Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
Re: How Many Years Does It Take To Bounce Back..

I consider myself "in good shape" coming up on three years from BK discharge.  FICO scores just under 700 on EQ and TU, ample credit lines, a new home purchased and a zero interest car loan this year.  My scores are probably higher than they've been since 2007 (due to high utilization back then).

 

I don't think you can become truly free of BK - even after the ten year period when it falls off the credit report you have to answer the "have you ever..." question accurately.  Some lenders just won't deal with you if you have filed BK, and some of those you discharged (Amex for example) will blacklist you forever.  My biggest concern, now that I have more than enough credit, is not to go back to using it excessively, and in a manner where an arbitrary decision to balance chase (BOA) collapses my scores like a house of cards by raising utilization.

 

Things I did right - NFCU (not everyone can join), used a secured Mastercard (USAA), cleaned up IIB items (took six months to get everything right).  Worked through counseling with NACA to get a great mortgage on a new home.

 

Things I shouldn't have done - too many apps too soon.  High fee low limit cards (CreditOne, First Premier), now closed. 

 

 

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge