I Am Absolutely Floored

[stevie2012]

So another thread here got me to thinking about how bad my FICO must've tanked with my Chapter 7, which was just discharged last month.

A little history first...

My FICO has always been 800+ and that started to drop in February 2008 after I lost a six figure income and subsequently made half of what I was accustom to - trying to manage all my bills on half of my prior 120K/year income.

Long story short, I always had faith, hoped to get employed back in my field, yadda yadda. When the savings ran out, my credit cards became my second job. Five years later, I racked up over 120K in cc debt.

When it was clear my employment situation wasn't going to change any time soon, I filed Chapter 7 BK 5/13. Directly before doing so, I ran my FICO and it was 420.

Due to another thread, tonight I decided to run all three of my credit reports and scores post BK (not even one month since discharge) and I was totally surprised to see ALL of my accounts have already been updated to show included in BK and my BK is even listed as public record on my credit reports.

The biggest surprise??

MY CREDIT SCORES CONSIDERABLY JUMPED UP AS FOLLOWS:

EQ: 693
EX: 679
TR: 690

ARE YOU KIDDING ME????????????? I never thought I'd see this day.

Thoughts??!??!?!

And yes, everything is updated accordingly on my credit bureaus - all three of them.

[AngelinaCat]

You are doing SOMETHING right. My opinion is this: "keep your mouth shut, and enjoy the results."

[Pjmax]

That's great Stevie! Those are some nice scores this soon out!! I wish you the best on your fresh start!!

[IBroke]

Those are VERY good scores! I guess you kept your accounts current until you filed? That would be my only explanation...

[stevie2012]

Those are VERY good scores! I guess you kept your accounts current until you filed? That would be my only explanation...

No, not at all. I quit paying them in September 2012. Right before I filed BK, my FICO was 420.

[stevie2012]

You are doing SOMETHING right. My opinion is this: "keep your mouth shut, and enjoy the results."

I don't know about that but I'm super happy about it!!

[stevie2012]

That's great Stevie! Those are some nice scores this soon out!! I wish you the best on your fresh start!!

Thanks a lot. This forum has been so informative and helpful. And the people - unbelievably supportive.

[LadyInTheRed]

Your credit scores are an estimate of your risk of default. Now that you are debt free and can't file a Chap 7 for 8 years, you are a better credit risk than when you were delinquent on $120K in credit card debt. Your credit report screamed bankruptcy risk.

[IBroke]

No, not at all. I quit paying them in September 2012. Right before I filed BK, my FICO was 420.

Wow, I didn't expect that at all.

[stevie2012]

Your credit scores are an estimate of your risk of default. Now that you are debt free and can't file a Chap 7 for 8 years, you are a better credit risk than when you were delinquent on $120K in credit card debt. Your credit report screamed bankruptcy risk.

Makes sense!

[kornellred]

It is very odd....I am 64 years old and have had credit for at least 40 years. I just completed a Chapter 13 bankruptcy in December 2012 and my credit history was listed as 4 years and 6 months (my Chapter 13 payment plan was exactly 4 years and 6 months) at discharge. The 35 and 1/2 years previous to my bankruptcy do not seem to matter at all as far as my credit scores are concerned. My scores hover in the 640-660 range.
I suppose that because you were a high earner with excellent credit prior to a Chapter 7 bankruptcy that you could not avoid due to circumstances beyond your control, your history speaks well with respect to your creditworthiness. And with your debt being discharged, lenders will be glad to make secured loans to you. But I will bet that if you applied for an unsecured personal loan, you would be turned down.

[Pjmax]

Well, we didn't ask, but are those actual Fico scores from MyFico? Where did you purchase them?

[stevie2012]

Well, we didn't ask, but are those actual Fico scores from MyFico? Where did you purchase them?

No I am registered with Equifax so I got the three in one that incudes the credit report and score for each corresponding bureau. It's $20 cheaper than MyFico.com.

[stevie2012]

It is very odd....I am 64 years old and have had credit for at least 40 years. I just completed a Chapter 13 bankruptcy in December 2012 and my credit history was listed as 4 years and 6 months (my Chapter 13 payment plan was exactly 4 years and 6 months) at discharge. The 35 and 1/2 years previous to my bankruptcy do not seem to matter at all as far as my credit scores are concerned. My scores hover in the 640-660 range.
I suppose that because you were a high earner with excellent credit prior to a Chapter 7 bankruptcy that you could not avoid due to circumstances beyond your control, your history speaks well with respect to your creditworthiness. And with your debt being discharged, lenders will be glad to make secured loans to you. But I will bet that if you applied for an unsecured personal loan, you would be turned down.

I have no desire to get an unsecured loan. I did already get a secured credit card through my credit union, today in fact. They approved me for 1K but I only wanted $250, regardless. I'm just using the card to reestablish credit.

[Pjmax]

No I am registered with Equifax so I got the three in one that incudes the credit report and score for each corresponding bureau. It's $20 cheaper than MyFico.com.

I assume you realize they are not Fico scores? They are still darn good for fakos, just don't want you to be too upset if/when your actual scores turn out to be different.