Re: When should my 24 month post bankruptcy credit score bump appear on my credit report?
09-23-2012 05:45 PM
My husband and I are approaching our 2 year date from our chapter 7 discharge. I have worked my rear off rebuilding our credit, trying not to have too much credit, having the right kind of credit and always paying our debts early and always more than the minimum payments or paying them off. We have built our credit up from 480 to 685 last report I pulled. We were informed by a financial advisor that with each 6 month milestone after filing bankruptcy so long as your doing things correctly your credit score gets a bump. My question is does anyone know if it shows up on your credit score that day or if you should wait a few business days or does it take even longer? I don't want to waste my last free credit report by getting it too soon to show the bump. Thanks in advance.
Sorry to be the one to tell you, but your financial advisor is not well versed in this at all and should probably stick to "financial" advising. There is nothing written anywhere that says that you will get a "bump" in a specificied period of time after bk. You get bumps by correcting what is wrong on your reports and then by rebuilding your credit with new TL's. The timeframe from when I get a bump to when you get a bump is purely individual. So you can't even comapre it along those lines.
While rebuilding your credit you keep your utilization low, like under 10% of your CL. When you go above that then any potential "bump" is minimized instead of you seeing the full increase of what it could have been. I have seen a 20 point swing when I have higher utilization reporting for a given month.
Also if you have low CL's like maybe less than $1000 I believe that plays a role in it as well. You say that you have went from 480 to 685 in your scores. Where did you get those scores? I am suspecting that they are fakos. Not to say that because I don't beleive your scores can be that, but because you only mentioned one set of scores. Secondly what kind of new credit and limits do you have? What are your balances on those CC's. Post back and then you can get more help.
Starting Scores: EX 722 (USAA), TU 637 (Walmart), EQ 706 (myFico)
Current Scores: EX 719 (Lender pull), TU 670 (Walmart), EQ 705 (DCU)
Goal Scores: 750 across the board
Emergency gardening mode~~Last app: 6/7/2013