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Member
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Registered: ‎05-28-2013
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Filing BK 7 Today!!!!!!!!!!!!!

Hello all, I am 29 years old and am filing chapter 7 bk today and I would like to know what to expect from here on out? When did you see an increase in credit score if any at all? When were you offered your first CC after discharge and how high were the limits(not that I plan on getting one right away)? How do I rebuild my credit? Thanks!!

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Posts: 401
Registered: ‎03-01-2012
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Re: Filing BK 7 Today!!!!!!!!!!!!!

please carve out a couple of hours, if not more and read these forums - everything outlined in great detail by many people.

Filed BK7: 7/12 (discharge 10/12) 5/12- EQ FICO - 508 / TU FICO - 490
EQ FICO: 677 (02/15)
TU FICO: 651 (02/15)
EX FICO: 671 (02/15)
NFCU cashRewards $18k - NFCU Flagship Visa $18k - First Tech C.U. Cash Rewards $5k - Cap1 Venture - $10k - Barclays Apple Card $2k - Discover $1,000 - JCrew $4650
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Posts: 12
Registered: ‎05-28-2013
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Re: Filing BK 7 Today!!!!!!!!!!!!!

Thanks!!

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Registered: ‎10-26-2012
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Re: Filing BK 7 Today!!!!!!!!!!!!!

When you file bk 7 and it's discharged you can see anywhere from a 50-200 point drop in scores. What was your scores before you filed? It is tiered to brackets you fall in to determine how many points you will drop. I had a friend who just filed and her fico scores were all above 800. She dropped 250 points.

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Registered: ‎05-28-2013
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Re: Filing BK 7 Today!!!!!!!!!!!!!

Thanks for the replies everyone!! My credit score before BK7 is as follows EQ:477 EXP:585 TRU:587 will my score drop? I just want to do the right thing and rebuild my credit. How long will it take for me to see a change in these scores on my reports?

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Registered: ‎04-26-2013
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Re: Filing BK 7 Today!!!!!!!!!!!!!

If you have the ScoreWatch product and have pulled your FICO score in the last 30 days, you can simulate a bankruptcy on your credit report and it'll estimate for you what a bankruptcy will do to your credit score.  Figure on probably at least a 50 point drop in your score, though.  

 

Be extremely careful once your bankruptcy is discharged...there are some creditors who will actually start offering you credit once your bankruptcy is discharged (because they know that your debts are cleared).  If you choose to take one of them up on that offer, make sure you pay it on time, every month (I'd suggest setting up an automated payment a couple weeks in advance of the due date just to be safe).  While it's nice to get those to start rebuilding your credit, you'll find that even a day late will cost you $35 or more in late fees and a jump to 30+% interest rate.  

 

Another issue to consider is that much later down the line, some underwriters (ie for home loans) look unfavorably on late payments after a bankruptcy, even if the bankruptcy was 8 years ago (as in my case).  


Starting Score: 603
Current Score: 652 | 655 | 656 from lender pull
Goal Score: 740


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Re: Filing BK 7 Today!!!!!!!!!!!!!


Rodneyfrmttown wrote:

Thanks for the replies everyone!! My credit score before BK7 is as follows EQ:477 EXP:585 TRU:587 will my score drop? I just want to do the right thing and rebuild my credit. How long will it take for me to see a change in these scores on my reports?


doing the right thing would be waiting till you have an official discharge, then you can apply for a secured card through a local CU or Cap 1 and start the rebuilding process.

 

once you file the BK, you'll see the drop.  Your scores are already pretty low so you may not see a huge drop.  For reference, I started as low as 508 I believe and I'm up to 640 right now in about 6 months.....slow and steady wins the race.

Filed BK7: 7/12 (discharge 10/12) 5/12- EQ FICO - 508 / TU FICO - 490
EQ FICO: 677 (02/15)
TU FICO: 651 (02/15)
EX FICO: 671 (02/15)
NFCU cashRewards $18k - NFCU Flagship Visa $18k - First Tech C.U. Cash Rewards $5k - Cap1 Venture - $10k - Barclays Apple Card $2k - Discover $1,000 - JCrew $4650
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