FICO score up since filing

[BrokeStudent8]

I filed for Ch. 7 just two months ago, and my score is already going up. Back when I had good credit (I was kind of obsessed with it) I subcribed to myFico scorewatch. I receive notifications if my score goes up or down. Even though I let my credit deteriorate, I kept my subscription up over the past couple years. When I filed, I received a email telling me that it went down 3 points... (I know, not much, but I guess my credit was already pretty rotten.) Anyway, in the past two months it's gone up 47 points! And only half of my accounts have included the bankruptcy so far (at least only half are showing up on the report.) If I had known about this extra benefit of filing, I would've done it a year or two ago.... So, have hope! Good things do come out of this stressful process

[FilingOnMyOwn]

Nice. Please be more specific, what was your credit rating at its peak, its lowest, and now? I think mine was 720 when I had good credit, and about 540 now. So I'm hoping for at least a 600 in a few months if I am discharged successfully.

[BrokeStudent8]

The best it's ever been was 709, and that was three years ago. The worst was 420, and that was probably at the beginning of 2005. Now it's 502. Not spectacular, but still, I'm very happy that it's going up. I knew I needed to file a year ago, but I let my fear of my credit score dropping even further delay me.

[2US]

I was discharged 11/23/05. I too subscribe to ScoreWatch... At the same time my Credit Report was updated w/ the Public Record Status of DISCHARGED, the score jumped 65 points (over night) I'm now @ 590. I'm sure it would have been more had it not been for the several inquiries on my report in the last few days for auto, and a new credit card to re-establish credit. It all works out...

[BrokeStudent8]

65 points!! That's amazing... Congrats on the discharge 2US

[StaciMM]

I first checked my EQ FICO right before I filed BK. It was 482. A few days later, the BK showed and I got an alert that it was down to 474. I didn't have a lot of IIB accounts, just 2 charged off credit cards and a couple of small collections. Now that those 2 cards are showing $0 due, and I've gotten rid of some other bad stuff (old accounts that were not reporting correctly) my score is up a little more than 100 points. I also had several collections in the BK that were not on the credit report.

I don't know if/when I last had a GOOD credit score. I know that a couple years ago, I looked into getting a mortgage and it was low 500's.

[Genenco]

I'm not too sure, but last time I was at 529, and now a month later (And further behind DUH!) I'd guess I broke through the -500 barrier! :P

No worries, I'm getting my stuff in order and hitting a lawyer I previously mentioned...I'm sure HE'S better then the shag off I was looking at...

(P.S. Still laughing my head off at how the creditors/Bank are "not" reacting to my emails about "Hey, welcome to my bankruptcy" Not that I'm worried about them trying to garnish, that takes time as usual :P)

[nervousinohio]

I am very surprised. . .we just checked my husbands score and it is 656 w/ transunion. We were just discharged. Does anyone think it could go down any from this point (I know it would if we didn't make any payments) if we stay up to date with everything????

[StaciMM]

Without knowing more, its hard to say.

If you have some positive accounts still reporting and everything is correct on there, you should be fine. Don't apply for things unless you need them as opening new accounts can (temporarily) lower your score as it brings down the average age.

I am very surprised. . .we just checked my husbands score and it is 656 w/ transunion. We were just discharged. Does anyone think it could go down any from this point (I know it would if we didn't make any payments) if we stay up to date with everything????

[davids]

Score...

I filed for Ch. 7 just two months ago, and my score is already going up. Back when I had good credit (I was kind of obsessed with it) I subcribed to myFico scorewatch. I receive notifications if my score goes up or down. Even though I let my credit deteriorate, I kept my subscription up over the past couple years. When I filed, I received a email telling me that it went down 3 points... (I know, not much, but I guess my credit was already pretty rotten.) Anyway, in the past two months it's gone up 47 points! And only half of my accounts have included the bankruptcy so far (at least only half are showing up on the report.) If I had known about this extra benefit of filing, I would've done it a year or two ago.... So, have hope! Good things do come out of this stressful process

you seem to have faith in a high score, you just filed Bk, in my opionion, you could have a score of 800, and still wont be able to get anything on credit...the futher your BK gets behind you the better..

I have not file BK yet, I have two repos, and 50k in debt, and have a score of 750, so score doesnt really much much right now, I know for fact I am not credit worththy, even though i have a high score.

[StaciMM]

Some things are very much score driven-such as getting a home mortgage. My aim is to get above 620, preferably 640, and based on the mortgage comapny that I've researched, we'll be in good shape to buy the house we have been leasing.

[BrokeStudent8]

you seem to have faith in a high score, you just filed Bk, in my opionion, you could have a score of 800, and still wont be able to get anything on credit...the futher your BK gets behind you the better..

I have not file BK yet, I have two repos, and 50k in debt, and have a score of 750, so score doesnt really much much right now, I know for fact I am not credit worththy, even though i have a high score.

I'm very aware that I won't be able to get anything on credit for a long time, and I don't want to. Since I first encountered credit problems, I've lived within my means. Like Staci, I care about the score because I want to be approved for a mortgage eventually. I know a few people who went bankrupt, and were still approved for a mortgage within 1 year & a half - 2 years after their discharge. Therefore I care about my score...