Credit Score Post-Chapter 7 After Discharge

[maatopdogg32]

I am in the process of a chapter 7 and wanted to know when you get your discharge are your debts on your credit report removed or does it say filed under Bankruptcy? Also wanted to know after your discharge does your credit score shoot up based on the debts you file under BK not being calculated in your score? I have a lot of collection accounts and charge-offs and wanted to see how this effected my score once I put them under BK 7.

[BassBoy]

Whatever debts you include in your Bankruptcy should be listed as Included in Bacnkruptcy on your credit reports. The accounts are not removed/deleted.

What your credit score does after discharge can depend. I didn't check our credit for a few months after our discharge and our scores weren't that bad. I assumed they had gone up after our discharge. Anyways, letting time pass and maybe using new credit to rebuild can help your scores a lot. Your credit score will not shoot up. What can also effect your scores, even after your discharge, is if you had old accounts (these will not be on your BK) that had late payments. Your past credit history is important, so late payments from a few years ago could hurt you as well.

[momof5]

What can also effect your scores, even after your discharge, is if you had old accounts (these will not be on your BK) that had late payments. Your past credit history is important, so late payments from a few years ago could hurt you as well.

Do you mean that old accounts that are closed but show good payment on them can help? I ask because I have several of those on my credit report but also have the ones that are included in BK that will show good payment but then 90-120 late which will be IIB. Do the ones that are IIB continue to show payment history as well?

[BassBoy]

Yes! Old accounts that have good payment history does help. Shows good credit history.

Any account that has lates before you file your BK will still show lates. I believe the credit reports show quite a few years prior of account history.......so even if the account was IIB, it will still show the last few years account history and any lates.