First post..What is up with my FICO after CH7 discharge?? This cant be right..

[JMG1977]

Hello all first post here but have been lurking for awhile.
I recently was CH7 discharged in Nov 24th of 2011 and was going to start the rebuilding of my score. After waiting for the best credit card app to come in I applied to Capitol One and was approved for 3k online. Surprised by the credit line I then checked my FICO for the first time after the discharge and between the 3 bureaus my scores are 686-701? Is this common after a BK?
Prior to the BK I was paid and never late on my secured and unsecured debts except for maybe 1 month before filing. Scores prior to the BK were 720-760 with an extreme debt to income ratio. My question is..was it to early to check my score? My BK does show on all 3 bureaus..I was expecting to be in 500's

[IBroke]

Are these all real FICO-scores? I'm asking because FICO only sells 2 scores and not 3.

But if your accounts were current when you filed, your FICOs are certainly above 500. I'd say it's safe to say they are well above 600. All these stupid internet-reports, telling you a BK would cost you xxx points, are just complete nonsense. Every credit-file is different - so is the impact of BK.

As you can see, my scores went UP after BK...

[LadyInTheRed]

The fact that you had few or no payments that were 30 days late may have kept your score from dropping too far or to recover more quickly than it otherwise would have. You may have a BK on your record, but you also have a zero debt to income ratio and a history of on-time payments.

Have you pulled your credit reports to see how creditors are reporting?

[Amy26]

I too had a similar looking report before and after I filed. Mine was clean before and after discharge I still had a lot of old good standing accounts that were still current (IE my student loans), so my scores were in the high 600's only a month or two after. They are actually higher now with the bankruptcy and everything than it was before I filed. So yea, that junk about BK ruining your credit isn't necessarily true (as IBroke said about everyone being different).

With that said, I'm wondering if you have stuff that isn't reporting a BK at all. Personally, on my Trans Union report, 90% of my Bankruptcy accounts do not even show as IIB. They just show zero balance and closed. I only have 2 IIB accounts on TU. So, right away.... my TU FICO was like much higher than my equifax. So, you could potentially have something like that going on that's giving you a boost too.

[JMG1977]

Are these all real FICO-scores? I'm asking because FICO only sells 2 scores and not 3.

But if your accounts were current when you filed, your FICOs are certainly above 500. I'd say it's safe to say they are well above 600. All these stupid internet-reports, telling you a BK would cost you xxx points, are just complete nonsense. Every credit-file is different - so is the impact of BK.

As you can see, my scores went UP after BK...

I must have been confused about the FICO. I thought the scores from Transunion, Experian and Equifax were my FICOs. Whats the difference? Forgive me for my ignorance.LOL

The fact that you had few or no payments that were 30 days late may have kept your score from dropping too far or to recover more quickly than it otherwise would have. You may have a BK on your record, but you also have a zero debt to income ratio and a history of on-time payments.

Have you pulled your credit reports to see how creditors are reporting?

I did review my credit history and it showed my scores along with the accounts that were derogatory and it did seem correct however I need to go back and look closer.

I too had a similar looking report before and after I filed. Mine was clean before and after discharge I still had a lot of old good standing accounts that were still current (IE my student loans), so my scores were in the high 600's only a month or two after. They are actually higher now with the bankruptcy and everything than it was before I filed. So yea, that junk about BK ruining your credit isn't necessarily true (as IBroke said about everyone being different).

With that said, I'm wondering if you have stuff that isn't reporting a BK at all. Personally, on my Trans Union report, 90% of my Bankruptcy accounts do not even show as IIB. They just show zero balance and closed. I only have 2 IIB accounts on TU. So, right away.... my TU FICO was like much higher than my equifax. So, you could potentially have something like that going on that's giving you a boost too.

What was odd is that Equifax didn't show much past history other then the BK and closed accounts whereas the other 2 showed my good and bad accounts. I need to go back and review it again. I know there were a few items that should have been changed such as a request I made to my Mortgage company regarding some late payments. I paid within the month month due but it showed 30 days late. I have the letters from my mortgage companies agreeing to submit a credit correction to the bureaus. I figured it would just take a while to hit my report.

Thanks all for the replies!!

[JMG1977]

I too had a similar looking report before and after I filed. Mine was clean before and after discharge I still had a lot of old good standing accounts that were still current (IE my student loans), so my scores were in the high 600's only a month or two after. They are actually higher now with the bankruptcy and everything than it was before I filed. So yea, that junk about BK ruining your credit isn't necessarily true (as IBroke said about everyone being different).

With that said, I'm wondering if you have stuff that isn't reporting a BK at all. Personally, on my Trans Union report, 90% of my Bankruptcy accounts do not even show as IIB. They just show zero balance and closed. I only have 2 IIB accounts on TU. So, right away.... my TU FICO was like much higher than my equifax. So, you could potentially have something like that going on that's giving you a boost too.

Also I did notice that some accounts were showing and others do not. Is this just because some companies only report to certain bureaus?

[IBroke]

I must have been confused about the FICO. I thought the scores from Transunion, Experian and Equifax were my FICOs. Whats the difference? Forgive me for my ignorance.LOL

Happens all the time - and honestly, who on earth would even think that the scores obtained directly from the CRAs aren't the "real deal"? LOL

The difference is just that the non-FICO models are using a different formula to calculate your score - and this formula can be (and often is) totally different than the one FICO is using, making the non-FICO scores practically worthless.

[JMG1977]

[QUOTE=IBroke;559905]Happens all the time - and honestly, who on earth would even think that the scores obtained directly from the CRAs aren't the "real deal"? LOL

The difference is just that the non-FICO models are using a different formula to calculate your score - and this formula can be (and often is) totally different than the one FICO is using, making the non-FICO scores practically worthless.[/QUOTE

I see, thank you for the correction. This post might have been for nil then...LOL Safe to assume my score is not what it appears to be. I need to find out my true FICO!!

[IBroke]

This post might have been for nil then...LOL

NO posts are for nil - NEVER!

[Amy26]

Also I did notice that some accounts were showing and others do not. Is this just because some companies only report to certain bureaus?

Well, most companies are going to report to all 3. Sometimes its just weird... for example, trans union can only hold 60 accounts in total...no matter what. Right now, I have 40 closed TU accounts and 20 open. If I add a new account, one gets bumped off (oldest). They can also look a little different from report to report... I have some that on one report the name of the company is all spelled out but on another report its abbreviated. I also have some that are listed as "open" on one report and "closed" on another... even though the account is technically closed.

The rule of thumb I live by that is as long as it isn't negative... I don't care. Now, if you really have a good account that should be reporting and it ISN'T listed like you think it should be, I would call the creditor and ask them why it isn't being reported. But never dispute "good" accounts.