the other filings, such as Chapter 13, come off after seven years, because they include full or partial repayment of the debt. But a chapter 7 bankruptcy usually does not include repayment, so it typically stays on your credit for the full ten years allowable by law.

Of course, you can improve your FICO score during that ten-year period. In fact, the bankruptcy filing will have less of an impact on your score as time passes. If it’s only been a year since the date of your filing, you could see your credit score start to go up, if everything paid on time.

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