topic Re: At what point does a fico score starts to rebound from a bk? in Bankruptcy

At what point does a fico score starts to rebound from a bk?

swins24 — Wed, 28 Jul 2010 16:55:18 GMT

I know a bk will stay on report for 7 yr. But as time goes on do scores start to increase as the bk age? my bk will be five years old in October? Any input on this will be greatly appreciated.

Re: At what point does a fico score starts to rebound from a bk?

MarineVietVet — Wed, 28 Jul 2010 16:59:39 GMT

@swins24 wrote:
I know a bk will stay on report for 7 yr. But as time goes on do scores start to increase as the bk age? my bk will be five years old in October? Any input on this will be greatly appreciated.

That depends on what type of BK it is. Chapter 7 remains for 10 years from the filing date. Chapter 13 remains for 7 years from the filing date.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

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Re: At what point does a fico score starts to rebound from a bk?

swins24 — Wed, 28 Jul 2010 17:02:43 GMT

My mistake I just saw that I ment 10 yr its a chapter 7. I was wondering do you start to regain points every year or few years or only when the bk fall off?

Re: At what point does a fico score starts to rebound from a bk?

MarineVietVet — Wed, 28 Jul 2010 17:16:53 GMT

@swins24 wrote:
My mistake I just saw that I ment 10 yr its a chapter 7. I was wondering do you start to regain points every year or few years or only when the bk fall off?

I wish I could tell you but I just don't know. My ignorance of credit management continued all the way through my BK and well beyond. There may be a point where the BK starts to hurt less but I'll have to defer to others about this.

Re: At what point does a fico score starts to rebound from a bk?

Tazman81 — Fri, 30 Jul 2010 17:54:21 GMT

@MarineVietVet wrote:

@swins24 wrote:
My mistake I just saw that I ment 10 yr its a chapter 7. I was wondering do you start to regain points every year or few years or only when the bk fall off?

I wish I could tell you but I just don't know. My ignorance of credit management continued all the way through my BK and well beyond. There may be a point where the BK starts to hurt less but I'll have to defer to others about this.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

The only experience I have had with this is that a bankruptcy starts to hurt less after its 2 years old, and you have current credit accounts that you have NOT missed any payments on since the bankrutpcy. If you've missed payments since the date of your discharge, then the banks I've spoken with do not look very highly on that.

Re: At what point does a fico score starts to rebound from a bk?

credit911 — Wed, 04 Aug 2010 09:24:53 GMT

From my personal experience, my scores after my BK7 were around 600 to 620. Approaching three years after (Nov 07) my scores are all in the 680 range. I did notice an increase after two years, and I am hoping for another increase after three years.

There are a lot of individual factors that will also play into your score, so you may have different results.