Credit Scores 10 Years After Bankruptcy-Time Is Your Friend


LoanSafe Member
Everyone knows that your credit score will take a huge hit after bankruptcy. And its a long road back to the 700 club! Right after my chapter 7 bankruptcy, my 3 credit bureau scores ranged from 510 to 550.

Bankruptcy is a hard decision to make, but sometimes there is just no alternative. Its true that it really does give you a fresh start. And there is no fast and easy way to increase that score. Its a slow process but you should be able to see increases start within 2 years.

I have been able to work full time since about 1 year after bankruptcy and my job has not been affected by the corona virus pandemic.

I was able to get a car loan 2 years after bankruptcy, but around 9.5% interest. All the credit cards I applied for were anywhere from 20%-24% interest. I took the car loan for 3 years but passed on the credit card. After 3 months of car payments, my scores were again just over 600.

About 6 years after bankruptcy I applied for and got a credit card I wanted at 18% interest with cash back option. It's the only card I have with a $5000 limit. Ive never paid a penny of interest and pay the balance every month. Slowly over the last 3 years my credit score has increased to a range of 680-710 for the 3 credit bureaus.

Last year I applied for and was approved for another car loan at 3.9% for 3 years. Credit took a small hit but recovered back in 3 months.

So now I'm getting closer to that magic 10 year mark when bankruptcy will no longer be reported on your credit report. That happens in April of 2021, but I got some great early news from Experian!

Just got my latest credit score from Experian. It went up 68 points to 786 and bankruptcy is gone off the report. It still shows on Equifax and Transunion but I expect those to disappear by April.

So good luck to all of you out there experiencing similar situations. It is a long road back to recovery, it's not easy and not to many short cuts. Hang in there, maybe get a credit card or car loan that you can afford and start building your credit again.