Can your credit file be too limited to score?

[0REDSOX7]

So, now that I have filed Ch. 7 BK, I will literally have no accounts on my credit report except student loans.

Will this mean I will have a credit report that is too limited to accurately score, or, how does that work?  I did not have any chargeoffs, collections, late payments (except for when we filed BK, we had to stop paying), so, I am just curious.

[DaBears]

You are rebucketted into a group of consumers that have derogatory information on their credit reports. BK 7 will be listed as a Public Record on your CR however , the impack of it lessens over time. Once it is removed in 10 yrs from the filing date and their is no derogatory information on your file you will then be rebucketted into another group of consumers that never had derogatory information ever. Hopes that make sense to you.

DaBears

[ezdriver]

What about the payment history of tradelines used? Those are still in your records and will be sufficient to generate a score. Your scores prior to bk will not go to zero after the bk discharge.

[DaBears]

All those accounts IIB will be deleted after 7 yrs. Hence it's always good to start to rebuild credit asap. 

[0REDSOX7]

The payment history was flawless prior to filing. I noticed in my TU and EX CRs, my payment history was deleted.

[randyrhodes]

They'll take everything off the tradelines except included in bankruptcy. no payment history. nothing. it'll show 0 balance.

[0REDSOX7]

So then really all they can score off of is the AAoA?

As I mentioned previously, there were no negatives prior to filing, so I'm just curious what they would score, aside from the bankruptcy filing?

[Galaim]

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@0REDSOX7 wrote:

So, now that I have filed Ch. 7 BK, I will literally have no accounts on my credit report except student loans.

Will this mean I will have a credit report that is too limited to accurately score, or, how does that work?  I did not have any chargeoffs, collections, late payments (except for when we filed BK, we had to stop paying), so, I am just curious.

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Abso-flippin-lutely it can. I cleaned up "too well" (mortgage broker's words) from identity theft and when I paid off my student loans, left myself scoreless. I was fortunate that my husband had two cards he could add me to as joint user, so I ended up with a 620 when we bought our house. Now, two years later, I'm working hard on hitting mid-7's by summer. It's do-able. Take a look at the "BK to 700 in 2 years" thread for some good ideas on rebuilding. I wish I'd known about that resource 3+ years ago!

[0REDSOX7]

Yea. See my issue is I need an auto loan post BK. So, I think my score may be a victim of too little stuff reporting. I'm waiting for myFICO to fix my account so I can get an idea of my score, but until then I have credit karma and credit sesame. Both FAKO I know, but one says 689 and the other is 599, so i have no idea.

Argh.

Just ready to start the rebuild.

[Galaim]

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@0REDSOX7 wrote:
Yea. See my issue is I need an auto loan post BK. So, I think my score may be a victim of too little stuff reporting. I'm waiting for myFICO to fix my account so I can get an idea of my score, but until then I have credit karma and credit sesame. Both FAKO I know, but one says 689 and the other is 599, so i have no idea.

Argh.

Just ready to start the rebuild.

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You totally have my sympathy - been there. It's super hard, and a giant PITA, but you'll get there.