Bankruptcy

[Abanomi24]

I am a little bit confused.  I filed for C7 BK on 2-5-13 with a Fico score of 521 and 27 collection accounts.  Now all 27 collection accounts are gone from my most recent 03-03-13 CR.  It now shows two old credit cards IIB and a paid in full student loan.  Nothing else is on there.  My score went from the 521 to 650 in one month.  Is this normal?  Are the creditors that used to be listed just gone for good or do they come back as IIB after the discharge in a few months?  If anyone has any knowledge on this please help me out...

[Scupra]

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Abanomi24 wrote:

I am a little bit confused.  I filed for C7 BK on 2-5-13 with a Fico score of 521 and 27 collection accounts.  Now all 27 collection accounts are gone from my most recent 03-03-13 CR.  It now shows two old credit cards IIB and a paid in full student loan.  Nothing else is on there.  My score went from the 521 to 650 in one month.  Is this normal?  Are the creditors that used to be listed just gone for good or do they come back as IIB after the discharge in a few months?  If anyone has any knowledge on this please help me out...

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Thank the heavens and hope it stays that way! Congrats

[Comet21]

Normal score bump but you got a LOT of extras! Congrats!

[Countingpennies]

Just want to add a caution. If that is only one report you are looking at, the other two won't necessarily be the same. I had the same thing happen on my EQ report after I filed. I'm thrilled about that, my EQ score at one point was near 700. At the same time, EX and TU were low 500's. After your discharge, be sure to get your full reports from all 3 CR's. I waited about 30 days after discharge to give everything a chance to report. Now I'm in the cleanup mode trying to get my TU and EX reports where they should be.

Don't mean to rain on your new joy, I just think it helps to be prepared so you won't go into shock later.

And congratulations on your fresh start!

[Abanomi24]

Thank you for the advice, much appreciated!  My 341 meeting is tomorrow morning and then hopefully on to a new financial life...

[armyranger44]

Your score jumped because your debt to income ratio decreased.  In short, you eliminated your debt by filing Chapter 7 and now you have more disposable income.

[Scupra]

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armyranger44 wrote:

Your score jumped because your debt to income ratio decreased.  In short, you eliminated your debt by filing Chapter 7 and now you have more disposable income.

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He also had 27 accounts magically go away rather than report iibk haha! Over 100pts is quite drastic. 

[Abanomi24]

That's kind of where I am confused.  All of the 27 accounts were medical collections.  They all disappeared within this past month since I filed.  Other than that, I only have the two CC's now IIB (they had small balances) and a bad bank account I had overdrawn.  I guess since I really didn't have any revolving debt it must have helped me out?  Really, I am not sure exactly.  I had my 341 meeting today and it went just like I have read on here.  Nothing to worry about with the Trustee just having me confirm everything I had put in my papers.  Here is hoping this is painless in the future...

[Countingpennies]

All my collections (except 1) disappeared after filing as well, mine were not medical though.

[Shogun]

Congrats!  Now it's time to start healing and growing!