Omg...my credit score is 550..discharge 9/23/2010

[HOMEBODY]

I thought that it would be in the 600's..not this low. I have had credit for 36 years and have paid my debts and was never late before the BK...I had 2 previous mortgate paid off, several credit cards and a couple of cars. Why is this so low? I hear everyone on this site saying they have a 680 or so right after BK. How long does it take to bring this up? I am still paying for a car and have not been late and a couple of mortgages that I did not reaffirm but paying on...and the mortgages are being listed on my reports.

Help!!! How can I improve this?

[tobee43]

yes ours are at 690 and 685....for the moment...

your's will go up...why you planning on getting a credit card??? LOL!! that's a JOKE!!!

[HOMEBODY]

When does it go up? I thought the only way was to get a credit card and pay each month? How long did anyone's credit score took to go up?

[tobee43]

actually i think it has to do with more than getting a credit card and paying it.

first we had established PERFECT credit for over 40 years. we only stopped paying our cc's when the filing of the bk happened so we didn't have a long history of late payments etc.

so i think it may depend on a few things...not just re-establishing credit...but your credit history as well.....but then actually our history's seem similar???

[Exployer1234]

I just checked my credit this evening and mine ranges from 598-624 depending on what credit bureau. I did have to dispute how some things were worded on my credit report. For example one credit card was listed as charged off. The creditor was included in bankruptcy. Another collections account was also listed as charged off.

First I would see if there are any disputes on your credit report. You should not have any balances on your report. Not even $0. Next all accounts need to say Included in Bankruptcy. They should not be listed as charged off. Once you have done this recheck your credit score in about a month. You may have to dispute the items a couple of times.

Also prior to BK it is always a good idea to check what your score was. My credit score had tanked prior to BK. I had a repossession and judgment listed on my credit in one month. It dropped my score and has prevented my score from being 680.

Another thing if you did not reaffirm the mortgages then it will not show up on your credit that you are paying them. That will go for the car loan as well. It will not rebuild your credit, because the debt was not reaffirmed the debt and it was discharged in BK.

[IBroke]

You should not have any balances on your report. Not even $0.

Sorry, but that info is wrong. It has to be reported as $0 and if the balance field is left blank, it might even hurt your score more.

Next all accounts need to say Included in Bankruptcy. They should not be listed as charged off.

It is possible that the reporting of a charge-off on an account that was IIB is actually accurate. If the account was charged-off PRIOR to the BK-Filing, they can also report it as "Charged-off - Included In Bankruptcy".

[olivies]

Time. Time and good behavior is all that can fix it.

[drowning123]

yes ours are at 690 and 685....for the moment...

your's will go up...why you planning on getting a credit card??? LOL!! that's a JOKE!!!

lol!

[df04527]

Remember that any negative that first hits your report(s) will bomb your score(s), as that negative ages, the impact is less. Each negative is weighted differently, in this case we are talking about a BK appearing on your report(s). Devastation to the scores.

A BK (a Pub Record) is one of the most devasting things you can have appear. It can take, I would say, a minimum of one year to begin to heal from it.

hth some -- it's complicated on how it works and IS unique to everyone's situation.

[mgmadara]

Another thing if you did not reaffirm the mortgages then it will not show up on your credit that you are paying them. That will go for the car loan as well. It will not rebuild your credit, because the debt was not reaffirmed the debt and it was discharged in BK.

This is not entirely true, it depends on the bank. We never reaffirmed our mortgage and the bank has continued to report our payments. It has helped our scores tremendously. Most banks will not report to the credit bureaus, but there are some that do and it will help.

[IBroke]

This is not entirely true, it depends on the bank. We never reaffirmed our mortgage and the bank has continued to report our payments. It has helped our scores tremendously. Most banks will not report to the credit bureaus, but there are some that do and it will help.

You are VERY lucky then - because what they are doing can be seen as a violation of the law since they are reporting a debt you no longer have.

[IBroke]

Remember that any negative that first hits your report(s) will bomb your score(s), as that negative ages, the impact is less. Each negative is weighted differently, in this case we are talking about a BK appearing on your report(s). Devastation to the scores.

A BK (a Pub Record) is one of the most devasting things you can have appear. It can take, I would say, a minimum of one year to begin to heal from it.

hth some -- it's complicated on how it works and IS unique to everyone's situation.

The "positive" thing about BK on your report in regards to your score is that you are now compared to other BK-filers. Depending on your credit-history before filing, your SCORE can even INCREASE by filing for BK.

[backtoschool]

Here are some things that could be causing your score to be in the 500's after discharge.

1. You have a foreclosure showing on the report. This will affect your score a great deal.
2. You have a repossession showing on the report. Again, this will lower your score a great deal.
3. Your balances for your discharged mortgage, car and credit cards are not showing up as zero.
4. Your credit cards are not showing up as "included in bankruptcy" with zero balances.
5. You have no positive trade lines left after your discharge, (student loans, credit cards you got post discharge, auto loan, installment loan) so essentially you have nothing but negatives on your report.
6. You had a very long time period (over 6 months) of not paying on your mortgage, car and cards before you filed for bk. These negatives will still show up as charge offs on your report and are legally allowed to do so. Of course having charge offs on your report lowers your score 20-30 points per charge off on average.

Things you can do post discharge to raise your scores.

1. Make sure all your accounts are reporting as included in bankruptcy with a zero balance.
2. Get a few positive trade lines.
3. Let time pass.

[HOMEBODY]

Ok..I went on Experian (550 score) and there were a lot of discrepancies. Yes, some of the accounts were still listed as owing. My car payment was listed as discharged when it wasnt because I reaffirmed. Some of the mortgages were still on. One of the mortgages, my main house was not resporting as late or discharged so I left it on..thought that would help me if they keep reporting my payments. I think altogether I disputed about 7.

On Transunion (623 score) was 623. There were 2 accounts to be disputed. Equifax will not give me the report online, I will have to requested by mail.

[HOMEBODY]

Ok..so I am on my way to reestablishing my credit. Disputed all 3 agencies. Altogether there were 10 accounts included in the BK. 5 were mortgage accounts and the other 5 were credit cards. I had 19 good credit accounts that had been paid but they they aged too.

So today I took the cash I have been saving in my safe box and deposited into my credit union...eventually offer my 2nd lines of credit an amount for them to remove the lien. Nothing like a little pease of mind..cash in the bank for emergencies and no creditors calling you or having to worry about who gets paid today.