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Established Contributor
Posts: 683
Registered: ‎10-02-2007
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Still confused about scores...

 

So I am still a bit confused....my best friend filed for ch 7 bk 11.5 years ago and his case was discharged then too... and his score is at 696 right now

 

I filed in 2009 and was discharged then....my score is 636 according to myfico....

 

According to the simulator if I pay off all my debt which I plan on doing over the next 4 months the simulator says my score will be OVER 700

 

HOW IS IT POSSIBLE THAT MY SCORE WILL BE OVER 700 3 YEARS AFTER MY BK AND MY FRIENDS SCORE IS STILL NOT OVER 700 AND IT HAS BEEN 11 YEARS?

 

HE HAS PAID EVERYTHING ON TIME.... I KNOW HE HAS STUDENT LOANS ON HIS CR, PAID ON TIME, BUT I DON'T

 

Also why is it that myfico says my score will be over 700 in 4 months and creditkarma says my high score in 4 months will only be 685

 

Credit expert on experian says my score will only be about 685, too

 

So, 2 questions:

 

How can I be over 700 score 3 yrs after my bk and my friend 11 yrs after is just getting to 700?

How can creditkarma, creditexpert, & myfico all be so different (there is at least a 40 point difference.... two say I will be at 685 and one says 700-716 (myfico)?

 

 

Valued Contributor
Posts: 1,206
Registered: ‎02-19-2012
0

Re: Still confused about scores...

The fico score is the only one that is important the others are just static. As for your friends score vs yours everyones credit picture is different he may have new deliq. or lates may not be showing cc or loans which are paid on time thus enhancing his score as time goes on. 


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Moderator
Posts: 13,892
Registered: ‎04-15-2011
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Re: Still confused about scores...

For me?  The simulator is absolutely worhtless.  If I did what it said, I wouldn't see the improvement.  Guess it's like said above, everybody is different.

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Epic Contributor
Posts: 20,928
Registered: ‎03-19-2007
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Re: Still confused about scores...

Discharge of BK requires the former creditors to report a current debt balance of $0 as an update to your CR.

However, it does not require deletion of any derogs reported prior to the discharge.  They remain as accurate reflection of the account histories.

And, of course, credit history after the BK depends upon an individual's CR.  The BK discharge is not the only factor at play.

 

I would suspect that the age and continued inclusion of prior derogs is very different in your respective files.

 

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