Omg...my credit score is 550..discharge 9/23/2010

[SunshineGal]

Actually, Equifax sells the actual beacon score unless they changed it recently. But yes, the other two are "Fako" scores, lol.

[tcreegan]

"FAKO" scores... Thanks for the laugh Meatstick !

[Meatstick]

Homebody just keep in mind those scores you are getting from the Experian, Equifax and Trans Union websites are FAKO scores. IF you really want to know what your true scores are you need to get the FICO score for each.

[tobee43]

I'm telling you...there is no rhyme or reason to credit scores. Regardless of what your score is today, most lenders will have use automated underwriting system that will kick you out because of the recent bk. The lenders that are after recent bks won't care about the score. Quit stressing, keep paying on your reaffirmed debt, establish a credit card or two if you can (Important...do not max it out! They are looking for no more than 33% of the limit used) and let six months go by....you'll see an increase in your score....I promise.

well you got that correct...since after reading this post why would ours just being discharged be 690 and 685....while others it's a year later as the poster and they at least have a car payment. (we don't we surrendered a car and our house). go figure!

and lets NOT forget..... and this use to really get me.....even when our scores were up in the 800's we would be told ...o sorry your credit score is NOT good enough to get the zero financing....i would ALWAYS bring a copy of the report me, (in those days i had copies quarterly), with me when we would shop for a car or large purchase...and pull it right out and ask them to explain what it is that' exactly wrong with the 820 and 840 scores that would make us NOT eligible for the zero finacing....???? were they looking for a 1500??? this is NOT the SAT's!!

sunshine's surely correct there simply is no rhyme or reason!

we just feel now we are forunate at this time of our lives....the only big purchase we would ever need again would be another car if something happened to our car now which is pd in full and has 70k easy miles on it....but we would buy used and pay cash.

oh!! and except my cases of grey goose! other than that what's left to buy...

[mickeyme]

One year out of BK my credit score was in the mid 600's. All we had left reporting on our credit report after the BK was our cars that we reaffrimed.

[SunshineGal]

I'm telling you...there is no rhyme or reason to credit scores. Regardless of what your score is today, most lenders will have use automated underwriting system that will kick you out because of the recent bk. The lenders that are after recent bks won't care about the score. Quit stressing, keep paying on your reaffirmed debt, establish a credit card or two if you can (Important...do not max it out! They are looking for no more than 33% of the limit used) and let six months go by....you'll see an increase in your score....I promise.

[HOMEBODY]

Ok..so I went through all the credit bureaus on 9/27/2010 and check the reports and made sure it was all accurate and disputed the ones that were not. Today I checked with Experian and they are now reporting accurate but guess what?....my credit score is still 550. Why is that? Does it take time for the score to change after the credit bureaus updated the reports?

[tobee43]

My friend, it is not a credit score, it is a debt score. Every facet of how you are "scored" has to do with debt - how much you have, how much you have paid for how long, etc.

You are now debt-free. Most people, with a little effort and some good will power, can stay that way and still live their lives very well, even on a very modest income. Let your friends and neighbors stay up all night worrying about bills. Having positive net worth is a very nice thing - that is the sense of relief you felt when you made those deposits. Don't go into debt just for a "credit" score. You CAN afford to live on cash, within your means. You can. You can...

You will be absolutely amazed at what you can accomplish if you have cash. Believe me, you will think twice about buying something that depreciates faster than you can save money (like a new car).

excellent prospective.

[btbeme]

My friend, it is not a credit score, it is a debt score. Every facet of how you are "scored" has to do with debt - how much you have, how much you have paid for how long, etc.

You are now debt-free. Most people, with a little effort and some good will power, can stay that way and still live their lives very well, even on a very modest income. Let your friends and neighbors stay up all night worrying about bills. Having positive net worth is a very nice thing - that is the sense of relief you felt when you made those deposits. Don't go into debt just for a "credit" score. You CAN afford to live on cash, within your means. You can. You can...

You will be absolutely amazed at what you can accomplish if you have cash. Believe me, you will think twice about buying something that depreciates faster than you can save money (like a new car).

[tcreegan]

Hi all,

Just an FYI, lenders on reaffirmed or ride throughs will stop reporting b/c they are worried about violating the automatic stay or discharge injunction but they can start reporting again if they have your permission. Call them up and ask them to start reporting again, most will. Some will want a letter. Beyond the auto-stay and discharge injunction there is no law to prevent them from reporting on a ride-through or any acct you voluntarily keep paying.

Good job pulling your reports and cleaning them up HOMEBODY, 90%+ of the time they are inaccurate!

Tom in Colo

[HOMEBODY]

Ok..so I am on my way to reestablishing my credit. Disputed all 3 agencies. Altogether there were 10 accounts included in the BK. 5 were mortgage accounts and the other 5 were credit cards. I had 19 good credit accounts that had been paid but they they aged too.

So today I took the cash I have been saving in my safe box and deposited into my credit union...eventually offer my 2nd lines of credit an amount for them to remove the lien. Nothing like a little pease of mind..cash in the bank for emergencies and no creditors calling you or having to worry about who gets paid today.

[HOMEBODY]

Ok..I went on Experian (550 score) and there were a lot of discrepancies. Yes, some of the accounts were still listed as owing. My car payment was listed as discharged when it wasnt because I reaffirmed. Some of the mortgages were still on. One of the mortgages, my main house was not resporting as late or discharged so I left it on..thought that would help me if they keep reporting my payments. I think altogether I disputed about 7.

On Transunion (623 score) was 623. There were 2 accounts to be disputed. Equifax will not give me the report online, I will have to requested by mail.

[backtoschool]

Here are some things that could be causing your score to be in the 500's after discharge.

1. You have a foreclosure showing on the report. This will affect your score a great deal.
2. You have a repossession showing on the report. Again, this will lower your score a great deal.
3. Your balances for your discharged mortgage, car and credit cards are not showing up as zero.
4. Your credit cards are not showing up as "included in bankruptcy" with zero balances.
5. You have no positive trade lines left after your discharge, (student loans, credit cards you got post discharge, auto loan, installment loan) so essentially you have nothing but negatives on your report.
6. You had a very long time period (over 6 months) of not paying on your mortgage, car and cards before you filed for bk. These negatives will still show up as charge offs on your report and are legally allowed to do so. Of course having charge offs on your report lowers your score 20-30 points per charge off on average.

Things you can do post discharge to raise your scores.

1. Make sure all your accounts are reporting as included in bankruptcy with a zero balance.
2. Get a few positive trade lines.
3. Let time pass.

[IBroke]

Remember that any negative that first hits your report(s) will bomb your score(s), as that negative ages, the impact is less. Each negative is weighted differently, in this case we are talking about a BK appearing on your report(s). Devastation to the scores.

A BK (a Pub Record) is one of the most devasting things you can have appear. It can take, I would say, a minimum of one year to begin to heal from it.

hth some -- it's complicated on how it works and IS unique to everyone's situation.

The "positive" thing about BK on your report in regards to your score is that you are now compared to other BK-filers. Depending on your credit-history before filing, your SCORE can even INCREASE by filing for BK.

[IBroke]

This is not entirely true, it depends on the bank. We never reaffirmed our mortgage and the bank has continued to report our payments. It has helped our scores tremendously. Most banks will not report to the credit bureaus, but there are some that do and it will help.

You are VERY lucky then - because what they are doing can be seen as a violation of the law since they are reporting a debt you no longer have.