Wanted to Share: FICO Score Progression after BK7

[JessMN]

About a year ago I was in financial hell - prior to filing BK my FICO was at 518. I don't remember exactly when I checked it but it wasn't too long before I filed. I wanted to share the progression of my TransUnion FICO score from myfico.com since then.

I filed BK7 on May 23rd, 2011
On 6/30/11 my score hit 457
I was discharged on August 30th, I almost immediately made sure my credit reports were showing the accounts as IIB and set about getting my judgment vacated.
9/28/11 - 509 (+52 points)
In October I bought a used car (loan at 13.31%) and got 2 Cap 1 credit cards to start rebuilding (Paid in full each month)
12/27/11 - 539 (+30)
3/26/12 - 580 (+41)

All in all my score has risen 123 points since filing (62 points since my pre-filing score). Interestingly enough, TU is the only CRA that hasn't taken my judgment off my report, even though it was vacated in September (still working on that with my lawyer). Once that is gone I am sure my score will go up even further. I also have been using my cards for living expenses and paying off each month, but that also means they show as maxed out each month since the cards report to the CRA before I get paid and pay them off. I am working on that issue as well so my credit utilization portion of the score should start getting better too.

I guess my point is that it is absolutely possible to get your score back! Its only been 10 months since I filed and while my score isn't "good" it IS getting better!

[HHM]

Nice, thank you for posting that information.

[df04527]

Cool. Thought I would also share the credit score ranges and ratings so folks can get a better idea of where they stand:

A: 901—990
B: 801—900
C: 701—800
D: 601—700
F: 501—600 (High Risk)

[JessMN]

What scoring model is that? FICO scores go between 300 and 850

[df04527]

That is Vantage score which is the new scoring model that all three bureaus use. They put Vantage score in place, i believe, over a year ago.

[JessMN]

Vantage and FICO are two different scoring models. My original post was based on the FICO model so unfortunately the range you provided doesn't correlate with my original post. My current vantage score is 626. The general consesnsus on credit forums I frequent is FICO is the one used most by lenders, so that is the one I track.

"VantageScore is the name of a credit rating product that is offered by the three major credit bureaus (Equifax, Experian, and TransUnion). The product was unveiled by the three bureaus on 14 March 2006. The VantageScore is an attempt to compete with the FICO score produced by Fair Isaac.

Both Fair Isaac and VantageScore have allowed the public to know some information about the Credit score categories and the corresponding calculation weights.[1] All three agencies use the same formula to calculate the VantageScore; however, there are still discrepancies between the resulting scores if run for each of the credit reports. This is due to different data the three agencies have on the credit reports. Fair Isaac, the original creator of the FICO Score, was not involved with the creation of VantageScore's new formula"

[df04527]

Yup true. I should have clarified that.