Credit Card Center Advertiser Disclosure†
08-18-2012 07:29 PM
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.
08-19-2012 10:36 AM - edited 08-19-2012 10:36 AM
Rebucketing. It's a good thing.
08-19-2012 12:04 PM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.