Bankruptcy and FICO score

[Anonymous]

We have just gone through Chapter 7 bankruptcy...and am wondering how this affects the FICO score. I don't know what my score was prior to the Bankruptcy, and I really don't want to pay for the official score, but based on free scores (which I know are not the real thing, but I thought would give me a ballpark figure) show from 640-708. Prior to the bankruptcy, we had a lot of debt but were fairly good about paying minimums. Most (maybe all) reported that we were on time with payments. Seems to me that people with a Chapter 7 bankruptcy would have a terrible FICO score, and yet..from what little I've learned..it doesn't sound that bad.

Sorry if my question seems dumb. I'm very new to all this..and really wanting to learn. On a side note: My husband tried to get a Best Buy Credit Card (I think just to see if he would get approved)..and he didnt. We were just discharged in Nov 2009 (and he had a Best Buy card that was part of the bankruptcy). We keep getting ads saying you're preapproved for a credit card and rebuild your credit after bankruptcy...and I am leary of falling into credit card debt again...so we're just holding off on that for now. We've got a car payment, student loan, mortgage, and home loan that we pay on and are current on. This should help rebuild our score, right?

[GWilliam]

For me pre-Bk ch 7 filing I was at 530 TU and 520 EQ (due to maxed out cc's and 90 day late on mortgage). When I filed on 11/2/09, my score went up to 555 TU and 562 EQ, since having my 341 meeting 52 days ago, they are 640 for TU and 619 for EQ and I'm not discharged. These are all MyFICO numbers, too, not credit karma which is 691 TU (hopefully MyFICO will be there next year!).

When I disputed my mortgage on TU and EQ (it was not showing IIB, had a balance and 120+ days late), now it is gone off both reports? Probably to resurface in the future but as long at it reports 0 balance and IIB 

[MarineVietVet]

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@Anonymous wrote:

We have just gone through Chapter 7 bankruptcy...and am wondering how this affects the FICO score. I don't know what my score was prior to the Bankruptcy, and I really don't want to pay for the official score, but based on free scores (which I know are not the real thing, but I thought would give me a ballpark figure) show from 640-708. Prior to the bankruptcy, we had a lot of debt but were fairly good about paying minimums. Most (maybe all) reported that we were on time with payments. Seems to me that people with a Chapter 7 bankruptcy would have a terrible FICO score, and yet..from what little I've learned..it doesn't sound that bad.

Sorry if my question seems dumb. I'm very new to all this..and really wanting to learn. On a side note: My husband tried to get a Best Buy Credit Card (I think just to see if he would get approved)..and he didnt. We were just discharged in Nov 2009 (and he had a Best Buy card that was part of the bankruptcy). We keep getting ads saying you're preapproved for a credit card and rebuild your credit after bankruptcy...and I am leary of falling into credit card debt again...so we're just holding off on that for now. We've got a car payment, student loan, mortgage, and home loan that we pay on and are current on. This should help rebuild our score, right?

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Hello and welcome to the forums.

I would suggest going ahead and buying at least one FICO score just to get a baseline and know where you are. You can buy either your Equifax or Transunion (or both) scores here at myfico. If you decide to do that first do an internet search for "myfico discount codes" to save a few dollars. You can also purchase your Equifax score at www.equifax.com and your Transunion score at www.transunioncs.com.

No one has been able to pull their own Experian score since last February. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only.

I would not apply for anymore cards for 6 months to a year. Just let everything settle down. Keep paying your other debts on time. NEVER be late. That is the #1 thing you can do to help you repair your credit.

All this is just my opinion. Good luck to you.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work.