Fico Score after CH7

[lotaguts1]

I have a question regarding fico score after ch7, my discharge is in two days. Recently I checked my fico through (equifax) and I thought it was going to be a lot lower than it is (647) which I know is still a joke but I am wondering how the score is determined after CH7. Does any prior history make any difference, I was never late on anything in 15 years.

[disconapper]

I think prior payment history makes a big difference...my score went up slightly after filing because all the debt was gone, the only "bad" thing on my credit (with exception to the bankruptcy filing) is the payment history, everything else is rated as "good"...everything else meaning, length of credit history, amount of debt etc....course the amount of debt is ZERO....it will just take time for my score to go up...

[LadyInTheRed]

I also think prior history makes a difference. My score is also in the mid 600s and had no 30-day late payments before filing.

[dspii]

Over the next few months it will move every which way....give it a while to stabilize after everything hits....mid 600's is accurate if you have been clean in the past.

[TBA]

May i suggest myfico dot com? There is a credit education section that is extremely helpful. While there is no specific BK section, it does give you an idea of how your score is calculated.

I will say this, having worked at two of the major three bureaus, more weight is applied to your payment history moving forward. Dont wait to rebuild credit. Start right away!!!

[nokia123]

mines is creeping up.

[btbeme]

Just remember that the way to build your debt score (some people call it a FICO or credit score) is to do into debt. The longer you are in debt, the longer you have paid into your debt, the more debt that you have paid into (up to a point), the better your debt score will be.

[disconapper]

I use myfico.com...its's a great website..but it does cost money....it link you up directly with TU and Experian...I was able to dispute some stuff online and had the accounts removed...

[tobee43]

our fico scores were 685 and 670 or so from what i remember after the bk. but so what??? it really doesn't make that much of a difference if you apply for credit.

we are both now in the 700's...but i'm certain we most likely still couldn't get a decent loan for ourselves. although, we were allowed to co-sign for our daughters mortgage, but then the lender said they didn't need us. however, i know we couldn't at this point even being above 700 get a mortgage at this point.

i still am a firm believer time does heal all wounds, including your credit. the longer time span between your filing date and the time you apply for any credit will be a major factor with how your treated. i'm NOT saying don't try and rebuild your credit.

oh...and just a note...when and if you can, get RID of any orchard bank cards as soon as you are able to get another company to extend you credit, they don't report to the credit agencies!!!!!! (they were one of the first that offered us credit). we have since closed those accounts.

[TBA]

I only use myfico for the credit education section - the most valuable piece of info on their website is the pie chart -

35% payment history
30% amounts owed (more understandably - debt to available credit)
15% Length of credit History
10% new credit
10% types of credit (this is where the b/c/d paper lenders really hit your score hard.)

[tobee43]

I only use myfico for the credit education section - the most valuable piece of info on their website is the pie chart -

35% payment history
30% amounts owed (more understandably - debt to available credit)
15% Length of credit History
10% new credit
10% types of credit (this is where the b/c/d paper lenders really hit your score hard.)

yes, i have seen those charts as well. LOL!!! i loved mine, it had a 6% debt to credit ratio, which was way off since they had us having an open sears account with a credit line of 12k!!!!!!!!! wow eeeeeee....that was way off to say the least.

[blockhead]

Mine's been at 680 ever since Ch7 - which is about what it was before I got behind and defaulted on CC payments. The difference between then and now is that then I had no lates, no public record even as I was getting more underwater, and now I have lates and a public record.

[tobee43]

Mine's been at 680 ever since Ch7 - which is about what it was before I got behind and defaulted on CC payments. The difference between then and now is that then I had no lates, no public record even as I was getting more underwater, and now I have lates and a public record.

me too!

[Waited2long]

our fico scores were 685 and 670 or so from what i remember after the bk. but so what??? it really doesn't make that much of a difference if you apply for credit.

we are both now in the 700's...but i'm certain we most likely still couldn't get a decent loan for ourselves. although, we were allowed to co-sign for our daughters mortgage, but then the lender said they didn't need us. however, i know we couldn't at this point even being above 700 get a mortgage at this point.

i still am a firm believer time does heal all wounds, including your credit. the longer time span between your filing date and the time you apply for any credit will be a major factor with how your treated. i'm NOT saying don't try and rebuild your credit.

oh...and just a note...when and if you can, get RID of any orchard bank cards as soon as you are able to get another company to extend you credit, they don't report to the credit agencies!!!!!! (they were one of the first that offered us credit). we have since closed those accounts.

toobe43.....I am curious as to why you feel you would not be able to get a loan at this point? We are filing in a month or two in order to rid ourselves of credit card debt. We bought the family home from my brothers so my portion of the inheritance gave us more than 30% down and we had a mortgage created with my two brothers so it is all very official. We will need to refinance or get an equity loan over the next four or five years to pay them the remaining balance. Do you think that it may not be able to be done? We were hoping that ridding ourselves of this cc debt and rebuilding our credit we would be able to get a decent loan in that time span.

[tobee43]

toobe43.....I am curious as to why you feel you would not be able to get a loan at this point? We are filing in a month or two in order to rid ourselves of credit card debt. We bought the family home from my brothers so my portion of the inheritance gave us more than 30% down and we had a mortgage created with my two brothers so it is all very official. We will need to refinance or get an equity loan over the next four or five years to pay them the remaining balance. Do you think that it may not be able to be done? We were hoping that ridding ourselves of this cc debt and rebuilding our credit we would be able to get a decent loan in that time span.

well, actually we did get a loan, but it was owner financed 100%, @ 5% with of course no out of sight closing costs, (other than the title co.),so we side swiped the banking system entirely.

it also sounds as though you found an alternative to regular finacing via an lending institution by buying via a family member, if i understand what you are saying?

we were advised it was 3 years for an FHA for someone in chapter 7 no asset, whereas, a 13 it could be within one year of discharge. then we went to the va and fha after almost 3 years out and all said NO...even tho our fico scores were good, lenders were and are still somewhat reluctant to lend money today that doesn't mean hopefully in 5 years it will be the same as today...one would hope!

but you are talking about 4-5 years after discharge, so lets hope everything will go perfect for you