cancel
Showing results for 
Search instead for 
Did you mean: 

Bankruptcy Risk Score

Valued Contributor

Bankruptcy Risk Score

I was reading on wikipedia about a Bankrutcy Risk Score that is sold to creditors, but not consumers. Has anyone ever heard of this score? Anyone know how to find out what theirs is?





TU fico08=814 11/10/18
EX fico08=796 10/31/18
EQ fico08=813 10/04/18
EX fico09=803 10/03/18
EQ fico bankcard08=831 10/23/18
Garden since 07/02/18
Message 1 of 9
8 REPLIES
Community Leader
Super Contributor

Re: Bankruptcy Risk Score

I have heard about it, very little though.. I have no idea how you would go about obtaining the score without knowing someone Smiley Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
740 EQ FICO 06/2018
750 TU FICO 06/2018
741 EX FICO 06/2018
$24k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 2 of 9
Community Leader
Super Contributor

Re: Bankruptcy Risk Score

Every lender has a BK risk score on you.

The closer out of BK you are the lower the score, and thats good.

The further away from your BK you get, your score goes up, and you become riskier.

For EX:
My BK was in 08/2013. My first couple years post D/C, my BK Risk Score was optimal and low because I just came from a BK. (Hence NO DEBT)

As time goes on, and I become further and further away with each year from my BK D/C...my risk score will increase every year now.

This is because You can't file a BK7 for another 8 years from the first BK7 d/c date (if you qualify again). So lenders are more than willing to lend to you because if you default, they can collect knowing you can't file a BK on them for another 8 years, and can bring judgement if necessary.

Now, the closer I get to becoming 8 yrs removed from by BK, even though it still reports on the CRA for another 2 yrs after that, Lenders will by very wary of lending credit possibly, because I could turn around and file again.

Understand it better now?

 

 

 

Edit.....Everyone will have a BK Risk score, whether or not they have a BK  on their credit report. People who DO have a BK already reporting tend to have a lower Risk score. 

 

Another example would be this.....Lets compare me and someone else.

 

I have a 3 yro BK plus negs on my report, 1% util reporting, 235+k in available credit, current on everything, scores mid to high 600's.

 

Lets say someone else has 235k in available credit, NO negs, NO BK, scores north of 750x3, current,  but has a 10% util reporting.....

 

THAT person is gonna have a much higher risk score than me, because he could at anytime max out everything, and then file. I cant file for 7 more years.  Lenders see and know this.  This is about the only way I can explain things.  Smiley Wink


Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~~
Message 3 of 9
Community Leader
Super Contributor

Re: Bankruptcy Risk Score

I think Sarge understands the score, but is looking to see if anyone was able to obtain it. In my years of pulling credit at a dealership I never came across it and only heard about it. 

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
740 EQ FICO 06/2018
750 TU FICO 06/2018
741 EX FICO 06/2018
$24k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 4 of 9
Community Leader
Super Contributor

Re: Bankruptcy Risk Score


Scupra wrote:

I think Sarge understands the score, but is looking to see if anyone was able to obtain it. In my years of pulling credit at a dealership I never came across it and only heard about it. 


I understand this, but most folks dont even know there is a BK risk score,  so I elaborated on it for those to better understand it. 

 

Ive never been told my BK risk score, but Ive asked lenders, and all they have told me is its "good", LOL.. probably because i have a BK reporting on file Smiley Wink


Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~~
Message 5 of 9
Community Leader
Super Contributor

Re: Bankruptcy Risk Score

I thought it was a lender only score to manage risk on their end. I don't think the BK risk score is used for lending decisions. If anyone knows different please chime in Smiley Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
740 EQ FICO 06/2018
750 TU FICO 06/2018
741 EX FICO 06/2018
$24k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 6 of 9
Valued Contributor

Re: Bankruptcy Risk Score


Scupra wrote:

I thought it was a lender only score to manage risk on their end. I don't think the BK risk score is used for lending decisions. If anyone knows different please chime in Smiley Happy


According to what I've read it is a score available only to lenders, and is discosed to the consumer only when the information is used to deny credit. It is a predictive score that seeks to assign risk of declaring BK to an individual.

http://www.creditcards.com/credit-card-news/bankruptcy-risk-score-1270.php





TU fico08=814 11/10/18
EX fico08=796 10/31/18
EQ fico08=813 10/04/18
EX fico09=803 10/03/18
EQ fico bankcard08=831 10/23/18
Garden since 07/02/18
Message 7 of 9
Community Leader
Super Contributor

Re: Bankruptcy Risk Score

Nice info Pizza! Thanks for sharingSmiley Happy
OCTOBER 26 2020
Message 8 of 9
Highlighted
Community Leader
Super Contributor

Re: Bankruptcy Risk Score

Good info here..

 

http://www.bankrate.com/finance/debt/do-you-know-your-bankruptcy-risk-score--1.aspx

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
740 EQ FICO 06/2018
750 TU FICO 06/2018
741 EX FICO 06/2018
$24k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 9 of 9