John, I filed bankruptcy 7 years ago. I heard that bankruptcies have to be deleted after 7 years but it’s not. Are the credit bureaus breaking the law?
Answer, No the credit bureaus are not breaking the law. Chapter 7 bankruptcies can remain on your credit files for 10 years from the date filed. Chapter 13 bankruptcies can remain on your credit files for 7 years from the date discharged, but no longer than 10 years. Chapter 13s take a few years to discharge so most of them stay on file for 10 years. Sorry, I know that’s not the answer you wanted.
John , I have a 670 FICO score. Is that good? What’s a good score to have? Beverly
Answer – Beverly, a 670 FICO score used to get you anything you wanted, about 5 years ago. Today it doesn’t get you much. 750 is the new “black” so you’ve got some work to do. Anything below 650 is currently considered subprime. There is no blanket answer to what’s a good score. But, a good score is any score that gets you approved at the best deal the lender or insurance company is offering. For some lenders that’s 700, for others it’s much higher. I’d work on getting your scores to at least 750 and then you won’t need to worry about good scores and bad scores. Good luck!! John