Does your credit score go up after discharge?

[WantToBeDebtFre]

I checked my scores after filing and they took a huge nose dive, of course. But I was wondering if they recover slightly after discharge since my credit cards will be at a zero balance. Has anyone noticed?

[Boscoe]

Should be going up BEFORE discharge since all should read IIB within 45 days of filing date. If not, start disputing now, no need to wait until discharge.

[jp2861]

So what you're saying is a credit score will start coming back up right after filing? How is this possible?

[WantToBeDebtFre]

Ok. Right now some of them say included in bankruptcy but still show a balance owing - Does this balance go to zero after discharge? That's why I thought it might improve after discharge since I won't owe as much.

[kl030505]

I'm not sure but here is my understanding.

If your scores were horrendous before filing because of an overwhelming amount of debt, maxed out on cards, and tons of late/missed payments, then filing bk WOULD improve your scores because now, rather than reporting as delinquent or late or maxed or whatever, it will report as IIB (which I assume means something along the lines of bankcruptcy filed or to be discharged or something like that). I don't think they'd jump right up to 600 or something, but if you were at 450 or lower anyway, then removing maxed out debts would certainly help your score (in theory anyway).

Now, if you happen to be filing and your scores weren't that bad to begin with... maybe you have a lot of debt but haven't been late or missed very many payments, or maybe you have a lot of debt, but not more than the 55% of your limit or whatever, then I assume it would be normal for your scores to take a dive.

Based on everything I have read though, if you had crappy credit before filing, then a ch 7 is probably the fastest way to repair your credit (I'm hoping that is true anyway!).

[SinkingFast]

We were down to around 570-580 at the time we filed BK. Just having all the debt lift off and accts report IIB sent our scores up to 620 or so. Not a huge bounce, but some increase none the less.

The weight of tons of debt lifting off your Credit Reports can cause your scores to rise a bit.

[6ftladycop]

What is Considered a Good Credit Score/Bad Credit Score

When I filed, my credit score was 680. As much as I have tried to understand this over the years, I,m still in the dark on good or bad. From what I read here, having a score of 680 with a bk filing will cause it to drop to the 400 range....is this true and if so, when does it start to go back up again or does it at all?

[WantToBeDebtFre]

Mine was 720 and now it's about 560. I'm curious as to if it will go up after discharge. From what Sinkingfast said it might be back to 600 after that...

[6ftladycop]

So whats the highest score you can get in order to have A-1 credit?

[mxmom141]

So whats the highest score you can get in order to have A-1 credit?

The max score is 800....I worked in the mortgage business for over 10 years and in that time I only saw 1 score anywhere close to that....and that was a 760.....most people run in the high 600's to low 700's from what I have seen....

[chpxiii]

Fico scores range from 300 to 850. Best to get it from the horse's mouth:

http://www.myfico.com/

Towards the middle of the page (underneath the picture of the three people with their credit scores over their heads) you'll see a blue bar. The middle tab says, "About FICO scores." Click on that. There's a brief explanation of FICO scores and their range.

As far as what is A-1? Definitely higher than 760, I believe. I know that prime rates start around 780 from the research I've read, but I don't have that reference on hand at the moment.

[HHM]

If your credit was in a the toilet BEFORE filing BK, then odds are you score will go up as a result of filing BK. But if your credit was over about 620 BEFORE filing BK, then odds are your score will go down as a result of filing BK.

As for A-1 Credit...my references have 740 as start of "excellent" credit. (780 sounds a little high because it is so difficult to acheive a score over 750 (I think it is less than 2% of people have credit scores over 740).

[chpxiii]

As for A-1 Credit...my references have 740 as start of "excellent" credit. (780 sounds a little high because it is so difficult to acheive a score over 750 (I think it is less than 2% of people have credit scores over 740).

I'll tell this to my boyfriend, as he has a credit score of 786. As the little Geico gecko likes to say, "Exclusivity! People like exclusivity!" hehehe ...

[Heymanisth]

FICO (credit) scores is a computer-generated number that objectively predicts how "risky" you are for the repayment of a loan based on your past credit history. The ratings are based upon your credit history over several years thus making it difficult to increase your credit score in a short time period. Having a bankruptcy on you file will kill all chances of obtaining a loan at a reasonable rate.



My fico score last time I checked was 744

[freshstart06]

I am a Mortgage broker as well, I just had a client with an 803, 807, 801 mid score.... can't bet that.