Q&A: How Long Bankruptcy on Credit Report?

Q: How long bankruptcy on credit report?

A: How long bankruptcy on credit report? Bankruptcy is a serious thing in the world of credit and lending that will stay on your credit report for up to 10 years and may haunt you for a long time after that. Typically, negative credit information of yours will stay on your credit report for seven years. If you are late making a credit card payment–it has to be 30 days or more late–that will appear on your credit report and stay there for seven years. That’s right, if you have a $1,000 balance on a credit card and you fail to pay the minimum payment of let’s say $18.35 or whatever amount it is within 30 days, that “black market,” that late $18.35 payment will stay with you for seven years and affect your credit score and probably will be a question that lenders ask when you apply for a mortgage.

Be careful about making all payments on time. These late payment marks on your credit report will come back to haunt you. And regarding things that will haunt, you bankruptcy will stay on your credit report up to 10 years-three years longer than you late $18.35 payment, but can hurt you for much longer. Even after 10 years, when you go to take out a loan, there will likely be a question on the application about whether you have ever declared bankruptcy. It is no longer on your credit report, but if you answer the question truthfully, that old bankruptcy is still following you. Naturally, if after you declare bankruptcy and start fresh, if you keep up with all of your payments and have a sterling history for 10 years or longer, you might be given a reasonable rate on a loan, although bankers and lenders seem to find bankruptcy horrible. Please consult a bankruptcy lawyer or financial professional before taking this step. Perhaps there is another way for you to tackle your debt.