Credit scoring after filing.

[BBW]

My score was 680 prior to filing, now it has dropped to 632 with the public record on there. None of the accounts read In Bankruptcy. When they do say it, do you think my score will drop further?

[frogger]

Probably. But does it really matter?

[BBW]

Yes, I want my score back as high as possible after discharge. And if 632 is as low as it's going to go (which i doubt). Then I'm off to a good start. But I have a feeling it is going to get lower when accounts read in bankruptcy, then get higher after the balances are changed to 0. Can anyone confirm this?

[logansdad]

It really doesn't mater because you filed and that in its self will take some time to get behind you. Once you have it on your report it really doesn't mater what your score is for the first couple of years. You cant walk away from debt without a penalty and that is was it is.

[logansdad]

~also learn to not care what the number represents and the more you understand that the better you will be, and not be lured back into the credit cards and debt in general.

[BBW]

You are probably right about that. Even with a 700 score post discharge I will probably have a problem getting a loan from a regular lender.

[BBW]

~also learn to not care what the number represents and the more you understand that the better you will be, and not be lured back into the credit cards and debt in general.

I have no interest in credit cards, but need them to rebuild my credit. I do however have interest in a car loan. I intend to return my car and would prefer to get a new loan myself if possible.

[2manybills]

I have no interest in credit cards, but need them to rebuild my credit. I do however have interest in a car loan. I intend to return my car and would prefer to get a new loan myself if possible.

Ours went to 545 after we filed and now we are at 699. A few things to clean up, but most accounts are showing Zero balance.

[BBW]

I just was just studying my credit report and realized my report dropped to 632 just because of the public record, once the accounts are updated to in bankruptcy the score will drop a lot more...

[shabam]

Which credit bureau are you using to see this?

Only equifax shows your actual FICO score. The rest use their own in-house formula, which is not your true score.

[BBW]

Which credit bureau are you using to see this?

Only equifax shows your actual FICO score. The rest use their own in-house formula, which is not your true score.

Sure the other two are your true score. It might not be the exact FICO scoring model but all three of the seperately are your true score. It depends on which score a lender chooses to use. Honda Fiance I know uses transunion, my credit union uses just experian, and mortgae companies use all three. The scores mentioned above are Transunion ver.04 scores.

[shabam]

There is a 91 point score difference between my Trans vs Equifax FICO score. Trans 663 vs 572 Equifax

Creditors may use Exp or Trans for credit reporting purposes but this does not mean that FICO does not process the score for them. The only reason Trans and Exp do not use FICO for consumer scores is because they have to pay for it. Whereas, their score is free since they made it up using their own formula.

[BBW]

Generally when there is such a large spread in scores it is because there is different information on each report. When the reports are exactly the same, account for account, negative for negative, and inquiry for inquiry there would be a 10-20 point difference.

[SPalin]

Credit Score Increases After BK Filing?

Just filed Chapter 7 on 11/2/09, previous scores on 9/2/09: EQ 544 / EX 542 / TU 592. Checked reports today 11/8/09 showed my BK filing and credit scores 11/08/09 - EQ 593 / EX 592 / TU 619! What's with the increase? Balances still show, will be interesting to see what happens next month after my 341 meeting. Anyone else have this happen?

[JimKutkowski]

You are probably looking at a 200 point drop with a Chapter 7, either way it is three years after discharge before you qualify for an FHA conforming mortgage.