topic Chapter 7 Bankruptcy in Bankruptcy

Chapter 7 Bankruptcy

Grneyedgal — Thu, 26 Dec 2024 18:31:01 GMT

Hi! This has probably already been asked several times, I just don't have the time to go through all the posts so my apologies in advance. I filed Chapter 7 in September, my case should be discharged soon. How long will it take for my FICO scores to increase? I really want to buy a house for my family at some point. Currently, Equifax is 547, Transunion is 613 and Experian is 554 😭😭😭😭😭😭😭

Re: Chapter 7 Bankruptcy

Jnbmom — Thu, 26 Dec 2024 19:02:57 GMT

@Grneyedgal wrote:
Hi! This has probably already been asked several times, I just don't have the time to go through all the posts so my apologies in advance. I filed Chapter 7 in September, my case should be discharged soon. How long will it take for my FICO scores to increase? I really want to buy a house for my family at some point. Currently, Equifax is 547, Transunion is 613 and Experian is 554 😭😭😭😭😭😭😭

I highly suggest you read the BK forum /rebuilding forum ,lots of information is readily available.

Re: Chapter 7 Bankruptcy

MileHigh96 — Thu, 26 Dec 2024 20:27:09 GMT

@Grneyedgal wrote:
Hi! This has probably already been asked several times, I just don't have the time to go through all the posts so my apologies in advance. I filed Chapter 7 in September, my case should be discharged soon. How long will it take for my FICO scores to increase? I really want to buy a house for my family at some point. Currently, Equifax is 547, Transunion is 613 and Experian is 554 😭😭😭😭😭😭😭

You are going to have to wait at least 2 years to be able to qualify for a mortgage (FHA) or 4 years for a conventional. So you have at least that long to work on bringing your scores up. You can definitely get them raised in 2 years, even better in 4 years.

*chart is from Lending Tree (https://www.lendingtree.com/home/mortgage/qualifying-for-a-mortgage-after-bankruptcy/)

Re: Chapter 7 Bankruptcy

visionsdivine — Sat, 28 Dec 2024 23:32:00 GMT

@Grneyedgal wrote:
Hi! This has probably already been asked several times, I just don't have the time to go through all the posts so my apologies in advance. I filed Chapter 7 in September, my case should be discharged soon. How long will it take for my FICO scores to increase? I really want to buy a house for my family at some point. Currently, Equifax is 547, Transunion is 613 and Experian is 554 😭😭😭😭😭😭😭

Getting a mortgage is a lot more than just your credit score. My FICO score actually shot up 75 points after my Chapter 7 over ten years ago. I don't even think a bank will qualify you for a mortgage until at least a few years pass.

Re: Chapter 7 Bankruptcy

Rogue46 — Sun, 05 Jan 2025 18:09:57 GMT

It's common for your score to increase after filing since your debt/utilization etc is gone but from experience I would say it takes 1-2 years for your score to get anywhere close to apping for anything decent. I've never had a mortgage so I cannot comment on that specifically but I would guess it would be a much longer timeframe

Re: Chapter 7 Bankruptcy

Grneyedgal — Sun, 05 Jan 2025 18:16:16 GMT

I figured it would take about 2 years and I realize there are wait times for approval, FHA 2 years and conventional will be longer etc., I have not seen much increase in my scores since filing Chapter 7 yet so wondering how long it will take before I actually see some progress!