Your credit score after discharge?

[Ekop785]

I just pulled my FICO which is 504 (chapter 7 in progress). Needless to say, I am very depressed and was not expecting that low of a score. How many points (if any) can I expect it to go up after discharge?

[justbroke]

It's difficult to say, but usually when the score is that low in the 500s, you may be able to see a 70-100 point jump a few days-weeks after discharge. I would normally expect a post-Chapter 7 discharge score to be at least 580-600. There are other factors but generally the lower the post-filing score, usually indicates that the score was very low at the time of filing.

Don't worry about your score right now. Take care of yourself and stay healthy.

The score will come back over time.

[shipo]

I learned a lot in my post bankruptcy research, which for me was a bit late as I made a number of screwups which cost me hard pulls against my credit and probably a few dozen FICO points, I can impart some suggestions to you (kind of a, "do as I say, not as I did"):

• Obtain three "bank" credit cards (ignore store cards and such), even if they're secured, even if for only $500.
• Keep the individual card utilization under 9% (some say under 5%)
• Obtain a Secured Share Loan (SSL), and pay it down under 9%
• Then go gardening (i.e., do NOT apply for any new loans of any type for a year).

After a year your scores will most likely be in the upper 600s.

[Ekop785]

I was not familiar with SSL and had to research it - thank you for these tips!

I am a renter, so if I can just get my score to 650 in the not-too-distant future, I will be a happy camper. That would open up more doors for me (literally, apartment doors).

[justbroke]

Most large management companies (apartment managers) open up doors at 620. If you have a 620, your bankruptcy was filed at least 2 years ago, and you have no evictions on your record, you should be able to get into any management housing (apartments and even homes) if you otherwise qualify.

[SheilaNoe]

After discharge, I waited about six weeks, and my rating increased by only 300 points. I think this is too little for me to take out a loan. Yes, I immediately found a job in official government service. I guess that 800 points aren't enough for the banking services to decide that they can trust me. My lawyer from XXXXXXX said that, in any case, he would protect my interests and help me take out a mortgage on the house as soon as possible. I believe this specialist, but I don't believe in myself. I'm not earning enough yet. Why do you want to take out a loan? Is it for the car or something else?

[justbroke]

SheilaNoe please re-read forum rules on opening old threads.