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Frequent Contributor
Posts: 437
Registered: ‎05-21-2011
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Re: bankruptcy & fico score

I tried a GW. It was through Ford. DW reaffirmed her car through Ford. They refused any adjustment though. I'm not worried. I'll get back to where I want before long. But this is definitely the type of things that should be in pamplets that are mandatorily given to people considering BK.


Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


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Contributor
Posts: 90
Registered: ‎11-12-2010
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Re: bankruptcy & fico score

Well, why wouldn't it work for me? That doesn't seem to make sense. I paid all my bills on time and had only one account out of 11 that went 30 days late with the filing. I had an excellent payment history on all my accounts. I read here keep paying your bills helped your score. If it worked, FICO would not be telling me my Transunion FICO score is 599 (FICO only 628) because of a bad payment history and recent late payments. I didn't have late payments. FICO, in fact, shows no late payments on my credit report!  Actually, I think FICO can't actually say that in its analysis of my report because it's not true. And I'm going to call them and address that with FICO. Its  statement that I have a low score is due to bad payment history and recent late payments is simply inaccurate, and I have the records to show it. I printed out my credit reports 10 days after I filed, and all were showing no late payments.

 

BeamMEup, you're affliated with FICO, why not ask it about this issue. My report should state my score is low due to bankrutpcy, not late payments. It's misleading and inaccurate to say otherwise and hurts me with potential lenders.

 

Thank you.

Contributor
Posts: 90
Registered: ‎11-12-2010
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Re: bankruptcy & fico score

TransUnion told me after I called to try understand why my accounts were showing as late payments that the more accounts you list for BK the more you're hurt with yoru credit. If I had known this, I would have paid off a $500 account (with a struggle) rather than let it go to BK. So number of accounts you list hurt you proportionately. I was told by Transunuon that FICO is saying in its analysis that there were late payments only because I filed BK, not because there are actually late payments. Not right.

New Visitor
Posts: 3
Registered: ‎09-02-2011
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Re: bankruptcy & fico score

[ Edited ]

Question:  In 2002, I was going to file B/R, but before I went to hearing, had my attorney cancel hearing and I went into a debt program and paid my bills off.  I have this record on my 3 reports showing B/R, dismissed..  I have repeatedly requested that this be removed because it has an impact on my credit even though I never did file B/Rm and no one will help me.   Do I have any choice but to leave it on there?

 

Thank you,

 

 

New Visitor
Posts: 3
Registered: ‎09-02-2011
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Re: bankruptcy & fico score

What do you mean update to IIB?  My current score is in upper 600's  (687) I am working on a debt buydown program paying extra to get rid of a few debts and hoping that will also help.

New Visitor
Posts: 3
Registered: ‎09-02-2011
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Re: bankruptcy & fico score

I still don'f feel like I got a fair treatmen of this posting because I never actually filed.  I dismissed it before it went to hearing.   And it was in 2002.  Over 9 yrs. ago.

If I could get a letter from the BK court stating this, and send to the 3 reporting agencies, do you think it would help?

New Visitor
Posts: 1
Registered: ‎02-10-2008
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Re: bankruptcy & fico score

I learned the hard way from Ch 7 and now I have not had a single credit card company, mortgage company want to touch me (not because of score), but because of the BK on the record. They are saying I need to wait the 7-10 years for it to come off the record before people are gonna deal with me again. Luckily, my wife had a good score and that allowed us our home and credit cards etc.

Moderator Emeritus
Posts: 4,470
Registered: ‎12-31-2008
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Re: bankruptcy & fico score


orosie50 wrote:

I still don'f feel like I got a fair treatmen of this posting because I never actually filed.  I dismissed it before it went to hearing.   And it was in 2002.  Over 9 yrs. ago.

If I could get a letter from the BK court stating this, and send to the 3 reporting agencies, do you think it would help?


orosie50,

 

If your BK was dismissed over 9 years ago, it will age off your reports soon.  It should report for 10 years.  If, for example, you filed in June 2002, it will age off in June 2012.

 

Your CreditReports probably already have the information from the BK court showing that it was dismissed along with the date - and unfortunately, it will report - accurately - for ten years.  You've already made it through 9+ years of reporting, with less than a year left to go.  Hold on!

 


 

Just puttin' syrup on something, don't make it pancakes.
Moderator Emeritus
Posts: 4,470
Registered: ‎12-31-2008
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Re: bankruptcy & fico score


hardlessons wrote:

I learned the hard way from Ch 7 and now I have not had a single credit card company, mortgage company want to touch me (not because of score), but because of the BK on the record. They are saying I need to wait the 7-10 years for it to come off the record before people are gonna deal with me again. Luckily, my wife had a good score and that allowed us our home and credit cards etc.



Hi hardlessons,

 

Welcome - glad you're posting!

 

BK is tough, and I'm sorry for your experience.  Although it does take some homework, folks with BK's can and do have good mortgages, and decent credit cards.  Thankfully this forum is full of posts from folks like you and I who have been through a BK - and are kind enough to share their experiences.  Although many credit cards will not consider folks with a BK, there are several that will.  We've taken out two auto loans at very good rates, and have a mortgage with a great rate - all with BK still on the reports.  Time is one of the issues - as your BK filing date ages, you'll find your options open up.  And remember you can have a FICO up to 759 with a BK reporting.  Life does go on after BK - and beautifully!

 

I'm glad your DW has a good score now - and yours will get there.  Hope you stick around - there's some great info posted here on the boards.

Just puttin' syrup on something, don't make it pancakes.
Frequent Contributor
Posts: 286
Registered: ‎06-19-2008
0

Re: bankruptcy & fico score

Before I filed bankruptcy my score was a 408, but after I filed it went to a 563. The only new debt I have is a car loan I took right after I filed chapter 7.

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