FICO score up, why?

[ansky0007]

We were at approx 720 prior to filing..... After 10 negatives (BK Closed Accounts) and one public record of the BK we dropped to 530... Now that all our accounts are IIB and now show $0 Balance we have 0 active accounts and our score settled around 620.

[Flamingo]

What many people don't realize is that it doesn't matter what your score is, when some creditors see that Bk on your credit reports, that's all it takes no matter what your score is. Will they take the risk with that BK on there with a higher credit score? We have found out they do not all the time and you can be turned down for credit several years after filing. There is no answer to anyone after discharge whether or not some will do well or not. The majority find out they have major difficultly getting credit, especially in the recent economy. The only thing that will actually work for anyone out of a BK discharge is time...make all payments of everything on time for the following years and do not apply for too much credit during that time because you will get the denials and inquiries stay on your credit report for two years and can work against you.

[ansky0007]

What many people don't realize is that it doesn't matter what your score is, when some creditors see that Bk on your credit reports, that's all it takes no matter what your score is. Will they take the risk with that BK on there with a higher credit score? We have found out they do not all the time and you can be turned down for credit several years after filing. There is no answer to anyone after discharge whether or not some will do well or not. The majority find out they have major difficultly getting credit, especially in the recent economy. The only thing that will actually work for anyone out of a BK discharge is time...make all payments of everything on time for the following years and do not apply for too much credit during that time because you will get the denials and inquiries stay on your credit report for two years and can work against you.

The issue for myself is there is nothing reporting anymore so whether I keep paying the mortgage on time or keep paying my car payment makes no difference since they both show $0 IIB... In a year of making payments on time my report will still show the same.

I might after time just get a secured card that reports to get something good back on the report.

[FloridaGuy]

Hey startingover08,

I'll keep an eye on them (Advanta) for sure. I have recently noticed them pop up in the e-mail notifications I get from equifax.

If you search an old thread I have... you'll see I got worried, as I was suddenly getting a bunch of "new account opened" e-mails from equifax. What I found out is that about 75% of the credit cards had never reported to experian, and after the BK filing they added the account to ALL Credit reporting agencies... therefore everytime one that had never been reported to a different reporting agency suddenly was, and I got the new account notification.

I'm gonna wait until discharge (If that ever comes around! ) then about 30 days later pull all new reports, and let the disputing begin! (Assuming they are incorrect)

[Flamingo]

The issue for myself is there is nothing reporting anymore so whether I keep paying the mortgage on time or keep paying my car payment makes no difference since they both show $0 IIB... In a year of making payments on time my report will still show the same.

I might after time just get a secured card that reports to get something good back on the report.

In my posting I stated "make all payments of everything on time" and that would include everything - even utilities, doctor bills, etc.. What you need to do is to ensure you do not have any late or non-paid items also after discharge pop up showing you are having a hard time handling finances. Keep it as clean as possible and obtaining a secured card sounds good. There is nothing you can do to change the mortgage or car payment so you have to show a good history after your discharge.