Bankruptcy and FICO scoring

[credit911]

I had a BK 7 that was discharged 11/07. I am now approaching the 2 year mark for the BK. I am wondering about the effects of the BK7 on my credit report. Does the severity of the BK diminish over time little by little or does hitting a date like 2 years post BK have a bigger effect on my fico score?

The reason I ask is I want to pull my scores again since I have not done it in about a year, but if there would be a bigger change after 2 years, I would just wait until December to pull my scores so I don't have to pull them twice. I am hoping to be over 620 so I can qualify for a fha loan sometime next year. Thanks for any advice!

[smallfry]

Save the $25 and wait till the BK turns 2. As for the scoring difference at 2 as opposed to 1 who knows. I would wait though.

[XAVIERSMAMA]

I am in the identical boat.  I have a chap 7 bk discharge date of 11/23/07.  We have to wait and see but it will be interesting to compare notes.  My current EQ FICO is 642.  I paid one CC down to 0 and the other to 6% util, my score should update from those changes around the 2nd or 3rd based on past history so I should be able to see whether or not the 2yr anniversary makes any marked improvement the last week of Nov or the first week of December.  Hopefully we can finally get an answer to this so we can share it with others in similar situations.  Please let us know what happens with your score and I will do the same.

Message Edited by XAVIERSMAMA on 10-30-2009 06:33 AM

[angie204]

I didn't notice a remarkable change at the two year date.  My scores went up maybe 4 - 6 points...which I don't know if it had anything to do with the BK or not.

But when I applied for and received several revolving lines of credit just a few weeks ago, my scores jumped up by 30+ points.  I went from "not very good," to "good" credit.  Awesome!