Q. I just filed Chapter 7 bankruptcy, and he was released in February. How long should I wait to see how my score and credit have changed? I had excellent credit and FICO scores before.
A. Based on the way you worded your question, it sounds like the date you filed for Chapter 7 and the date on which it was released were fairly close together. Unfortunately, the bankruptcy proceedings (if they have been rejected or not) remain on your credit report for 10 years from the filing date, it is likely that your credit score will be affected for this period. For more information on how long information stays on your credit reports, take a look at our Statute of Limitations Credit Report blog.
This is a good time to check your all 3 of your current credit reports to make sure they are correct. It is also a good time to start rebuilding your credit history. Should you give up your credit cards in the bankruptcy proceedings, an option is to ask for a secured credit card. Timely repay secured credit card can help rebuild your credit.