topic Re: Score after BK ages off? in Understanding FICO® Scoring

Score after BK ages off?

Anonymous — Sat, 04 Jun 2016 22:12:43 GMT

Hello Everyone,

My chapter 7 is finally due to age off 10/2016. I have been reading and it looks like most people see an increase after the BK falls off. Is there any way to tell how much of an increase I might see?

Re: Score after BK ages off?

SouthJamaica — Sat, 04 Jun 2016 22:21:56 GMT

@Anonymous wrote:
Hello Everyone,

My chapter 7 is finally due to age off 10/2016. I have been reading and it looks like most people see an increase after the BK falls off. Is there any way to tell how much of an increase I might see?

It depends on the rest of your file, but it will likely be huge.... probably 60-70 points or so.

Re: Score after BK ages off?

Anonymous — Sat, 04 Jun 2016 22:28:06 GMT

Thanks for your reply

I have 5 cards 2 retail 1 Bofa and 2 cap 1 total cl 6600

1 installment loan reporting right under 80%

Last 30 day late 13 months ago all accounts current since

1 collection on Eqifax to also drop off in sept, no chg off or collection on Ex or TU

Re: Score after BK ages off?

Revelate — Sun, 05 Jun 2016 00:46:15 GMT

@Anonymous wrote:
Thanks for your reply

I have 5 cards 2 retail 1 Bofa and 2 cap 1 total cl 6600
1 installment loan reporting right under 80%
Last 30 day late 13 months ago all accounts current since
1 collection on Eqifax to also drop off in sept, no chg off or collection on Ex or TU

Hard to say with that late still on there, especially if there are other deliquencies on the file which your phrasing suggests. How big and how many and dates?

I'll be very interested to see what your score does if you don't mind reporting back when it updates, what's your AAOA and oldest account date? I'm not expecting 60-70 points with the deliquencies still on there, but if we're talking FICO 8 you probably get some unless it's revolving utilization holding you down.

While the BK definitely dumps you into the ugly scorecard (with me I might add with my old tax lien that falls off December next year) I haven't seen a tremendous amount of good data on deliquencies of various ages and types without a PR/collection of any sort.

Re: Score after BK ages off?

Anonymous — Sun, 05 Jun 2016 06:18:48 GMT

Thanks Revelate,

I just started to work on my file last may. My last 30 day late was March 2015 and i do have other 30 day lates on my 2 cards that i had at the time that are slowly aging off.

Yes i will update this post to report back when my files update planning on asking for early exclusions starting next month with TU.

My oldest account is 16.9 years and my AAOA is 5.3 years (opened new accounts last year brought it down) My utilization is 8% percent right now I try to keep it below 10%.

I am trying to raise my Equifax fico 4 which is 638 and my fico 8 scores are Equifax 666 TU 704 and Ex 668

My ex fico 8 won't budge. I am wondering if there is anything else i can do besides wait for the BK to dall off, wait for the 1 collection on eq to fall off in sept and continue to stay current w/ low utilization that will help raise my scores?

Re: Score after BK ages off?

RonM21 — Sun, 05 Jun 2016 13:06:46 GMT

There should certainly be some sort of increase. As mentioned it does depend on the rest of the file. Usually it seems like if it's the last baddie coming off, it gives the biggest boost in score.

Re: Score after BK ages off?

elim — Sun, 05 Jun 2016 13:12:20 GMT

I lost a PR this year on EX and EQ. This was my only baddie and I gained 60 points.

You'll be happy :]

Re: Score after BK ages off?

Anonymous — Mon, 06 Jun 2016 03:20:42 GMT

Thanks elim,

I will keep my fingers crossed

Re: Score after BK ages off?

Anonymous — Mon, 06 Jun 2016 04:03:08 GMT

Hi There RM21,

It is the last major derog to come off but i do have other baddies aging off (30 day lates) so I will take any increase i get

Re: Score after BK ages off?

pi-r-squared — Thu, 09 Jun 2016 02:24:57 GMT

On TU, I had a BK-7 and 2 collections reporting. The collections were from Aug 2011. The BK was due to fall off next month but TU removed it 6 months early so it was gone after this past Jan. But, since my 2 collections still remain, my TU FICO did not change.

Your 30-day late is more recent than my collections so I wouldn't expect an increase.

Re: Score after BK ages off?

Anonymous — Thu, 09 Jun 2016 03:25:20 GMT

Hi Smakjets,

Thank you for sharing your experience, Yes I am realizing that the lates are still going to hurt my scores especially since they are after the BK. When I have applied with my local credit unions they cited them for denial reasons on their visa products.I've had no luck with credit unions.

Did TU remove it 6 moinths early without you asking for Early Exclusion?

With my BK my TU is 704 I can hope for the best as things age off and i keep current with low utilization. Hope to raise the other 2 to the 700 club

Re: Score after BK ages off?

pi-r-squared — Thu, 09 Jun 2016 04:13:04 GMT

I went online and disputed TU on the BK-7. I said, "Since the BK is due to fall off sooon, can it just be removed now?" and they took it off!

Re: Score after BK ages off?

Anonymous — Thu, 09 Jun 2016 04:51:56 GMT

Congrats on your success with TU and being in the 700 club across the board

I love this forum and all that contribute. It helps me so much to know that someone else has been there and is willing to share what they know !

Re: Score after BK ages off?

pi-r-squared — Thu, 09 Jun 2016 17:54:11 GMT

FYI, my wife's BK-7 dropped off EX. Since that was her only baddie on that CR, her score jumped up 57 points. I'm expecting mine to follow suit.

Re: Score after BK ages off?

pi-r-squared — Sun, 12 Jun 2016 14:26:26 GMT

Fico_gal, my EX score just updated with my BK-7 falling off. With the last baddie gone, it went up 40 points!

Re: Score after BK ages off?

EW800 — Sun, 12 Jun 2016 16:22:45 GMT

@Anonymous wrote:
Hello Everyone,

My chapter 7 is finally due to age off 10/2016. I have been reading and it looks like most people see an increase after the BK falls off. Is there any way to tell how much of an increase I might see?

Congrats on being so close to your BK falling off! I will be watching this thread as well to see what type of boost you get when it does fall off. I have a foreclosure that will fall off in about two years (summer of 2018), therefore I am very curious to see what you experience. The foreclosure did not hit my wife's reports and her FICO 8 scores are all in the 820-830 range (mine are currently in the 727-738 range), so I am hoping for a decent jump.

Re: Score after BK ages off?

Revelate — Sun, 12 Jun 2016 17:58:13 GMT

@Anonymous wrote:
Thanks Revelate,

I just started to work on my file last may. My last 30 day late was March 2015 and i do have other 30 day lates on my 2 cards that i had at the time that are slowly aging off.

Yes i will update this post to report back when my files update planning on asking for early exclusions starting next month with TU.

My oldest account is 16.9 years and my AAOA is 5.3 years (opened new accounts last year brought it down) My utilization is 8% percent right now I try to keep it below 10%.

I am trying to raise my Equifax fico 4 which is 638 and my fico 8 scores are Equifax 666 TU 704 and Ex 668
My ex fico 8 won't budge. I am wondering if there is anything else i can do besides wait for the BK to dall off, wait for the 1 collection on eq to fall off in sept and continue to stay current w/ low utilization that will help raise my scores?

Bueno!

I'm actually sort of surprised your scores are that low with all that history, really only that one 30 day late from 3/15 and a bunch of others near dropping off? Huh, but EQ hates me so I'm not the best comparison point and I don't have a recent late there; however, my TU 04 is at 721 even with a late from 10/2015 and a flatly weaker file unless your lates from back in the day were way worse than my 30/60 on a tradeline from 2010 there; a BK and a tax lien are pretty much identical anyway score wise AFAIK (and collections too from my data and the excellent point up above regarding dropping the BK with collections still)

AAOA 2 years, oldest account 8 years, utilization <1%.

Re: Score after BK ages off?

Revelate — Mon, 13 Jun 2016 18:13:19 GMT

@pi-r-squared wrote:
On TU, I had a BK-7 and 2 collections reporting. The collections were from Aug 2011. The BK was due to fall off next month but TU removed it 6 months early so it was gone after this past Jan. But, since my 2 collections still remain, my TU FICO did not change.

Your 30-day late is more recent than my collections so I wouldn't expect an increase.

Thank you for that!

To be fair, ~~collections~~ deliquencies and public records/collections aren't the same thing and aren't treated similarly so there might be an increase and it might actually be a good one in this case. I'm going to be very interested to see what the score does as the BK and the old lates get gone in this case; I've got old lates on EQ, and the old lates and a recent one on TU in addition to the tax lien on both.

Re: Score after BK ages off?

Anonymous — Sun, 12 Jun 2016 20:44:47 GMT

Smakjets,

That's great news congrats on the 40 point bump, that's awesome !

Re: Score after BK ages off?

Anonymous — Sun, 12 Jun 2016 20:52:30 GMT

Thank you EW800 Your scores have rebounded quite nicely and looking at what everyone has said if the public record is your only negative you should see a 40+ poince score increase !