BK good for credit score?

[manglicmot]

Interesting article from Smart Money:

http://finance.yahoo.com/banking-budgeting/article/102728/Declaring-Bankruptcy-Can-Improve-Your-Credit-Score

[BKOnce]

Summary, C13 gains scores FASTER then C7.

[FilingOnMyOwn]

Summary, C13 gains scores FASTER then C7.

Hmm I dunno about that one. Got a 738 score on my equifax report direct from myfico, 3 months out of chap 7 bk discharge.

[manglicmot]

738?!?!?!?! That's well above the national average. I am about 706 right now, I have not filed and I'm late on only one account. Last September my FICO was 733 when I got my car loan.

Hmm I dunno about that one. Got a 738 score on my equifax report direct from myfico, 3 months out of chap 7 bk discharge.

[JollyGG]

Hmm I dunno about that one. Got a 738 score on my equifax report direct from myfico, 3 months out of chap 7 bk discharge.

Wow. That motivates me to start our credit report clean up. It didn't even occur to my that my score could be that good that soon.

[wrinkleigh]

Holy crap filinginmyown, thats a GREAT score

My fico was only 730 at its highest, and that was with no late payments on any account EVER.

Congrats -- mine is currently 618 -- deadline for objections is 4/30, so we'll see what happens after discharge.

[Minnymouth]

Filing BK BEFORE your credit score sinks to *******, helps prevent it from being too low after you are discharged....

When you file bankrutpcy, IF you have "no late payments, judgements, writeoffs, or collections," it will benefit you greatly after you file......

I filed before all this started and I knew that I was going DOWN..... so might as well - get it over with.....

By filing when I did....... I helped protect my credit score and credit history.....

I recently filed for a loan with my credit union....... nice to hear them say "no problem - even with a BK - your credit is excellent..... so past credit history did not hurt me at all. My credit score was almost 700 again after being discharged 2 years and my case still open.....

My timing was "right" when I filed and worked to my advantage afterwards.....

So it does really help to file that BK at a certain time before everything gets out of complete control......

[FilingOnMyOwn]

Keep in mind, like minny says initially it whollops your credit score.

Then it can skyrocket, because all of the sudden, you have absolutely no debt.

[truckerswife]

So do the bankruptcy payments show up on your credit report?