03-29-2012 07:30 AM
Quick question...have any of you that filed for Chapter 7 BK noticed that during the bankruptcy (before the bankruptcy actually shows up on the CR) that you score inched up a little at a time when the CC companies start updating and if so is it b/c they can't list the derogs after you've filed before the creditors meeting?? All of them are starting to update to 0 balance and it's showing Not Reporting where my baddies usually are. I'm sure when that BK hits it"ll hit HARD but I'd still like to get your input if you have had experience with this.
I'm really just curious my scores are in the dumps which I am aware of it's expected and deserved but I've been getting alerts from myFICO stating my score is going up, granted it's only like 1 or 2 points at a time but still...just wondering if this is normal. Thanks in advance for your thoughts on this!
03-29-2012 10:02 AM - edited 03-29-2012 10:05 AM
From reading on these boards and from personal experience, your scores should see a major bump UP after filing CH. 7. I believe my wife and I had a 50+ incresase after we filed. For a short period it was a 80+ increase but our mortgage,auto, and student loans are no longer reporting our good payment history until discharge. I have spoken with them and even though we reaffirmed the debts, they cannot show the payment history or debt owed until after discharge. I believe up until that point we have the right to pull back the reaffirmation of the debt.
And someone can correct me if I am wrong, but I believe once you have filed for BK you are then being rated against others who have also filed, so I believe that is why you see an increase. Plus, if you are like we were our scores were so low to begin with the only place they could go was up.
03-29-2012 11:31 AM
Thanks Comet!! I do have very low scores and this is the first BK that will be on my reports so this makes perfect sense to me!
03-29-2012 05:09 PM
I agree. Showing discharged in BK zero balance will help in the long run. Takes some time and no new baddies but as the bk fades with age, they get much much better
03-30-2012 08:55 AM
Thanks Granny!! This is what I am hoping. I know it will be a long hard road but I'm up for the challenge!!!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO