Credit score when bankruptcy falls off!

[physicist82]

Hello

SO's bankruptcy is scheduled to fall of in July. Right now his TU score according to our mortgage lender is 651 and that was before we paid off 3 credit cards, and got the one collection on the account removed.

I have read on here about scores dropping after BK's fall off because of changing buckets or something. 

Here is what his report (for TU and EQ) look like

8 credit cards -  5 no balance

                             3 with balance:  Cap1   700/750           

                                                          Chase 3400/3500

                                                           BB       840/1000

limits on the 0 balance cards total - 5200

so total utilization is: 4940/10450     47 percent

Ch 7 bankruptcy filed 8/2004 discharged 12/2004 (TU says due to fall off in 7/2014 and EQ says 8/2014)

If we were to call TU and ask for early delete since its only a couple of weeks away does it look like his credit score would go up or down? 

Thanks for any help you guys can give me.

[user5387]

1.  The three remaining CCs with balances are maxed out, and this is a major issue in utilization scoring.

2.  A major derogatory like a BK gradually loses its scoring impact over time, and you might be able to find some back threads here that give an idea of how big the impact is just before it falls off.

[Anonymous]

Wondered too. Scared I would take a big drop due to rebucketing. What really took place was a score increase of 80+ points. What a shock and a great feeling.

[MadTechnologist]

I hope it all works out well, I wish you good luck! I'm scheduled to be in the same "bucket" in 2022, lol! Let us know how it goes, as hopefully it'll be good news!!! 

[gdale6]

You can get an idea from my siggy only TU has a BK reporting the others are clear. I would expect your scores to soar once the PR drops.

[takeshi74]

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@physicist82 wrote:

so total utilization is: 4940/10450     47 percent 

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Keep in mind that individual utilization matters as well.

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@physicist82 wrote:

If we were to call TU and ask for early delete since its only a couple of weeks away does it look like his credit score would go up or down? 

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No telling.  The factor you've mentioned (BK & utilization) probably have the biggest impact but we have no way of knowing whether other factors at play would have an impact as well (whether it's rebucketing, aging of accounts, etc).  If the BK close to falling off its impact has probably already been reduced and I suspect that there would be a bigger impact from improving utilzation but that's just speculation which is all any of us can provide.  If it's a couple of weeks you'll find out shortly anyway.

[physicist82]

Thanks for the replies everyone. 

The AAoA is 4.5 years. Oldest card 14 years.

An additional question as well. 

If something says it is set to fall off in 7/2014 does that mean on July 1st if I pulled a credit report it would be gone or would it be August 1st it would be gone?

[d12]

My BK 13 was filed on July 24.  Transunion said it would fall of automatically on June 24 (and it did).  They said they couldn't take it off any earlier although I know they have done it for other people.  My TU score was 742 until it fell off 3 days ago and it went up to 808.