Bankruptcy C 13 Partially Showing Up on Credit Bureau

[dramos23]

I and my spouse filed for bankruptcy chapter 13 two years ago, we've been 2 years into the repayment plan and so far so good, no major issues. However I noticed that on our reports for both it shows only partial information. For example on my Trans Union CR it only shows a reference number and the date it was filed which was in April of 2019, nothing else. Does anyone know what this could be? Does your score go up the longer you've been into the repayment plan and the farther you get from the date it was filed? I'd greatly appreciate any information.

[shipo]

I and my spouse filed for bankruptcy chapter 13 two years ago, we've been 2 years into the repayment plan and so far so good, no major issues. However I noticed that on our reports for both it shows only partial information. For example on my Trans Union CR it only shows a reference number and the date it was filed which was in April of 2019, nothing else. Does anyone know what this could be? Does your score go up the longer you've been into the repayment plan and the farther you get from the date it was filed? I'd greatly appreciate any information.

I finished my Chapter 13 last March, a year ago today actually, and while I only checked my credit rating on the bureaus two or three times during that 5-year period; the different bureaus showed differing amounts of information about my bankruptcy, and different accounts impacted by it as well. In addition, I don't remember there being a score change from literally the day I filed to the day of the discharge. The "fun" begins when that magical discharge is entered into your records; on the positive side of things, you can start applying for credit, and assuming you get some, that will help improve your scores. On the negative side of things, each hard-pull on your credit from each application you submit will lower your scores (but not as much as the bump should you be approved), and as old negative reports start dropping off your account, thus shortening your Average Age of Accounts, your scores will also drop.

In my case, it has been a see-saw battle for the year; on this day last year I had a score of 721 from Equifax, and now, with two credit cards which are paid in full every month and $8,000 in combined credit, my Equifax score is 703. Annoying, but there it is.

Good luck on the remainder of your Chapter 13 journey and keep us posted on your progress.

[justbroke]

Just so that you know, each credit bureau seems to report bankruptcy information slightly differently. But, don't worry. It still has the same impact on each bureau since FICO scores generates from that information.

As for how the FICO scoring model treats an aging bankruptcy, you are spot on. The scoring model weighs bankruptcy less and less over time. It still does have a "big" impact on your score though. When you first file bankruptcy you take at least a 200 point hit. When you hit the discharge, you get a slight bump and as it ages, that impact may get to about 70-80 points (totally guessing based on history). Eventually it will fall off and some people see a bump of 70+ points. That's only if they are "rebucketed" into a bucket where your credit peers are all behaving similarly.

I hate when I have a score like 689, 699 because that means I hit some threshold which won't let me cross that line!

[dramos23]

Thanks "Shipo" for the very good information. It makes me and my spouse kind of nervous to be in this road and sometimes it seems like the end of the road is so far ahead but we must be patient as time goes by so fast.
Thank you "Justbroke" also for the good info. My score wasn't that high before filing and my spouse's wasn't either, it was in the high 600's low 700's range carrying a lot of credit card and loan debt. I guess we can consider ourselves lucky since we took a hit after filing but it wasn't that bad, our scores are between 580-630. Before filing I thought it would go down to less than 500. I will keep you all posted.