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Getting closer to discharge and had a question about a 70 point drop in credit score.

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Anonymous
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Getting closer to discharge and had a question about a 70 point drop in credit score.

Good morning everyone,

 

Up until yesterday, I was smooth sailing with my score going from a 530 on the day I filed for CH7 to 658 just a couple of days ago.  I now notice that my bank has referenced my previous loan accounts as 'closed/included in BK'.  There were 8 total accounts.  My score has dropped down to 588 and I fear it'll go even lower.  Does anyone else have an experience like this?  If so, how long did it take for your credit report to adjust?

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2 REPLIES 2
TRC_WA
Senior Contributor

Re: Getting closer to discharge and had a question about a 70 point drop in credit score.

That's the norm.

 

IIB accounts are derogatory and will lower your scores for as long as they are on your reports.

 

You just filed... scores in the 400s to 500s should be expected... but don't fret... you have nowhere to go but up.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 2 of 3
Scupra
Super Contributor

Re: Getting closer to discharge and had a question about a 70 point drop in credit score.


@Anonymous wrote:

Good morning everyone,

 

Up until yesterday, I was smooth sailing with my score going from a 530 on the day I filed for CH7 to 658 just a couple of days ago.  I now notice that my bank has referenced my previous loan accounts as 'closed/included in BK'.  There were 8 total accounts.  My score has dropped down to 588 and I fear it'll go even lower.  Does anyone else have an experience like this?  If so, how long did it take for your credit report to adjust?


Score should be of no concern at the moment. What you are experiencing is 100% normal though Smiley Happy

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
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