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Credit reporting after filing

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Anonymous
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Credit reporting after filing

I noticed on our Credit Karma (I know they aren't that reliable..) that it had reported our Chapter 7 as of yesterday, and the scores went down some, but TU is 640 and Equifax is 574. Will the credit scores adjust again once it's dischared? I'm not that familiar with how the credit scoring changes once filed, to after discharge.

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Anonymous
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Re: Credit reporting after filing

Hi! I was just talking with a friend about this the other day! I filed on 5/31 and my Vantage scores and FICO have a massive spread! My Vantage TU score is 640 and my FICO TU is 507 😭 I've noticed that there's been huge fluctuations in my scores since filing, large swings as accounts are moved from CO to included in Chap 7/0 Balance. Once things have calmed down (I did this yesterday after my 341) pull your free reports and dispute all accounts included in BK that don't already reflect 0 balances and included in BK. Also, on my end all but three collection accounts on my reports are gone (the remaining ones are medical which I disputed to reflect current status). *shrug* it'll get worse or better until the dust settles my friend!
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Anonymous
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Re: Credit reporting after filing

I was going to start credit monitoring next month since it'll give my bk a full month since filing, and my 341 is 8/12. Did you notice your scores going up or down or both with them being reported as 0/co/bk?

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Anonymous
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Re: Credit reporting after filing


Both! It's been madness: my baseline right before I filed was an abysmal 498TU/505EX/515EQ via FICO and 580 TU & EQ on CK. Now a month after filing on CK I'm 640 and 530 respectively and via FICO 530EQ/490TU/472EX with huge swings in both directions. I'm of the option that it's best to wait until everything shows 0 balance/included in BK before getting too wrapped around the axel about scores! There's just too much in flux until that happens. I figure I'll settle in the low-mid 5's once everything shows correctly because everything prior to 2013 when my life went sideways is aces and it was almost 4 years into default before my Chap 7 was filed so I've had a bit of distance. Still pretty crappy scores but should be reasonable to rebuild from that point.
Message 4 of 8
Anonymous
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Re: Credit reporting after filing

For instance: my FICO TU just dropped 17 points overnight, no reason cited. It'll go back up. Or not. I can't sweat it now other than to pay attention to the changes as stuff updates!
Message 5 of 8
Anonymous
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Re: Credit reporting after filing

 

@Anonymous wrote:

I was going to start credit monitoring next month since it'll give my bk a full month since filing, and my 341 is 8/12. Did you notice your scores going up or down or both with them being reported as 0/co/bk?


I would personally advise to wait until your 341, or even a month after that, to start monitoring.  Why?  Because it takes about that long for things to settle down after filing, but more importantly, you cannot USE the info until your discharge.  Until then, relax...enjoy the breather from creditors that BK provides and use the time to learn and digest everything you are going to need to rebuild once you do hit the starting line, which is your discharge.  I would pull reports (not scores, just reports) about a month after your 341 to ensure everything is reporting IIB/Current/$0 and start disputing if not to ensure you are ready to go at discharge, but that's it.  If you build your file, your scores will follow - but concentrate on your file at first, it will save you headaches

 

Remember, rebuilding is a marathon, not a sprint  Smiley Wink

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Anonymous
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Re: Credit reporting after filing


harleygirl1987 wrote:

I noticed on our Credit Karma (I know they aren't that reliable..) that it had reported our Chapter 7 as of yesterday, and the scores went down some, but TU is 640 and Equifax is 574. Will the credit scores adjust again once it's dischared? I'm not that familiar with how the credit scoring changes once filed, to after discharge.



Did my scores change once I had my Discharge: NO


Not until I was approved for a CC, and it had finally reported to all 3 CRAs*.


This also happened to be *60 days post Discharge.


EQ +84, TU +66, EX +74

Message 7 of 8
Anonymous
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Re: Credit reporting after filing

I need to monitor my credit anyway since my poor excuse for a father's stuff keeps popping up on my reports. I just had to deal with a 100k+ tax lien of his that wrongly reported. That's the reason i though i could start stuff next month, and like you said after the 341 which is early in the month to make sure everything is MINE and correctly reporting. My credit has always been mid/high 700s and before filing was 700 without any lates or collections etc. It'll be interesting to watch how this all goes. It's basically my obsession right now, then I get the wonderful task rebuilding my husband's and my credit. Smiley Happy
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