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How many points can your FICO score go up after a bankruptsy goes off your record

Contributor

How many points can your FICO score go up after a bankruptsy goes off your record

I will have a bankruptsy that will come off my report in 2012 in April.  My current Fico scores are 715 and 717.  I just wonder how much my score could rise once the bankruptsy comes off.  Let's just say just before it goes off my record that my score is 715.  How much higher will it go? 

 

Thank you for all your replies.

6 REPLIES
Moderator Emeritus

Re: How many points can your FICO score go up after a bankruptsy goes off your record

It varies considerably depending on your rebuilding efforts and the current contents of your reports, including AAofA and several other factors.

 

Good news is that having the BK age off your reports will open doors to you - some creditors will not work with you even with a good score if you have a BK on the report.

 

You've got 1 1/2 years before the BK ages off - the highest FICO seen with a BK reporting is about 760 - so you can work things pretty hard in the meantime!

 

Best wishes to you!

Just puttin' syrup on something, don't make it pancakes.
Contributor

Re: How many points can your FICO score go up after a bankruptsy goes off your record

Thank you for your response!   I actually got a mortgage and closed in March.  I got a 5.5% interest rate and a USDA loan.  I was told I had a great FICO score and at that time my mid score was 724.  I am hoping after the bankruptsy goes off my record I will be at 800. 

Moderator Emeritus

Re: How many points can your FICO score go up after a bankruptsy goes off your record

Congrats on your rebuilding and your new mortgage!  Keep on keepin-on and you'll be in great shape post BK.

Just puttin' syrup on something, don't make it pancakes.
Moderator Emeritus

Re: How many points can your FICO score go up after a bankruptsy goes off your record

YMMV based on your CRs, scoring bucket to-be, etc. I've seen as low as 20 and as high as 70+. Let us know what happens! Congrats.

Senior Contributor

Re: How many points can your FICO score go up after a bankruptsy goes off your record

I gained nearly 100 points on EQ within 3 months of the BK dropping. Kinda weird the way it went up in steps. Month over month the score went from 696 to 754 then it kept going up every month for 3-4 months. Can't explain it. Each report will be different. Good luck.

Moderator Emerita

Re: How many points can your FICO score go up after a bankruptsy goes off your record

 


weathergirl77 wrote:

I will have a bankruptsy that will come off my report in 2012 in April.  My current Fico scores are 715 and 717.  I just wonder how much my score could rise once the bankruptsy comes off.  Let's just say just before it goes off my record that my score is 715.  How much higher will it go? 

 

Thank you for all your replies.


 

Just to add to the other replies, a lot will depend on whether you have additional negatives besides the BK that will still be there when it falls off.

 

If not, expect big jumps.

 

If you do, jumps will depend on the recency and severity of the other negatives.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007