Reader’s Question:

I filed bankruptcy in 2000. its 2008, 8 years later, it is still on my credit report. How long do foreclosures and bankruptcies stay on a credit report?

James

El Paso, TX

 

Foreclosures and Bankruptcies can remain on a credit report for seven to 10 years.

Some lenders will consider a borrower earlier if they have reestablished good credit standing. The surrounding circumstances with the bankruptcy may also influence a lender’s decision. For instance, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic. However, if you went through bankruptcy because you overextended personal credit lines and lived beyond your means, the lender probably will be less inclined to be flexible.