Woo HOO !What was the best part of having your bankruptcy come off your credit reports?

[startover03]

My bankruptcy is due to come off my reports this summer.  I can't wait!  I'm curious to know, from those of you who''ve made this milestone already, what was the best part of having it finally come off?  Is it the psychological boost of knowing it's finally gone?  Is it the score boost? (I suppose there will be a boost)  Does it change anything?  Or was it just another day for you?  For me, I think I will look forward most to the emotional boost of knowing it's over.  Perhaps I hope also to not be as "in knots" when I do need to apply for credit or loans in the future. 

[SDAnder]

Mine drops off in less than a month so I'll report back when it actually happens.  I'd be curious to hear from others as well.

[startover03]

If I were you, I'd be hoping every day for a scorewatch alert!  Do update when it happens, I'm curious to know how the first few credit applications or loan applications or whatever feel.  I keep wishing I didn't have it in my mind always, that even with a decent score, it's still there and may cause denials etc.  I imagine the relief of finally having it gone will be very sweet indeed.  And I am super curious about the scores.  I've seen people report small changes maybe 21 points and some report whopping changes of 80 points and more.  Unreal. 

[Anonymous]

Having a bk drop from everything I have read on here does not always give you a boost. It effects the AAOA and alot of times drops your score. It is according on how quickly you re-established after your bk that will make the diffrence. If you re-established quickly you may get a boost but if you did not your score very well could drop.

Just did not want you to get a shock if it happens. As your open accounts get older then you score will rise.

[Anonymous]

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@Anonymous wrote:

Having a bk drop from everything I have read on here does not always give you a boost. It effects the AAOA and alot of times drops your score. It is according on how quickly you re-established after your bk that will make the diffrence. If you re-established quickly you may get a boost but if you did not your score very well could drop.

Just did not want you to get a shock if it happens. As your open accounts get older then you score will rise.

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Hmmmmm.  If my memory serves me, public records are not included in and do not affect your AAofA. 

Someone will correct me if I'm wrong on this -  I'm sure. 

It probably goes without saying, but the more you've rebuilt your credit after the BK discharge, the happier you'll be with the score change when the BK ages off.

And I have to quote Dave Ramsey on this one, remember that even if the BK ages off your CR reports, it never really goes away.  I have a BK on my reports and look forward to it aging off.  However, if I'm ever asked if I ever filed BK, the legally correct response will always be yes - even if it has aged off.  Failure to accurately respond to this question could result in some not so pleasant results.

Nevertheless, I plan on a major party when mine ages off and am excited it will no longer be there to stare my potential creditors down.  I can't wait!

[MarineVietVet]

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@Anonymous wrote:

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Hmmmmm.  If my memory serves me, public records are not included in and do not affect your AAofA. 

Someone will correct me if I'm wrong on this -  I'm sure. 

It probably goes without saying, but the more you've rebuilt your credit after the BK discharge, the happier you'll be with the score change when the BK ages off.

And I have to quote Dave Ramsey on this one, remember that even if the BK ages off your CR reports, it never really goes away.  I have a BK on my reports and look forward to it aging off.  However, if I'm ever asked if I ever filed BK, the legally correct response will always be yes - even if it has aged off.  Failure to accurately respond to this question could result in some not so pleasant results.

Nevertheless, I plan on a major party when mine ages off and am excited it will no longer be there to stare my potential creditors down.  I can't wait!

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You are correct. Collections and PR's are not included in AAoA.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

I have a collection that is due to drop next month. I disputed it before hand and it dropped my score. It was confirmed and my score went back up so I beleive it does affect something.  I did this 2 months ago hoping to get it off alittle early but now I wonder, my score dropped 10pts when I disputed.

[Anonymous]

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@Anonymous wrote:

I have a collection that is due to drop next month. I disputed it before hand and it dropped my score. It was confirmed and my score went back up so I beleive it does affect something.  I did this 2 months ago hoping to get it off alittle early but now I wonder, my score dropped 10pts when I disputed.

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On these forums, we do not recommend disputing accurate information on your CR's.  It can have a negative impact beyond any FICO score changes.

In your case, the dispute temporarily removed the account in question from your scoring algorithm.  The loss of that account can impact your score in many ways, inclluding but not limited to a rebucket due to the nature of the account.  Your AAofA will not be affected by collection accounts.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I have a collection that is due to drop next month. I disputed it before hand and it dropped my score. It was confirmed and my score went back up so I beleive it does affect something.  I did this 2 months ago hoping to get it off alittle early but now I wonder, my score dropped 10pts when I disputed.

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On these forums, we do not recommend disputing accurate information on your CR's.  It can have a negative impact beyond any FICO score changes.

In your case, the dispute temporarily removed the account in question from your scoring algorithm.  The loss of that account can impact your score in many ways, inclluding but not limited to a rebucket due to the nature of the account.  Your AAofA will not be affected by collection accounts.

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Beam, 

So in theory one could dispute their BK with a CRA and it will temporarily be removed from your scoring algorithm, thus showing the person their score (rebucketed) as if the BK never happened? Providing all other negative information associated with the BK have aged off that is.

[Anonymous]

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@Anonymous wrote:

Beam, 

So in theory one could dispute their BK with a CRA and it will temporarily be removed from your scoring algorithm, thus showing the person their score (rebucketed) as if the BK never happened? Providing all other negative information associated with the BK have aged off that is.

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I don't believe BK's are removed during disputes.  And you wouldn't want to dispute a BK that was validly reporting on your CR.  CRA's don't need to respond to frivolous disputes, btw.

The best way to see what your score would be with everything intact except the BK is to use the FICO score estimator.  Fill it out once including the BK and check your score.  Then fill it out again with all the same information, but omitting the BK; check the score again.  That'll give you a good idea of what your score will be like without the BK. 

And I'd just like to throw out the fact that you can have some pretty decent scores even with a BK still reporting - up to 760.  I had a 741 just a few months after CH 13 discharge.  So don't fret too much over having a valid BK showing on your reports - and don't do something silly like dispute it. Just rebuild, rebuild, rebuild.