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BK drops today, score increased 80 pts

Valued Contributor

Re: BK drops today, score increased 80 pts

@csong wrote:
was it worth it for you to file BK? i am debating....i know you said you waited that 10 years with anticipation for it to come off your report. while on your report did it prevent you from many things that you wish you knew or were you in a better situation be debt free?

It was worth it at the time.  I was put in a position where I could not do anything else.  I tried not to file bk for about 3 yrs.  The other side of the coin is,  I paid cash for everything for the next 10 yrs, or I didn't buy it.  That caused me a poor credit rating and when I started to apply for credit, no one would approve me.  The way I started was with getting a secured cc through a local credit union.  To sum it up, if you can avoid bk, by all means avoid it.  To me, it is not worth the 10 yrs of aggravation if you can avoid bk.  Hope this info helps you. Good luck in which ever decision you make. 

TU 842 12/8/18
EX 840 12/29/18
EQ 842 12/8/18
(NASA 30K) ( Amex 44k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win
last app 2/15
Message 11 of 17
New Visitor

Re: BK drops today, score increased 80 pts

Hi - I am a newbie (just joined yesterday).  I had a BK13 which we filed 11/04 and paid off a year early and was discharged 4/08.  I had perfect credit before we filed, but we knew that the inevitable was near, and wanted to attack it head on before we got buried and it became unmanageable.  My equifax score is current 675, my hubbie's in 683.  We were approved for a new VA mortgage loan for $420k in 11/08, a car lease/loan for $9k in 6/08, and was just approved for a $35k 7 yr auto loan.  I also have a student loan that I "luckily" got the honor of repaying 3 months after the BK was discharged, and a few small credit cards (Gap, Vic Secret) that I have been using and paying on since filing. 


I'm reading through these postings and have some questions.


1) I have established credit of 17 years.  I have a LOT (probably 10) credit cards that I had closed long ago, but are still showing on my report. Should I(and can I) have these removed from my report?  Do they eventually get removed by the bureaus automatically?  They are closed, so they are not contributing my score anymore, correct?


2)  I have a few "charge-offs" from 2002 from turning in an auto lease.  I had no idea that these charges even existed.  Obviously if it will help my score, I want to consider paying them, but they are about $2k that I'd rather not spend if I don't have to.  Do charge-off's affect me until thy are paid?  Or do they eventually fall off too?


3)  I'm seeing this "2 year discharge" thing.  Does your score go up after 2 years of being discharged?  And how much?


4)  Do you have to call the 3 bureaus to have your BK filing, and all of the cards that went with it, removed?  Or will it automatically occur 7 years after the date of filing?  My filing date was 11/04, so that should be 11/11, correct?


5)  I am an authorized user on 2 of my mom's cards.  These cards are showing on my report, and the min's are paid timely every month.  How does this affect my credit?  I always thought that being an auth user didn't affect my personal credit because I'm not a signer, and therefore not directly financially responsible?





Message 12 of 17
Established Member

Re: BK drops today, score increased 80 pts

Great JOb!!  I got my BK discharged in 2003 and just waiting..........


I have already seen a difference in my scores with things associated with the BK falling off.  Hope the next few yrs will be good to me as well!



Message 13 of 17
New Member
New Member

Re: BK drops today, score increased 80 pts

Congrats on your score increase.


Today my Equafax score increased 86pts. I filed for Chp 7 July of 1999 and I believe it dropped of my Equafax report giving me an 86pt increase. My score is now 790 and I'm elated. I slowly built my score up to the low 700's over the last ten years. I currently have no credit card debt but I do have a new car loan with 2 1/2 years left to pay off. 

I now plan to run my TransUnion report and score. 

Message 14 of 17
Established Contributor

Re: BK drops today, score increased 80 pts

Congrats on your BK falling off, I did mine in 2006 and I think about it every day. I'm hoping you can answer 2 questions for me since you have personal experience with them:

1. The accounts that were included in BK actually say "IIB" on my credit report and they will stay that way for 7 years. My question is what date is used to start the 7 year clock?

2. What date is used to start the 10 year clock for the BK?


Thanks for your help and congrats again.

FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)


FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Message 15 of 17
Regular Contributor

Re: BK drops today, score increased 80 pts

Hello and congratulations. It's great. I have a chapter 7 that is scheduled to come off my report on TU as of 11/2009. My chapter 7 is listed on equifax and tranunion. Based on what I have read here my chapter 7 will come early as well. Perhaps next month, but at the very least 12/2009. My filing date was 12/1999. It's been 10 years.


My question is do you do anything or did it just come off by itself?



Starting Score: TU 675 EX 643
Current Score: TU 702 EX 677
Goal Score: TU 730 EX 730

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Message 16 of 17
Moderator Emeritus

Re: BK drops today, score increased 80 pts

BK Ch. 13 falls off 7 years after filing date - NOT discharge date.

BK Ch. 7 falls of 10 years after filing date - NOT discharge date.


Negative account information can only be reported for 7 years after date of negative activity.

Positive account information MAY be reported for 10 years after date of last activity, but sometimes drops early.

Just puttin' syrup on something, don't make it pancakes.
Message 17 of 17
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