Does the big drop in your credit score happen at once or in levels?

[Anonymous]

Does the big drop in your credit score happen at once or in levels? I know the score I pulled was a FAKO 596 the day before my filing occured. When I got the notice it appeared on my report- I pulled a new FAKO of 586. It doesn't seem like a huge drop so I wasn't sure if more drops are comming. I have 12 accounts that I filed on and still have 61 accounts that are in good standing either paid or being paid but I don't know if my score will go up once I'm discharged or will it be a drop?

[stacyppl]

I think it occurs in levels. My credit score tanked even before the bk hit. The day before it hit, I was at 497. When it hit, I went to 495, I think. When accounts were included in BK, it went up and went down, depending on how the bk was reported and if the account was in good standing or bad standing prior to bk. I had an account that was fairly good but at 99% utility report the bk perfectly (IIB, $0 past due, $0 balance) and my score shot up to 530. Another account reported IIB, but showed $0 oast duw, but a $1500 balance. My score dropped six points. Other accounts posted IIB, but no change is balance and past due. My score did not change. I'd say, worry more about the score after the 341 or after discharge to see how the accounts report then. After that, get ready to dispute the incorrect reportings and your score should rise. I plan to draft my dispute letters now and send them off after the last day for objections has passed. That should give me 30 days or so to discharge and clean up my reports. I would like to discharge with a decent enough score in case I need to get another vehicle (current one is IIB) sooner than later.

[Anonymous]

Thanks! I have student loans that I hope will help with rebuilding part of my score. I'm a little freaked about the 341 meeting but I am trying to focus on the discharge part. I think I just want it to go quickly and be over. Great idea to start drafting letters now to be ready later

[SSH0126]

Does paying student loans help build your credit? Are they considered revolving credit? I will be graduating next year with about 30k in student loans and was thinking on maybe going broke for three years to pay them off quickly.. Good or bad Idea? After they are paid I then want to buy a home. I will be approx 30 or 31 at that time. Any input.

[Anonymous]

Yes student loans count as installment loans, and paying them on time does build your credit.

You'll want to add at least one revolving account to the mix.

Good luck!

[GWilliam]

Prior to filing Ch7 my cards were maxed out and I had a 530 FICO score. After I filed it went to 550, upon discharge last month 617 and it is currently at 637. My Student loan no longer states IIb, but ""paid as agreed" and the balance is lower because of this months payment.... I did apply for and received a BestBuy Rewards MC, paid off the $39 AF, along with a Bank One and paid off the $69 AF(at least it doesn't have a monthly fee like some have) it is a start. I did apply for a Cap1, but was denied, but hey I bk'd 3 cards with them, so in a year or so I'll reapply (they told me I could reapply in 45 days... don't think so)