topic Re: Do scores drop further after BK is discharged/how soon to rebuild? in Rebuilding Your Credit

Do scores drop further after BK is discharged/how soon to rebuild?

masscredit — Mon, 28 Feb 2022 22:59:43 GMT

Today I picked my BK attorney and let him know he'll be representing me. My EQ08 is 516 and EX08 is 512. Haven't checked TU yet but it should be in the same range. Should I expect my scores to go down more after my BK is discharged?

Looking ahead, how soon after that happens can I start rebuilding? My current plan is to check my reports after the discharge to make sure they are accurate then get a couple of secured cards and a secured loan. I think they will allow me to hit the ground running on the way to the first goal of 680s across the board. It's going to take some time but I don't want to waste any.

Re: Do scores drop further after BK is discharged/how soon to rebuild?

kittycreditmeow — Mon, 28 Feb 2022 22:24:20 GMT

After I filed chapter 7, I had accounts updating bankruptcy remarks and some accounts even fell off as soon as I filed, I wasn't even discharged yet. I got super excited because my scores were

so bad that it actually went up after I filed. Sadly though after my official discharge came the public record mark which tanked my already sad scores even lower. So throughout the process, it might fluctuate but ultimately it will go down after discharge because you'll have the public record mark on your credit file. I applied for the capital one the day of my discharge and got approved.

Re: Do scores drop further after BK is discharged/how soon to rebuild?

FireMedic1 — Mon, 28 Feb 2022 22:40:52 GMT

@masscredit wrote:
Today I picked my BK attorney and let him know he'll be representing me. My EQ08 is 516 and EQ08 is 512. Haven't checked TU yet but it should be in the same range. Should I expect my scores to go down more after my BK is discharged?

Looking ahead, how soon after that happens can I start rebuilding? My current plan is to check my reports after the discharge to make sure they are accurate then get a couple of secured cards and a secured loan. I think they will allow me to hit the ground running on the way to the first goal of 680s across the board. It's going to take some time but I don't want to waste any.

Typo. You will see a score bump upwards because your no longer in debt legally. It can take up to 30 days after DC. Dont stress it.

Re: Do scores drop further after BK is discharged/how soon to rebuild?

masscredit — Mon, 28 Feb 2022 23:01:43 GMT

@FireMedic1 wrote:

Typo. You will see a score bump upwards because your no longer in debt legally. It can take up to 30 days after DC. Dont stress it.

Fixed it, thanks!

Re: Do scores drop further after BK is discharged/how soon to rebuild?

FireMedic1 — Mon, 28 Feb 2022 23:10:13 GMT

@masscredit wrote:
@FireMedic1 wrote:

Typo. You will see a score bump upwards because your no longer in debt legally. It can take up to 30 days after DC. Dont stress it.
Fixed it, thanks!

No problem.

Score changes after filing CH7 and after DC?

masscredit — Sat, 26 Mar 2022 02:48:48 GMT

My CH7 BK was filed this week. 08 scores before that happened were -

EQ - 525

TU - 519

EX - 514

And now after filing -

EQ - 524 - 1

TU - 557 +38

EX - 495 -19

The main difference between them is TU doesn’t show the 3 collections.

What can I expect to happen to my scores after the DC? Will they pick up points, lose them or pretty much stay them same?

Re: Score changes after filing CH7 and after DC?

FireMedic1 — Sat, 26 Mar 2022 10:30:16 GMT

Score can rise after all accounts are listed as IIB. You are legally out of debt. So that may give some points. Wait until 30 days after DC and check your reports that all accounts are listed by law as IIB. Scores then will be the starting point in your rebuild. Good luck!

Re: Score changes after filing CH7 and after DC?

EquityinScoresNow22 — Sun, 27 Mar 2022 17:52:01 GMT

Yesterday marked the two month point when we filed. My scores have been fluctuating up and down since filing mostly as creditors update their records. TU showing 681 as of right now which is higher than when we filed (appr. 670). I don't expect it to stay that high. Upon DC, I expect my scores to drop between 80-100 points each. So I'm estimating I'll be mid-500s when I officially embark upon my rebuild. It is indeed a marathon and not a sprint. Hang in there and stay connected to the community. They have helped me tremendously already. Best!

Re: Score changes after filing CH7 and after DC?

masscredit — Tue, 07 Jun 2022 22:24:50 GMT

I'm hopefully 2 weeks away from DC. The BK has been on all of my reports since I filed towards the end of March. All old accounts are reporting IIB with a zero balance. I started rebuilding just over a month ago which gave my scores a nice boost. They currently are -

EQ - 628

TU - 552

EX - 576

The EX score is from a few days ago. My SSL started reporting just before I checked that one. It's at 94% so I only gained a few points. I'll check all scores after my last (4th) credit card is reporting. That should be in a few days.

At this point, I think my scores are what they are and don't think they will change after the DC. Does that sound right?

Re: Score changes after filing CH7 and after DC?

Jnbmom — Tue, 07 Jun 2022 22:39:18 GMT

@masscredit wrote:
I'm hopefully 2 weeks away from DC. The BK has been on all of my reports since I filed towards the end of March. All old accounts are reporting IIB with a zero balance. I started rebuilding just over a month ago which gave my scores a nice boost. They currently are -

EQ - 628
TU - 552
EX - 576

The EX score is from a few days ago. My SSL started reporting just before I checked that one. It's at 94% so I only gained a few points. I'll check all scores after my last (4th) credit card is reporting. That should be in a few days.

At this point, I think my scores are what they are and don't think they will change after the DC. Does that sound right?

Personally you should have waited until AFTER you discharge before obtaining new credit . It is not a race to rebuild slow and steady get much better results .

Re: Score changes after filing CH7 and after DC?

masscredit — Tue, 07 Jun 2022 23:26:04 GMT

@Jnbmom wrote:
Personally you should have waited until AFTER you discharge before obtaining new credit . It is not a race to rebuild slow and steady get much better results .

Life is short, I don't like to waste time lol. I found I could start the rebuild before my DC so I went for it. All secured accounts for now. Two cards will graduate and two will be replaced when I'm able to get decent unsecured cards. The reason I went the secured route is because I didn't want to start off with toy limits. The SSL gives me a nice mix. I'll garden as I watch my scores improve.

And I have to admit, it feels good to be back to normal life and now have to use gift cards and debit cards for purchases. I also don't have to have my girlfriend book reservations for things that require a credit card.

Re: Score changes after filing CH7 and after DC?

Jnbmom — Wed, 08 Jun 2022 22:21:03 GMT

@masscredit wrote:
@Jnbmom wrote:
Personally you should have waited until AFTER you discharge before obtaining new credit . It is not a race to rebuild slow and steady get much better results .
Life is short, I don't like to waste time lol. I found I could start the rebuild before my DC so I went for it. All secured accounts for now. Two cards will graduate and two will be replaced when I'm able to get decent unsecured cards. The reason I went the secured route is because I didn't want to start off with toy limits. The SSL gives me a nice mix. I'll garden as I watch my scores improve.

And I have to admit, it feels good to be back to normal life and now have to use gift cards and debit cards for purchases. I also don't have to have my girlfriend book reservations for things that require a credit card.

I understand you need to rebuild . If you waited until after your discharge you could have gotten an unsecured card to start out . Your limits will be smaller until your profile has aged a bit with your rebuild .

Re: Score changes after filing CH7 and after DC?

FireMedic1 — Wed, 08 Jun 2022 22:33:38 GMT

Agree with @Jnbmom . Your lucky the trustee didnt look at your reports before DC. You get $17,000 roughly in secured cards and claimed BK? Am I missing somethng here? Not being a smarty pants.

¯\_(ツ)_/¯

Re: Score changes after filing CH7 and after DC?

Jnbmom — Thu, 09 Jun 2022 00:38:13 GMT

@FireMedic1 wrote:
Agree with @Jnbmom . Your lucky the trustee didnt look at your reports before DC. You get $17,000 roughly in secured cards and claimed BK? Am I missing somethng here? Not being a smarty pants.
¯\_(ツ)_/¯

Totally agree I didn't even see the secured limits . 17K in secured lines ???

Re: Score changes after filing CH7 and after DC?

masscredit — Thu, 09 Jun 2022 00:59:07 GMT

@FireMedic1 wrote:
Agree with @Jnbmom . Your lucky the trustee didnt look at your reports before DC. You get $17,000 roughly in secured cards and claimed BK? Am I missing somethng here? Not being a smarty pants.
¯\_(ツ)_/¯

I had some money in my accounts along with saving with having lower expenses plus I put cash that I would have used for expenses towards this. A friend also lent me a few dollars. Just attacking it head on. I pretty much found every dollar I could to make this happen.