Chapter 7 Bankruptcy

Grneyedgal · ‎12-26-2024

Hi! This has probably already been asked several times, I just don't have the time to go through all the posts so my apologies in advance. I filed Chapter 7 in September, my case should be discharged soon. How long will it take for my FICO scores to increase? I really want to buy a house for my family at some point. Currently, Equifax is 547, Transunion is 613 and Experian is 554 😭😭😭😭😭😭😭

Jnbmom · ‎12-26-2024

@Grneyedgal wrote:
Hi! This has probably already been asked several times, I just don't have the time to go through all the posts so my apologies in advance. I filed Chapter 7 in September, my case should be discharged soon. How long will it take for my FICO scores to increase? I really want to buy a house for my family at some point. Currently, Equifax is 547, Transunion is 613 and Experian is 554 😭😭😭😭😭😭😭

I highly suggest you read the BK forum /rebuilding forum ,lots of information is readily available.

EXP 780 EQ 796 TU 810

MileHigh96 · ‎12-26-2024

@Grneyedgal wrote:
Hi! This has probably already been asked several times, I just don't have the time to go through all the posts so my apologies in advance. I filed Chapter 7 in September, my case should be discharged soon. How long will it take for my FICO scores to increase? I really want to buy a house for my family at some point. Currently, Equifax is 547, Transunion is 613 and Experian is 554 😭😭😭😭😭😭😭

You are going to have to wait at least 2 years to be able to qualify for a mortgage (FHA) or 4 years for a conventional. So you have at least that long to work on bringing your scores up. You can definitely get them raised in 2 years, even better in 4 years.

*chart is from Lending Tree (https://www.lendingtree.com/home/mortgage/qualifying-for-a-mortgage-after-bankruptcy/)

BK7 discharged - 06JUL2021
Loans:

Revolving Accounts (in the order they were opened):

Ally Everyday Cash Back Mastercard (converted from Ollo Platinum Rewards Mastercard) $5700 CL (opened 7/21/21)

Mercury Mastercard $5060 CL (opened 7/23/21)

Upgrade Triple Cash Rewards Visa Card $17,500 LOC (opened 8/4/21)

PenFed Pathfinder Rewards $6000 CL (opened 11/9/21)

Dell Pay Credit (converted from Dell Financial Services account) $6500 CL (opened 12/6/21)

Capital One Kohls Visa (converted from Kohls store card) $4050 CL (opened 12/13/21)

Upgrade Cash Rewards Visa Card $7,000 LOC (opened 3/17/22)

Capital One Quicksilver MC (PC'd from a Platinum card) $3200 CL (opened 5/6/22)

Capital One Savor One MC $5000 CL (opened 10/20/22)

Merrick Bank Double Your Line MC $2500 CL (opened 11/1/22)

NFCU cashRewards Plus $36000 CL (opened 3/17/23)

Affinity FCU Pure Rewards Visa $1500 CL (opened 5/18/23)

Bread Cashback AmEx $15000 CL (opened 5/23/23)

Canvas Select MC $3000 CL (opened 5/25/23)

NFCU Go Rewards Visa $27000 CL (opened 6/16/23)

Petco Pay Mastercard $5100 CL (opened 6/29/23)

Barclays GM Rewards Mastercard (converted from GS My GM Rewards Card Mastercard) $5500 CL (opened 8/1/23)

Denver Broncos Extra Point Visa $11000 CL (opened 12/8/23)

NFCU More Rewards AmEx $17000 CL (opened 2/8/24)

Ally Unlimited Cash Back Mastercard $3000 CL (opened 4/3/24)

Service Credit Union Everyday Visa $2500 CL (opened 8/19/24)

BECU Cash Back Visa $16000 CL (opened 8/21/24)

Best Buy Platinum Visa $4000 CL (opened 10/17/25)

Liberty FCU Platinum Credit Rewards Mastercard $12000 CL (opened 11/5/25)

Capital One T-Mobile Visa $15000 CL (opened 11/7/25)

Lands' End Visa $5300 CL (opened 11/13/25)

Associated Bank Max Cash Preferred Visa $500 CL (opened 11/17/25)

Affinity FCU Cash Rewards Visa $7500 CL (opened 11/18/25)

Closed accounts:

Mission Lane Visa - first starter card after discharge (opened 7/7/21 - closed 4/1/23)

Capital One Quicksilver MC (downgraded from a Walmart Rewards MC and transfered CL to older QS card) (opened 11/4/22 - closed 04/09/25)

Best Egg Visa (opened 05/17/22 - closed 04/14/25)

6/6, 6/12, 11/24 new accounts
TCL: $219.4K

visionsdivine · ‎12-28-2024

@Grneyedgal wrote:
Hi! This has probably already been asked several times, I just don't have the time to go through all the posts so my apologies in advance. I filed Chapter 7 in September, my case should be discharged soon. How long will it take for my FICO scores to increase? I really want to buy a house for my family at some point. Currently, Equifax is 547, Transunion is 613 and Experian is 554 😭😭😭😭😭😭😭

Getting a mortgage is a lot more than just your credit score. My FICO score actually shot up 75 points after my Chapter 7 over ten years ago. I don't even think a bank will qualify you for a mortgage until at least a few years pass.

Rogue46 · ‎01-05-2025

It's common for your score to increase after filing since your debt/utilization etc is gone but from experience I would say it takes 1-2 years for your score to get anywhere close to apping for anything decent. I've never had a mortgage so I cannot comment on that specifically but I would guess it would be a much longer timeframe

Grneyedgal · ‎01-05-2025

I figured it would take about 2 years and I realize there are wait times for approval, FHA 2 years and conventional will be longer etc., I have not seen much increase in my scores since filing Chapter 7 yet so wondering how long it will take before I actually see some progress!