When is your credit the worst? Before you file? Right after you discharge?

[goblue]

Our credit score is down to **gasp** 515. We stopped paying credit cards in July/August. Last mortgage payments were August as well. And, we were a good month or so late on just about everything else. (We caught up on all of our bills today)

So - my question. Is it still going to get worse before it starts to get better? When will it hit rock bottom? How quickly will it start to rebound? Do the late payments come off once the BK is recorded?

Just wondering....

[debtsucks]

I was wondering the same thing today. Our credit score was about that when we checked it. I can't even imagine what it is now that we are three months behind on all the CC's. I'm sure it is pretty scary. Have you filed yet? I wish I had an answer for you.

[LimpDisc]

Your credit score should hit bottom after bankruptcy hits the report. As each account starts to show "included in bankruptcy" your score should start to recover.

[momofthree]

The late payments on each account will continue to show until the account drops off of your credit, which is usually 7 years after the account is paid off and closed. In the case of bankruptcy, I would guess that they would drop off 7 years after discharge. They will have a notation under each account that states "included in bankruptcy."

[jgordo52]

Definitely right after BK. Do everything right afterward. I filed Dec. 31, 2008, right now my credit score, checked today is 680.

[goblue]

Definitely right after BK. Do everything right afterward. I filed Dec. 31, 2008, right now my credit score, checked today is 680.

WOW! Congrats on the big jump in credit score!!! That's amazing

[SPalin]

My credit score was in the tank at 520 (Myfico) due to maxed out cc's and 60 day late on my mortgage. After filing went to 550 and is now 562. Not great but I have some work to do on my reports. My mortgage show as late with no notation of being IIB, it should only show 60 days late not 120+, as it was only 60 days late at filing. Two of my cc report closed with large outstanding balances, but not IIB. Once I get those corrected it should go up a few more points.

[viking64]

My score on 6/29 (just before I stopped paying): 618 (equifax)

Good payment history, bad debt amount, good amount of new credit (duh! - no one would give me any), great length of credit history

My score today (filed 10/30, 341 on 12/16): 581 (equifax)

bad payment history, good amount of debt, great amount of new credit (again, duh!), great length of credit history.

I'm assuming it will only go up from here. Discharge is 2/16. I do have a recent inquiry from opening an account with digital credit union. In order to hold down inquiries, I'll wait until May or so before I try for a secured card.

I also have student loans in deferment until March, so I will again show a pattern of payments by May or June.

[goblue]

What is the cheapest way to monitor credit score? Do you follow one reporting agency or do you check all 3? I'd be interested tracking our scores through this process.

Thanks!!

[viking64]

I have monthly subscription to the report from Equifax, which comes with one FICO score per year. I just paid for a second score only today ($15.95 - first time in 6 mos) to see the comparison. I'm going to cancel the subscription a month or two after discharge because I won't really need to know things on a monthly basis.

It did come in handy during the BK though. I know that all my accounts are already reported correctly, which let me prove that one creditor knows I'm in BK and still auto-debited my checking account twice since filing (even after I notified them to stop). Can we say sanctions?

If there are cheaper ways, that would be good to know. Maybe Myfico.com?

[NanaOf11]

Credit Monitor

What is the cheapest way to monitor credit score? Do you follow one reporting agency or do you check all 3? I'd be interested tracking our scores through this process.

Thanks!!

Right now hubby & I are using Credit Check Total to monitor our credit because we get unlimited credit reports and scores from all 3 bureaus! They have a 7 day free trial and after that it's like $20\month. However, if you call to cancel before the free trial expires and tell them it's too much to continue they drop the price by $10 per month. IMO...You really don't need to stick with them after getting the credit report & report number because each credit bureau allows you to do an online dispute with their website. (Link on the site as well) The online dispute process was very easy with each bureau.

Credit Monitor

https://www.creditchecktotal.com/

[HHM]

Go live your life, don't obsess over your creditor score.

Let's put it this way, do you really think TransUnion is going to send someone to your funeral to give a eulogy and say; Mr X. was a great guy, he had a 807 credit score when he died?