Has anyone ever gotten BK totally removed?

[CindyLou]

I ended up keeping lexington for about a year.....I felt it was worth the money in the beginning when I had SOOO much stuff to dispute. Toward the end of the year I started getting some "stall letters" from the credit bureaus. That's when I cancelled and I contine to dispute at least one account every month.

If I had to do it all over again I would use them! But again, the point stands that you CAN do it yourself it you want!

[tinroofrusted]

I have gotten my BK removed from both TU and Equifax.

Experian refuses to budge.

[tinroofrusted]

FLBK7 - FICO scores over 800 with a bk public record still on your credit report is impossible. No way can that be true. 720 I will believe, but not over 750.

Let's not exaggerate. Too many people here believe what they are told, so we must keep it truthful.

This is entirely untruthful. I have seen it first hand.

[Boscoe]

Then post that part of the credit report with score from myfico (black out the account #'s and case #'s and balances and the SSN of course).

Impossible. I will never believe a FICO score of over 750 with a bk public record still out there. It is just not possible.

I know people who have open credit cards > 20 years, no lates ever, have a mtg and car loan and no recently opened accounts who are at 770-780. How could a person who filed bk be higher than that?

Unless you have proof, don't keep on repeating the lie.

[HHM]

Ok, lets back up from the pissing contest for a bit.

The issue regarding BK and FICO scores is an issue of time. Your credit report uses the "filing date" as the start date of your BK (for purposes of the 7-10 year rule). Note, both chapter 7 and chapter 13 are treated the same in the formula. Since the fico score is a weighted algorithm, you can't really isolate one factor and predict how it affects you score, because each factor is weighted against the others.

Assuming you had perfect credit going into a BK, I suppose it is mathematically possible for the debtor to have a FICO in excess of 700 after 3 to 4 years. However, having a 700+ score only 2 years out from BK is not likely. It would probably take a very specific set of circumstances to allow a debtor to have 700+ soon after a BK. Having over 800 is unlikely as well, only because it very difficult to get over 800 in the first place. Keep in mind, the effect BK has on your FICO diminishes with time....once a BK falls off the report (if it was on your report for the full reporting period), you credit score only increases 10 points or less.

Thus, although it may be "possible" to get 700+ with a BK under a certain set of conditions, that planetary alignment is unlikely to occur for the average person.

Payment History and amounts owed, between them, account for 65% of your FICO score.

Payment History
Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)

Presence of adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)

Severity of delinquency (how long past due)

Amount past due on delinquent accounts or collection items

Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any)

Number of past due items on file

Number of accounts paid as agreed

Amounts Owed

Amount owing on accounts

Amount owing on specific types of accounts

Lack of a specific type of balance, in some cases

Number of accounts with balances

Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)

Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)

Generally, the reason most debtors never see a score of 700 after BK for many years is that all their credit card accounts are listed as IIB, and not Paid as Agreed and it takes a long time to reestablish a credit "history" and have a greater proportion of accounts as Paid as agreed.

Incidentally, here is an interesting thread over at the Myfico forum discussing what it takes to get a score in excess of 760 http://ficoforums.myfico.com/fico/bo...hread.id=12673 I think once you read it, you will see that for most persons, seeing a 700+ fico score after a BK is unlikely for many years.

[mgmadara]

I guess we should consider ourselves very lucky. We had good credit when we decided to file. I lost my job and it was a few months before the new BK laws went into effect, so we decided to file. It took us 3 months of not paying our credit cards before we had the paperwork finished and the lawyer paid. We were discharged in Feb. 2006. We have a mortgage, I have 2 student loans and we have a Lowe's card that survived the BK. A few months ago I decided to finally tackle the credit reports and I have gotten them cleaned up. My score from myfico's scorewatch is 698 and DH's is 704. We have done little to rebuild our credit with the exception of paying the mortgage and student loans on time and occasionally we will charge something at Lowe's and pay it in full when the bill comes. We haven't even applied for a credit card, although I think we are going to do that soon.

[jJimmy11111]

Thus, although it may be "possible" to get 700+ with a BK under a certain set of conditions, that planetary alignment is unlikely to occur for the average person.

My discharge was around Feb 06...........I have never made any attempts to clean up or dispute items.

I got a Credit One cc with a $300 limit(since raised to $750)around April 06 and took out a car loan inJ uly 06 with a crap rate and big downpayment.
I got an Applied Card with a $750 limit in June 07.( since raised to $1150)

After the discharge I looked at credit reports around June of 06. They were miserable with scores in the low 500's.

Two months ago........just before my two years from discharge I got started to look at this whole thing again.

Under two years out 702 709 685 myfico.com

I believe the exp 685 is lower as it shows to inquiries from Wa Mu that is not shown on the others.

These inquiries were because I applied for the Wa Mu card about six months ago and did'nt follow through. Applied again last month and approved for $3000

I have NOW engaged Lexington to clean up my reports.( Judgements....repo....many 60 and 90 day lates...etc etc)

Two low limit cards and one installment loan.........less than two years from discharge........never cleaned up reports........

Time is a great healer.

All the best.


.

[CindyLou]

two years and one month out my Mid score (per my mortgage co.) is 685 and hubbies is 685. We both had highs above 700 and lows around 620.

[HHM]

Time is a great healer.

Exactly, more than anything else, the passage of time will heal your credit.