Finally broke 710 after BK7

[cem13]

I posted my story in this section and the other sections but I want to share another recent activity in my re-build.  I finally broke 710 today.  I was range bound for the last 2 years.  I had a nice bump when I was re-bucketed after the 2 years post BK7 mark.  However, this current bucket (BK7 2yrs to 10 yrs) has been a pain to get my scores up.  My new Mortgage reported to EX today and I gained a few points to finally break 710.

I do NOT need these extra points.  I have a very good interest rate for my car, Mortgage and credit cards so I am almost optimized.  However, just as pizza1 says "I just cannot help myself".  Now that I have a complete understanding of how FICO uses the CRA's data to generate a score, I want the best score possible and more credit.

Short synopsis:  

up to 2009: living a happy, full-filling and successful life

2009:  Lost high paying job

2010: Re-employed at 60% of previous wages

JAN 2011: Filed BK7

JUN2011: D/C BK7

JUL2011: Read Soul Master's Wonderful Novel (BK7 to 700 Ultimate Guide)

APR2013: Broke 700 across all 3 CRA (22 months post BK7 discharge)

JUL2013: Followed Credit Addict's Wonderful Novel (Navy Federal's Ultimate Guide).  First major CL to $25K.

MAR2015: Did a short sale of my house back to myself.  I did not re-affirm and owed $120K.  Offered a settlement for $80K and they accepted.  Closed 31MAR15

APR2015:  Followed Nixon, Pizza1, Credit Addict among others on a major App Spree.  I now have over $100K in unsecured credit from 12 apps and 7 approvals.

MAY2015: Mortgage reported to EX.  Score jumped to 712.

So with the help of many people on this Board, I went from BK7 (~550 FICO) to 712 in less than 4 years post discharge.  I have knocked off $40K from my home and I will have it paid off in 10 years (maybe earlier), my 401K was not impacted ($500,000) so I will be able to retire at 54 or 55.

[Anonymous]

Grats!

Could you list the full title of the books/guides you found useful and possibly where one could get a copy?

[Anonymous]

how do I find this book---BK7 to 700 Ultimate Guide?

[StartingOver10]

They aren't books. They are long well read threads. The first one is in the Bankruptcy section of this forum:  http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-...

The second one is most likely in the cc section. Try the search button on the upper right corner

[Chilli]

---

@cem13 wrote:

I posted my story in this section and the other sections but I want to share another recent activity in my re-build.  I finally broke 710 today.  I was range bound for the last 2 years.  I had a nice bump when I was re-bucketed after the 2 years post BK7 mark.  However, this current bucket (BK7 2yrs to 10 yrs) has been a pain to get my scores up.  My new Mortgage reported to EX today and I gained a few points to finally break 710.

I do NOT need these extra points.  I have a very good interest rate for my car, Mortgage and credit cards so I am almost optimized.  However, just as pizza1 says "I just cannot help myself".  Now that I have a complete understanding of how FICO uses the CRA's data to generate a score, I want the best score possible and more credit.

Short synopsis:  

up to 2009: living a happy, full-filling and successful life

2009:  Lost high paying job

2010: Re-employed at 60% of previous wages

JAN 2011: Filed BK7

JUN2011: D/C BK7

JUL2011: Read Soul Master's Wonderful Novel (BK7 to 700 Ultimate Guide)

APR2013: Broke 700 across all 3 CRA (22 months post BK7 discharge)

JUL2013: Followed Credit Addict's Wonderful Novel (Navy Federal's Ultimate Guide).  First major CL to $25K.

MAR2015: Did a short sale of my house back to myself.  I did not re-affirm and owed $120K.  Offered a settlement for $80K and they accepted.  Closed 31MAR15

APR2015:  Followed Nixon, Pizza1, Credit Addict among others on a major App Spree.  I now have over $100K in unsecured credit from 12 apps and 7 approvals.

MAY2015: Mortgage reported to EX.  Score jumped to 712.

So with the help of many people on this Board, I went from BK7 (~550 FICO) to 712 in less than 4 years post discharge.  I have knocked off $40K from my home and I will have it paid off in 10 years (maybe earlier), my 401K was not impacted ($500,000) so I will be able to retire at 54 or 55.

 -----------------------------------------------

Wow! This sounds like my story with the exception of a short sale, mortgage and I did a chapter 13 instead of a 7 but I still used soul masters plan and tailored it to my needs. Yes, along with the help of credit addict, Pizza1, NIxion, Scupra and others, I have well over 130K in avail credit within 2 yrs post. To my amazement, I've watch my scores soar to the 700 range as well.

Isn't it a good feeling? My credit is better now after BK then before...

i have more knowledge about how to play the game which I find is a lot of fun.

CONGRATS TO YOU!

[TRC_WA]

Grats OP...

Just make sure you don't listen to the advice of the EX rep that told you IIB accounts no longer affect your FICO score after 2 years.  You were preaching it last week over in the BK forums and never returned when like 5 of us questioned you on it...

... IIB accounts affect your score the entire time they are on your report.  The impact lessens as the derog ages but don't think for a minute you filed BK7 and have IIB accounts on your CR for 2 years and they stay on there for free for another 5 years.

Doesn't work that way.   If it did people wouldn't see score increases when derogs fall off.

Have a nice day. 

[Chilli]

---

@TRC_WA wrote:

Grats OP...

Just make sure you don't listen to the advice of the EX rep that told you IIB accounts no longer affect your FICO score after 2 years.  You were preaching it last week over in the BK forums and never returned when like 5 of us questioned you on it...

... IIB accounts affect your score the entire time they are on your report.  The impact lessens as the derog ages but don't think for a minute you filed BK7 and have IIB accounts on your CR for 2 years and they stay on there for free for another 5 years.

Doesn't work that way.   If it did people wouldn't see score increases when derogs fall off.

Have a nice day. 

---

+1

[MarineVietVet]

---

@cem13 wrote:

I posted my story in this section and the other sections but I want to share another recent activity in my re-build.  I finally broke 710 today.  I was range bound for the last 2 years.  I had a nice bump when I was re-bucketed after the 2 years post BK7 mark.  However, this current bucket (BK7 2yrs to 10 yrs) has been a pain to get my scores up.  My new Mortgage reported to EX today and I gained a few points to finally break 710.

I do NOT need these extra points.  I have a very good interest rate for my car, Mortgage and credit cards so I am almost optimized.  However, just as pizza1 says "I just cannot help myself".  Now that I have a complete understanding of how FICO uses the CRA's data to generate a score, I want the best score possible and more credit.

Short synopsis:  

up to 2009: living a happy, full-filling and successful life

2009:  Lost high paying job

2010: Re-employed at 60% of previous wages

JAN 2011: Filed BK7

JUN2011: D/C BK7

JUL2011: Read Soul Master's Wonderful Novel (BK7 to 700 Ultimate Guide)

APR2013: Broke 700 across all 3 CRA (22 months post BK7 discharge)

JUL2013: Followed Credit Addict's Wonderful Novel (Navy Federal's Ultimate Guide).  First major CL to $25K.

MAR2015: Did a short sale of my house back to myself.  I did not re-affirm and owed $120K.  Offered a settlement for $80K and they accepted.  Closed 31MAR15

APR2015:  Followed Nixon, Pizza1, Credit Addict among others on a major App Spree.  I now have over $100K in unsecured credit from 12 apps and 7 approvals.

MAY2015: Mortgage reported to EX.  Score jumped to 712.

So with the help of many people on this Board, I went from BK7 (~550 FICO) to 712 in less than 4 years post discharge.  I have knocked off $40K from my home and I will have it paid off in 10 years (maybe earlier), my 401K was not impacted ($500,000) so I will be able to retire at 54 or 55.

---

What is your FICO source discussing those particular time periods for rebucketing?

Where does FICO talk about 2 years being some kind of magical point in time for BK to begin having less impact?

Just curious.

[Anonymous]

can you explain the 2 year afet bk discharge uptick (rebucketing) please-- I will hit 2 years net month and hope this is true

[Anonymous]

I am looking forward to the answers also as I am keen to learn new things..