Credit Scores During and After BK Ch. 7

[twiz88]

Hey all, I need a little insight on what my credit score may look like after discharge. My current scores are in the 460-478 range for all 3 reports. My 341 meeting was on 8/6/13 Can someone share their stories with credit scores before and after discharge.

[IBroke]

Hey all, I need a little insight on what my credit score may look like after discharge. My current scores are in the 460-478 range for all 3 reports. My 341 meeting was on 8/6/13 Can someone share their stories with credit scores before and after discharge.

Just look at my signature.

Discharge itself might not change much. The difference is pre- and post-filing.

You have to make sure that all accounts report IIB/$0 Balance and once that is done, you should obtain a secured CC so that you have something to establish a (low) credit-utilization. And THAT'S when your score should go up.

[twiz88]

Just look at my signature.

Discharge itself might not change much. The difference is pre- and post-filing.

You have to make sure that all accounts report IIB/$0 Balance and once that is done, you should obtain a secured CC so that you have something to establish a (low) credit-utilization. And THAT'S when your score should go up.

Ok thanks I have been checking all the reports to make sure all show IIB and collection actions have been deleted as well. I see how your scores jumped that's great. So your stating after discharge score many not change much however if i get a secured CC and keep the balance low my score will increase?
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[Drazil65]

My husband was discharged on 3/31/2012, we pulled all three reports in October 2012. The highest was 656, the lowest 643, have not pulled since. This past March he got a new car loan at 6.50% for 5 yrs. Not great, but not bad considering the chapter 7 discharge a year earlier. We will probably pull the reports again in October to see how things look a year after we pulled last year.

[IBroke]

Ok thanks I have been checking all the reports to make sure all show IIB and collection actions have been deleted as well. I see how your scores jumped that's great. So your stating after discharge score many not change much however if i get a secured CC and keep the balance low my score will increase?
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That's correct. In order to get a decent score, you need to have a credit card reporting with a good utilization (below 10% of the credit-limit). This utilization is one of the most important factors of your FICO. And without a single credit-card...well, you would have no utilization at all so you couldn't take advantage of that..

[stevie2012]

My FICO, right before I filed was 420. That was a result of me no longer paying my cc bills for 8 months prior to filing. Since my BK was discharged recently, I will check it again in a couple months.

[AngelinaCat]

We were Discharged August 13, 2008, and Closed November 9, 2009. We really did not care to check our credit reports, and did not. In January 2012, we were in Ohio where our CU headquarters are located. We were told then that our Credit scores were between 620 and 670.

Fast forward to Feb. 2013 and we were trying to purchase a truck for our G-Daughter to use. The three Big-Name dealerships in our town, all owned by the same person, insisted that they try to finance our purchase. We told them, that no matter what they did we would ONLY finance through our CU.

So we went with a used car dealer that we had done business with before our BK, and he is still quite fair.

But, the three hard pulls from the BigThree Dealers, put our credit scores back into the mid 500s.

[kornellred]

I have had 5 hard pulls on my credit history since September 2012, which was 4 months before my Chapter 13 discharge. My credit scores have only dropped a total of 20 points as a result.

[bcohen]

I just got my discharge 08/26. My CreditKarma score has not changed since the case was filed--amazingly, the mere act of having a Chapter 7 bankruptcy hit my credit report caused my score to go from 524 to 640, where it has remained. I am not sure how accurate this score is, and now I have no open credit cards or other loans. I still have a collection account showing $142 owed, not sure how to fix that, because the collection agency is apparently out of business, as their bankruptcy notice got sent back to me undelivered.

[PhillyGuy]

Pre-filing (TU - 741) (Eq - 795) (Ex - 796)
After Discharge (TU - 674) (Eq - 681) (Ex - 716)
Current: (TU - 683) (Eq - 665) (Ex - 720)
After case is finally closed (asset case): still waiting......

Three odd things, 1. Experian and Transunion scores are going up and Equifax is going down. Not sure why. All payments are current, have always been current. I didn't file BK because of credit cards.

2. My car was reaffirmed, but their policy is not to update my credit reports until the case is completely closed. Once the case is closed, I should see a nice up in my credit scores.

3. All three of my credit reports have accounts that were included and discharged in the BK totally gone, like I never had them.