topic Re: BK deleted from TU, 42 point increase! in Understanding FICO® Scoring

BK deleted from TU, 42 point increase!

masscredit — Sat, 22 Dec 2018 14:30:37 GMT

My BK is 9 1/2 years old today so I requested an early exclusion from TU at 12:01 this morning. I happened to be looking at my Cap1 accounts 15 minutes later. I noticed my Credit Wise score jumped 53 points. That was a big jump so I figured something important must have happneed. I then looked at Credit Karma. That jumped 62 points. I scrolled down to see them reporting a public record has been removed. Yes!!!!! The BK was removed from my report in less than 15 minutes! Next stop was to pull my real FICO score here. I picked up 42 points (TU 08). Score went from 746 to 788!!! Half of my other scores now allowing me to stick my head into the window of the 800 Club. It looks pretty good over there!

Re: BK deleted from TU, 42 point increase!

19eighty5 — Sat, 22 Dec 2018 16:50:10 GMT

Congratulations on your progress!

Re: BK deleted from TU, 42 point increase!

Anonymous — Sun, 23 Dec 2018 04:24:39 GMT

Sweet! With the BK removed, what is the next most severe negative item you have present on your CR and how old is it?

Re: BK deleted from TU, 42 point increase!

masscredit — Sun, 23 Dec 2018 04:39:38 GMT

My TU report is totally clean now. The other two will be clean after the BK is gone.

Re: BK deleted from TU, 42 point increase!

Anonymous — Sun, 23 Dec 2018 06:20:03 GMT

Interesting. 42 points seems like a small gain for a final major negative item coming off. Most people from what I've seen (personal experience here too) reference a gain around 70-80 points when their final major baddie goes away.

Re: BK deleted from TU, 42 point increase!

masscredit — Sun, 23 Dec 2018 15:12:02 GMT

I've also read about people getting 70-80 points, some less and if I remember correctly there has been a few posts about people losing points due to rebucketing. I was worried about that one! I kind of wanted enough points to break 800 but hoped for 25 to get me into the 770s.

I've found that my TU score is pretty much bulletproof. I can have one card reporting less than 9% utilization or 5-6 reporting various balances into the 30-40% range. The score will hardly move. This month I let a bunch of balances report when the statements closed. My score stayed at 746 before the BK fell off. I don't expect any movement after I pay them off next month.

Is the 42 point gain a good indication of what I should see when the BK disappears from my EQ and EX reports?

Re: BK deleted from TU, 42 point increase!

Trudy — Sun, 23 Dec 2018 17:57:56 GMT

I'm not an expert in this area, particularly bankruptcy but for my profile I've found that each CRA point gains and decreases vary for the same changes. For example when my major derog of 90 days was removed I gained 46 points from EQ, 23 from TU and 39 from EX. In my case, all score gains have been less with TU. It may or may not be profile specific.

Re: BK deleted from TU, 42 point increase!

NRB525 — Mon, 24 Dec 2018 02:53:57 GMT

Congrats on getting the BK off. That is a nice milestone.

Can you list out what your cards are that report? Balances, limits?

My opinion about the BK is, it probably changes much of the dynamic of how utilization scores. If you have a list of high utilization cards right now, then as those come down, you would now expect score improvement , since there are no baddies to confuse things.

Re: BK deleted from TU, 42 point increase!

masscredit — Mon, 24 Dec 2018 03:56:40 GMT

Current balances reported are -

Cap 1 - $9795 / $23000 - 43% - 0% offer so this will stay high for awhile

Barclay Apple - $5170 / $15000 - 34% - Most of this will be paid by mid-Feb

Discover - $1536 / $9700 - 16% - Will report $0 in Feb

PEN FED - $136 / $10000 - 2% - Will report $0 next week

Merrick - $135 / $2400 - 6% - Will report $0 next week

JCP - $128 / $10000 - 2% - Will report $0 next week

Lowes - $9 / $17000 - 1% - Will report $0 next week

Walmart - $0 / $15000

Barclay Rewards - $0 / $5400

Cap 1 - $0 / $15000

Cap 1 - $0 / $12000

$16,909 / $134,500 - 13%

My score was 746 with Cap one reporting about $10K. It was still 746 with the other cards reporting balances. It would be nice to see some points as the other cards report no balance.

Re: BK deleted from TU, 42 point increase!

Anonymous — Mon, 24 Dec 2018 07:23:43 GMT

@masscredit wrote:
It would be nice to see some points as the other cards report no balance.

You may see some, say 4-6 give or take based on less acounts with a balance. The biggest impact should be on your TU/EQ scores with less or possibly no impact to your EX scores, as number of accounts with a balance seems to impact EX scores little to nothing. The biggest bump you'd get at this point from what I see is taking your 13% aggregate utilization down to 8.9% or less. Based on your limits that would mean paying down your balances around ~$5k or so and that would likely result in a score gain of around 15 points, give or take across all 3B.

Re: BK deleted from TU, 42 point increase!

909 — Mon, 24 Dec 2018 13:34:52 GMT

Congratulations!!! Enjoy the progress on your credit score project!

Re: BK deleted from TU, 42 point increase!

masscredit — Mon, 24 Dec 2018 14:44:32 GMT

My 08 scores don't move much with utilization. I was down to 8% (rounded up) last month. EX gained 1 point and EQ gained 3. That 3 might have been from something else (AAoA change?) because it hasn't gone down when aggregate utilization went over 9%. TU didn't move. That's why I figured I'd let some balances report before paying them off. I knew they wouldn't impact my scores. My Vantage scores (CK) don't like balances. My VS 3.0 score lost 23 points doing this.

Re: BK deleted from TU, 42 point increase!

Revelate — Tue, 25 Dec 2018 00:24:10 GMT

Congrats senor!

I know you've been waiting a while for that, even longer than I waited for my tax liens to finally be gone.

Re: BK deleted from TU, 42 point increase!

Anonymous — Tue, 25 Dec 2018 06:42:33 GMT

How did you request that the BK be removed early?
My BK will be 9-1/2 years in January and I would love to get it to drop now.

Re: BK deleted from TU, 42 point increase!

masscredit — Wed, 26 Dec 2018 04:41:08 GMT

I also had a $22K tax lien age off a few weeks ago so it's been a great month!

I just signed into the TU dispute site, pulled up my info, then disputed the BK. I wrote - This account is too old to be reported.

I did this when the BK was exactly 9 1/2 months old. Don't know if they would have done in sooner.