Credit Score

[zoomzoom]

We filed under the old law in sept 05. I checked my credit score about 15 months ago and I was at 480 something. I checked it earlier this week and it shows my credit score of 647. Although obviously not perfect, I am surprised that it's gone up that quickly. Should I be happy? thanks...

[Jenn]

your lucky, mine is 535 and hubby is 585~we have paid on time every month sine 10/2005 and had no new collections or anything and our credit still looks like crap!

[workinghard]

WOWO over 600? Congrats...If I were you I'd be very happy!!!

[Logan]

I read a womans credit report who had over 700 just 2 years after BK. She went BK with her now ex husband and had absolutely no dings on her credit other than the BK. This tells me that a BK is not the culprit to low scores as much as it is all the other history and of course a combination. If your scores are still dragging in the 500's after BK you most likely have a combo of lates (90+ days), judgments, old collections, and other stuff and not too much good history to help with a rebound.

I declared BK with no dings on my report. After BK my truecreditreport was 637. After 3 CC's showed up in BK it dropped to 594. I have more accounts yet to report so time will tell how far the drop will be.

I transferred until the last minute and while I may have to reaffirm some late stuff I figured if I'm discharging 100K and have to reaffirm say 5K the oh well. Also, since my history is clean I'm thinking my score will bounce back quickly and I may be able to buy a home after a year. Once again, time will tell.

Good Luck,

Logan

[Brendon]

I would have to believe that past history before BK plays a huge role in determining your scores. I had pretty decent credit prior to my BK (which was all business related) and my scores have climbed since then. My FICO is currently 653 and I was discharged in late November. Not perfect, but gaining ground which is all I can ask for. I have received some decent credit cards and even managed to put a fair amount in to savings, not to mention putting some in my 401k.

[Logan]

Wow...I just had 3 new credit cards added to BK on my credit report and my score went up to 604. It must be because the amount I owe in debt is now decreased.....

Logan

[aa06a47]

Hello all, I am about 15 months after filing a chapter 13 bankruptcy. I monitored my credit reports when they all started reporting and the big ding came when the chapter 13 hit the file. It started going up a little each time a creditor took the balance owed to zero and then back down when they reported the account as charge off / ...whatever.

I have the 3 in 1 credit report from true credit. It is amazing the difference in scores. My scores are 689, 628, and 602. The transunion and experien seem to move up a little each month past the bk, the equifax score doesn't budge (Experien and Equifax was within 2 points of each other 3 months ago.

[FilingOnMyOwn]

650 is good progress. I filed around when you did, and I'm in the 700-750 ranges on my reports, but I was also very aggressive in my credit repair and rebuilding. If I were you I would be happy with 650, that is a very decent post bk score.

[littlephoenix]

We filed under the old law in sept 05. I checked my credit score about 15 months ago and I was at 480 something. I checked it earlier this week and it shows my credit score of 647. Although obviously not perfect, I am surprised that it's gone up that quickly. Should I be happy? thanks...

why do you check your credit score so much? you know every time you check you get penalized!!!

[Jeepy89]

You don't get penalized to check your own credit report -

[SinkingFast]

why do you check your credit score so much? you know every time you check you get penalized!!!

When people pull their own Credit, it's considered a "Soft Pull". Soft Pulls are not shown on your Credit Report when seen by either you or prospective Creditors. Also, Soft Pulls have no impact on your Credit Score.

Multiple pulls within a short period of time such as when car loan or mortgage loan shopping are also regarded as one inquiry by the Credit Reporting Agencies.

From the Thread about Credit Myths:

4. Too many inquiries hurt my score.
Once upon a time, this statement was true. But get with the times -- in this millennium, the credit agencies recognize a shopping mind-set when they see one. If a batch of mortgage or car loan inquiries arrives within 30 days, it doesn't count at all, Watts says.

5. Checking my own credit report harms my standing.
The reporting agencies distinguish between soft and hard pulls. When Target calls to check before issuing its line of credit, the agencies chalk that up as a hard pull and it counts against your score. Personal requests and credit counselors -- if they do it correctly, so insist on this as part of your agreement terms -- fall under soft pulls, which do not reflect negatively on the evaluation.

http://bkforum.com/showthread.php?t=15310

[frankies_mom]

I have not even looked at my credit scores... been to scared. The last time I looked just before filing they were hovering around 625. When is it best to try and begin cleaning up your credit in a Chapter 7? After the discharge? Is there really anything you can do before? Thanks!