General Credit Topics

[Ron6262]

   I am only a bit over two years discharged from Chap 7 BK.  I had an uppper 670 credit score, then it mysteriously dropped down to 638.  I noticed the only change is the BK is no longer reporting.  Is this good or bad in the long term??  I am hesitant to call or dispute and ask that it be put back on, but dont really know much about this issue.

[compassion101]

Where is the credit report from and the credit score? What does it list as the primary negatives factors bringing down your score?

[GoingTo800]

you probably lost some age, your score now with no BK is better than a higher score with a bk!

[Jlu]

Rebucketing. It's a good thing.

[RnJ]

I'm no expert, but might it reappear later?  Also, how many accounts did you have IIB?  Sometimes, those accounts might get deleted and then get added back on by the creditors, you should be watching your reports frequently.

I don't know how it is with auto loans, but with a mortgage application, you still have to disclose you filed and were discharged from BK, because the underwriter will find it, the BK Ch 7 is public record and the info can be accessible to lenders.  (that is if you apply for a mortgage before the BK falls off your report - 10 years from date of filing)

I'm not sure I would ask the CRA's to reinsert it, they would have to verify, and if any major accounts were IIB, those could come back on your report and cause you a lot of misery.  I would do nothihng at this point, monitor your reports once or twice a year, get your scores at least once a year (or more often if you're in the position for asking for a loan).  Make sure you're checking all three CRA's for your reports, see if the BK is not reporting on all three, but monitor regularly if you can.