Not Bad For a Few Months Post BK - Credit Scores

[danaf]

Experian - 725
Transunion - 720

Equifax - don't know yet. Their site is screwed up. I would imagine it's similar.

But crap - not too bad for just being a few months out of bk! Not sure how it's happening but not complaining.

[Nicollette]

That's great Do you know what your scores were when you first filed?

[Intoodeep80]

I wonder what mine will jump to... last I checked, my FICO score went from 732 to 417

That was a few months ago, I just filed on 12-22-08 so.... I guess we'll see... waiting game now.

[danaf]

no - i don't know what they were pre-bk. But right out of bk they were in the 550-660 range. So they've gone up a bit.

I think it was the cc I got with a 5k limit. I've used it a few times and paid it off right away. But low amounts.

[PaKettle]

I'm happy for you, danaf! I wish I knew how you did it!
As I mentioned in another thread, mine is only 659 even though I have a 2500 limit with WAMU and only owe $700 or so on that, then I have a $400 debt of $500 limit with BestBuy - but all with perfect payment records, and I'm 11 months out of bankruptcy!

I have about 15 old accounts with positive payment records that I did NOT file bankruptcy against (either closed or open but no debt before bk). And I've borrowed some and then paid off all 4 of my open accounts. I have a $6500 debt on my DOE student loan which I even paid through bankruptcy, never have missed a payment. So I don't get it. The only thing one of those "credit simulator" programs said was that my score is low because of the bk, the late payments before the bk, and the fact that 3 out of 4 of my open credit accounts have low credit limits ($305, $500 and $750).

I just don't get it. I would have thought I'd be in the 700's by now, with a perfect post-BK record of payments...

Did you have any 30-60-90 day lates on your credit record before you filed? I think that's a big no-no and is what is screwing me up more than anything. I wanted to file before I got those but my attorney talked me into waiting 2 extra months due to some loans I'd taken from my credit cards about 8 months before I went to him. He said putting as close to year in between the loans and the bk would help insure I didn't get objections. Well, I didn't get any objections, but I really don't think I would have if I hadn't waited, either. But since I was paying him for his expertise I let him talk me into waiting and thus the 60 and 90 day late marks on my credit cards...

[Flamingo]

Your scores can be as high as the moon but with a BK on you credit reports they won't mean a thing to most creditors as many people eventually find out. Our scores several months prior to discharge of our Chapter 13 were in the 670's when we checked on refinancing; our scores two years after discharge are in the 790s. We have had no late payments during our Chapter 13 Plan and no lates to date; being pristine on all credit, utilities or any bill whatsoever. No late payments previous to filing except when we stopped two months prior to filing at our attorney's advice.

Not knowing what is on your credit reports, it is possible some things may not have hit yet or changed because you closed in November and as we have found out, credit reports flip flop several times over the years after discharge with correct/incorrect information (you dispute something, they change it, six months later it is back to the old, incorrect information or other deragotory information creeps in).

Just keep up not being late with anything and move slowly...don't apply for too much credit too quickly because you will get the declines.

[krielly]

It could be possible that your scores are not as high as they could be because of the percentage of availble credit card debt you are carrying. For example, you say you have a $400 balance on a $500 limit.

I've read often how it's important to try and keep your usage to 10-20% of available credit.

Just one idea.............

K

[StartingOver08]

Yes, the scoring model makes utilization at least 30% of your score. If you want to increase your scores dramatically, have the utilization from 1% to 10% of the credit line. Make sure all of your TL's are actually showing your credit limit, correct it if it is not showing the right CL. Payments account for 30% of the scoring model too - so even if you have perfect payments, you will have a lower score if your utilization is high. And the card companies consider ANY UTILIZATION OVER 30% OF THE LIMIT HIGH. That is why when you want to show high scores, you consistantly must show very low utilization - but not zero. If you don't use the cards it counts against you too.

[sick of debt]

danaf what were your scores prior to filing?

[downwardspiral]

My scores two months after BK are 712, and 718. 6 months before bankruptcy they were around 840.

[FLBK7]

It could be possible that your scores are not as high as they could be because of the percentage of availble credit card debt you are carrying. For example, you say you have a $400 balance on a $500 limit.

I've read often how it's important to try and keep your usage to 10-20% of available credit.

Just one idea.............

K

I was just going to comment on this same thing. Pa's utilization ratio (between the two credit cards) is near 37% which is higher than recommended. I too have read that 10-15% utilization is optimal.

[FLBK7]

Experian - 725
Transunion - 720

Equifax - don't know yet. Their site is screwed up. I would imagine it's similar.

But crap - not too bad for just being a few months out of bk! Not sure how it's happening but not complaining.

IF these are true FICO scores then you've done amazingly well! Congratulations!!