Credit Score

[IBroke]

I've heard people say once your discharged your score is automatically 500?

That's def. INCORRECT.

It always depends on your prior history. If you had a spotless credit-file, you will be hit hard. If you had many accounts already late or in charge-off, BK could actually INCREASE your score.

You def. have to do your homework after the job to make sure everything is reported correctly.

[FS09]

Anyone else with experience?

[FS09]

All 3, Experian, Equifax and TransUnion, were within 15 points of one another. As far as I can tell, all creditors are showing BK.

My other question is, I will quite likely be foreclosing on my home. Will that cause the score to drop more? Both already show included in BK.

[Amy26]

I also noticed you said your "average" score is 677. Do you have one that is significantly lower than the rest? IE: Equifax is lower than your transunion and experian? I also have noticed (as I have credit monitoring) that most of my creditors were only reporting me to 1 bureau (Equifax). So, traditionally my credit score on transunion and experian were always much higher than my equifax score.

Since I have filed for bankruptcy, I have seen a berage of "A NEW ACCOUNT HAS BEEN ADDED TO YOUR FILE" on experian and transunion. They didn't feel the need to report me when I was in perfect standing but now that I'm in bankruptcy its.... woooooo lets report her on all of them as bankrupt!!

[dingdong]

My score actually improved upon filing.* It was in the depths of hell before filing though, so it really had nowhere else to go but up I suppose

I have read many posts that at about 6 months post discharge, your score will take a little jump as long as things are going ok ( no new lates, etc).

Your score after BK will depend o lot on your score pre BK, if it was fairly good-not a lot of baddies pre B K, you will take a hit, but it should improve gradually with good maintainance.

My friend filed a few years ago and within two years it was back at about 700. It does seem to get stuck at a ceiling though with the BK on your reports.

The BK can keep you from obtaining new credit no matter what your score is with non BK friendly creditors. Which may be a good thing as it will probably keep most of us from getting in the same spot credit wise before BK if CC debt was your main reason for filing.

My scores are in the mid 500's now, it was below 500 before filing, I filed in November/08- so about a 60 point jump since filing.

Now I am in the "poor" category on Fico, movin' on up from the "very poor" category.

I feel so worthy!!

[debtmonster]

My credit score is in the high 400's. You're lucky to have such a high credit score.

[Amy26]

You can see mine from my signature... I believe mine will continue to go down because I have a couple creditors that are not reporting me as if I was in bankruptcy. They keep updating the status from 30-60 days late to 61-90 days ... thus making it look like I'm continuously becoming later and later. Also, my mortgages are still being listed as "normal' debts. Though, they also just pushed to 31-60 days late.

So, I believe your score will stay the same/go up/down based on how your existing creditors keep reporting you.

[NoMoreCards]

I believe the differences you are hearing about is related to the different scores going into BK. Some people have a very long period of being late, on many things, for months on end before filing. So even before they file their scores are very low. Then once they do file, it drops further.

From what I have seen and heard, the BK will drop your score a average of 120 points. So if you started out with a 720, you would end up around 600.

I am sure others on here would have more information, but this is what I believe to be true...as of right now.

[FS09]

Sorry if this is a dumb question, but we filed for chapter 7 on June 3rd, and had our 341 meeting one month ago on July 10th. I'm holding my breathe, but so far so good! My credit score has dropped, but is still an average of 677 from the 3 reports. I assume this is going to drop a bunch more before or after discharge? I've heard people say once your discharged your score is automatically 500? However, I've heard a few people say they were in the 400's or even 600's??? Please comment with your experience. FWIW - I started out in the mid 700's before I quit paying CC's and filed BK.