cancel
Showing results for 
Search instead for 
Did you mean: 

Does your score automatically jump after 2 years of chapter 7 bk discharge?

tag
Anonymous
Not applicable

Does your score automatically jump after 2 years of chapter 7 bk discharge?

I've read a few folks on this forum talk about how their score went up after 2 years..is this something the bureas do automatically or was this because of things they did?

thank you

 

 

Message 1 of 5
4 REPLIES 4
Scupra
Super Contributor

Re: Does your score automatically jump after 2 years of chapter 7 bk discharge?

It would have to do with what you have done to rebuild since BK.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 2 of 5
MarineVietVet
Moderator Emeritus

Re: Does your score automatically jump after 2 years of chapter 7 bk discharge?


@Anonymous wrote:

I've read a few folks on this forum talk about how their score went up after 2 years..is this something the bureas do automatically or was this because of things they did?

thank you

 

 


There is no magical, universal increase in scoring at 2 years or any other set date.

 

If someone says that ask them for a FICO source that discusses the "24 month" rule.

 

I reached out to Barry Paperno, who served as consumer affairs manager, media spokesman and myFICO Forums community manager at FICO about this subject. Here is his response:

There's no 24 month rule having to do with closed and/or new accounts or even any true definition of a new account for that matter. As with all score calculations, there are various thresholds, whether dollars or months or numbers, where the number of points increases or decreases when crossed. For time triggered factors, one threshold could very well be 24 months, just at it could also be 12, 36, 48 months, etc. Not sure why 24 months has caught on in this way, but it might just be that it's a relatively manageable time period to track - and it sort of sounds logical. Other than that, you got me!

So feel free to tell them that any "24 month rule" regarding scoring is basically hogwash. That is, it may have been their experience and that of some others, but that doesn't mean there aren't more out there who see no difference whatsoever when their new account reaches 2 years, is closed before the 2-year mark, or whatever.

Message 3 of 5
pizza1
Community Leader
Super Contributor

Re: Does your score automatically jump after 2 years of chapter 7 bk discharge?

OP...

The effects of the IIB accounts may lessen slightly at the 2 yr mark, but the fact is they are still derogs on your reports., and will affect your reports as long as they are on there.

But the the BK itself is SO derogatory that it probably overshadows the IIB acts. My BK is coming up on 2 yr in August, and Im not expecting any changes in my scores, but I also have other factors affecting them like new acts and inquires, so I may really never know.

Message 4 of 5
Anonymous
Not applicable

Re: Does your score automatically jump after 2 years of chapter 7 bk discharge?

Thank you all for your input

Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.