Post Discharge Credit Score update

[Chuck]

So I filed on June 23rd, on that day my credit scores were 532, 512, and 516.

Soon after filing, around June 30th I think, they dropped to 423, 408, and 410.

I was discharged on 9/22.

Just checked my credit to make sure all of my bad accounts were showing as discharged through bankruptcy. They were! and my scores were 654, 631, and 636.

Every day I since filing things have gotten better.

Hope this helps everyone worried about credit after BK.

Oh by the way, I have no intentions of using credit anymore, I just wanted to make sure things were going right.

[bkmaggster]

So I filed on June 23rd, on that day my credit scores were 532, 512, and 516.

Soon after filing, around June 30th I think, they dropped to 423, 408, and 410.

I was discharged on 9/22.

Just checked my credit to make sure all of my bad accounts were showing as discharged through bankruptcy. They were! and my scores were 654, 631, and 636.

Every day I since filing things have gotten better.

Hope this helps everyone worried about credit after BK.

Oh by the way, I have no intentions of using credit anymore, I just wanted to make sure things were going right.

I haven't checked my score yet, but since discharge I have gotten new cell service and cable service, both of which required credit checks.

I was guessing I would have to make a deposit, but neither AT&T or Comcast required a deposit, so I know my score has shot way up!

[bluemartini]

There ya go.... the credit scores almost ALWAYS go up after BK.

Congrats!

[Oblib2345]

Where did you get your credit report from if you don't mind me asking? I've already used my free ones for the year and want to check them out without spending alot of money.

[Chuck]

Had to pay the fee for three reports with scores from freecreditreport.com

it was $24.95.

[BBW]

Oh by the way, I have no intentions of using credit anymore, I just wanted to make sure things were going right.

I hope you don't mean that. Your credit scores are vital to optain a mortgage, auto loan, cell phone, some cable tv service, and insurance. That's right insurance. If you weren't aware those with poor credit pay significantly more for insurance. And in order to have to credit you have to use credit.

So I hope what you meant to say is that you have no intentions of getting into credit card debt anymore.

[LSUTiger32]

So the scores tend to come back some after discharge? I checked mine and about 4 or 5 accounts were still not showing IIB.

I went from 617 to 475. I can only hope it comes back some.

[bluemartini]

I If you weren't aware those with poor credit pay significantly more for insurance. .

With all due respect, this is not necessarily true across the board.

My credit has been in the toilet for quite some time now and I have had no problem getting super low insurance rates. FYI...

Anyone can shop around for the best rates as it's a free market and there are many companies from which to choose. Especially when so many people are struggling with credit issues right now.

[BBW]

With all due respect, this is not necessarily true across the board.

My credit has been in the toilet for quite some time now and I have had no problem getting super low insurance rates. FYI...

Anyone can shop around for the best rates as it's a free market and there are many companies from which to choose. Especially when so many people are struggling with credit issues right now.

I should have specified what types of insurance. I believe it is mainly auto and life insurance.

Here is an article to backup my statement:
http://www.kiplinger.com/columns/ask...2007/q0529.htm

"Insurers have found a strong correlation between credit scores and insurance claims. People with low scores are more likely than people with high scores to file claims. And when insurers looked more closely, they discovered that people who made late payments were the ones who tended to have more claims." "Improving your score can make a big difference in your auto insurance premiums."

It does say the some states limit the use of credit scores when setting insurance rates. So perhaps you live in one of those states. I certainly do not.

[Amy26]

Yes I made another thread where I discussed that my insurance rate went up by about 350 a year when they did my renewal and saw bankruptcy.

[Chowder]

Anyone can shop around for the best rates as it's a free market and there are many companies from which to choose. Especially when so many people are struggling with credit issues right now.

Just letting your insurer know you're shopping around will usually reduce your rate.

[Amy26]

I wish that worked in my case... and of course insurance regulations vary by state. They refused to do anything about my rate and when I said I guess I'll just have to go somewhere else...they said ok. And I've been with them for like 10 years.

When I shopped around, all the rates were the same. I even got notifications from most of the companies saying my rate was based on my credit report.

[tbon]

we were never late with any of our CC's before filing C13... never late on mortgage or cars either....
after filing our CS went just below 600 ...
now after two years we both are at 735 each.... go figure !!!
cracks me up!

[killinstinct]

What is a credit score, anyway....really....(other than a means to more debt....). I know, I'm concerned about insurance, etc. as well, but still. Beware of the trap.

[tbon]

I understand your concern for insurances... ours went up a very small amount "because of your recent change in credit score" ... however, it has since "gone down".
I have shopped around and the best insurance one can have is what I have from GHS property insurance. Try them out... they are subsidiary of Blue Cross Blue Shield...