topic Re: Bankruptcy Discharge in General Credit Topics

Bankruptcy Discharge

Anonymous — Mon, 21 May 2007 23:47:12 GMT

What do you think will happen to my FICO score once my bankruptcy is discharged?

Re: Bankruptcy Discharge

Anonymous — Tue, 22 May 2007 04:18:19 GMT

I'm a home lender. You need to get new credit right after your BK is discharge.Get a credit card that they will take a deposit to open a new acct.Try to get a least 2 cards. I have help people get a home loan 1 year after BK

Re: Bankruptcy Discharge

Anonymous — Tue, 22 May 2007 04:47:15 GMT

Yeah, but at what interest rate?

But your other advice is spot on. You should move to re-establish your credit immediately after the BK, even if you have to get secured cards (you will!).

Your credit score probably will not change for the first year or two. But moving now to re-establish credit will make the difference between a 475 FICO in 2010 with no positive TLs, and a 550 to 600 FICO and possibly being able to graduate those cards and leave Credit Hell.

Re: Bankruptcy Discharge

Anonymous — Tue, 22 May 2007 23:41:42 GMT

Sorry, had to leave yesterday and my browser kept saying today that there was an error accessing the web page for the forums.

Anyway, I am already on the move to re-establish credit, I was just wondering what would happen to my FICO score immediately following my discharge.

Re: Bankruptcy Discharge

homewardbound — Mon, 28 May 2007 23:59:50 GMT

My credit score, although I did not know it before I filed, continued to rise after each debt was discharged. I had a large 15k debt left and it was just discharged and my score went up 54 points! As long as you establish pos history immediately, it can only get better from there. Some inspiration for you...

Re: Bankruptcy Discharge

Anonymous — Thu, 31 May 2007 22:44:52 GMT

Thank you.

Re: Bankruptcy Discharge

homewardbound — Fri, 01 Jun 2007 02:25:09 GMT

BTW, although our scores are nevertheless bad b/c we had to file BK, they may not be as bad as you think. It completely depends on how much and how long your credit history is and how much good credit history you had established in addition to the negative accts you had to get discharged under the BK. I have just been discharged from the Ch 7 and my EQ score, although the highest of all 3, is 603. There is hope...