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Deleted bankruptcy

New Member

Re: Deleted bankruptcy effect on Fico score

My Score with TU dropped 20 points 683 as BK was just removed 3 months early.

EX 693 BK will come off 9-2009

EQ 678 BK will come off 9-2009

 

I do not get this, I have no Lates of any kind on their now with 22% credit useage. When does the scoire begin to go back up?? This stinks!!

 

 

 

 

 

 

Message 91 of 105
Moderator Emeritus

Re: Deleted bankruptcy effect on Fico score


virgoman wrote:

My Score with TU dropped 20 points 683 as BK was just removed 3 months early.

EX 693 BK will come off 9-2009

EQ 678 BK will come off 9-2009

 

I do not get this, I have no Lates of any kind on their now with 22% credit useage. When does the scoire begin to go back up?? This stinks!!

 


Do have any other baddies like CAs or charge-offs (paid or unpaid)? If not, then you likely were rebucketed. Temporarily it stinks. Long term...you'll see some decent increases over the next few months.
Message 92 of 105
New Member

Re: Deleted bankruptcy

Earlier post I saw from a BK filer said his/hers jumped 80 points when it fell off the CR.
Message 93 of 105
Moderator Emeritus

Re: Deleted bankruptcy effect on Fico score

Ilecs always knows his stuff.  Buy your score from myfico, then use the score simulator.  It will show you what will happen over the next several months as you pay your bills on time, or rebuild your credit.  It will definitely cheer you up and the fico scoring system will start to make sense.  You are now able to achieve much higher scores than you could with a bk reporting.  Congratulations!  Plus, score simulator helps you understand what NOT to do!  Very much an a-ha! moment.  Smiley Wink.
Just puttin' syrup on something, don't make it pancakes.
Message 94 of 105
Regular Contributor

Re: Deleted bankruptcy

I had a chapter 13 BK in 2001 but TransUnion and Experian both removed it from my credit report but Equifax is saying they can  hold it for 10 years.  We filed but then did not go bankrupt and ended up paying everything off but once we filed we had to take the hip from the BK on our credit reports.  My TransUnion and Experian both went up after the BK was removed, however I had credit cards that were kept up to date and did a good job on them so I guess that is the reason that I did not lose points.  My Credfit score went up but now I have no idea what my Equifax will be like once this is removed.  I am going to send Equifax a letter and see if I can get them to remove it.  It is hard to predict how they will score you when they remove it.  Some people get a nice increase, some people stay the same for a little while and some go down but it is only temporary.  Good Luck

Starting Score: 800
Current Score: 800
Goal Score: 850


Take the FICO Fitness Challenge
Message 95 of 105
Highlighted
New Member

Re: Deleted bankruptcy effect on Fico score

I have no charge offs of any kind a spotless record except the BK
Message 96 of 105
Moderator Emeritus

Re: Deleted bankruptcy effect on Fico score

Virgoman - what info do you get from the myfico simulator?  When your 22% usage goes down, how many points do you gain?  Or after 6 mo. paying your bills on time?  The simulator will help you know when and by how much your scores will go back up.  No lates?  No IIB?  Any IIB will keep you in the derogatory bucket even if there were no late payments.  What is your AAofA?

 

When DH BK dropped off - he had no lates, no IIB.  Score popped up 80 points.

Just puttin' syrup on something, don't make it pancakes.
Message 97 of 105
New Member

Re: Deleted bankruptcy effect on Fico score

What is "AAofA and IIB????? sorry I do not know those terms..
Message 98 of 105
Moderator Emeritus

Re: Deleted bankruptcy effect on Fico score

AAofA is average age of accounts - you will see it listed on your myfico (or any CRA) report

IIB is Included in Bankruptcy - noted on the individual accounts in your myfico (or any CRA) report.  This includes any note on the account that indicates it was IIB or a Wage Earner Plan.

 

When a BK is dropped, the individual accounts may still hold a note that they were IIB.

 

For a list of abbreviations Smiley Wink see http://ficoforums.myfico.com/fico/board/message?board.id=Welcome&thread.id=23

Just puttin' syrup on something, don't make it pancakes.
Message 99 of 105
Moderator Emeritus

Re: Deleted bankruptcy effect on Fico score


virgoman wrote:
What is "AAofA and IIB????? sorry I do not know those terms..

Common Abbreviations

Message 100 of 105