Hi everyone,
It would seem though that any accounts you had with lates or collections "included in the BK" would fall off the same time (or most likely earlier) than the BK, so therefore, you wouldn't have any lates or public records showing (as long as you didn't have any after the BK filing as you were rebuilding credit). So technically, your score shouldn't go down -- if you were then put on a level playing field with others with no BKs or public records or lates, right? This is assuming during the time between discharge and the BK dropping off you've re-established credit, increasing credit limits over time, keeping balances at a reasonable utilization, maybe taken out a car loan or mortgage, etc.
My Ch. 13 BK was just discharged 2/08 (filed 10/04), but during the BK, I re-established credit with a student loan, two unsecured loans with Prosper (installment), a Dell account and an unsecured Household Bank account (revolving) that is now up to $1000 limit (started at $300). My car is paid off, so no auto loan yet, and I am looking at a mortgage hopefully in about 6 months. I also have a credit union LOC for $1000 and an Orchard Bank visa ($750 limit). I am hoping to increase the LOC and credit cards within 6 mos (hoping to have mid score over 700). I have no lates. All negative info is from BK or accounts included in BK.
I guess my question is that once my BK falls off in 10/2011 (another long 3+ years 
), if I've "kept my nose clean" from now until then, how can my score go down? I appreciate any thoughts...
), if I've "kept my nose clean" from now until then, how can my score go down? I appreciate any thoughts...EXP 623 3/25/08
EQFX 616 3/25/08
TU 564 3/25/08
Exactly what I did ... CH-13 filed 2000... discharged 2003. When BK and all derogs included with it fell off last Sept my score went up 80 points to 777. It now stands 6 months later at 800 on EQ, 793 EX, and 787 TU.
laurenjane wrote:Hi everyone,It would seem though that any accounts you had with lates or collections "included in the BK" would fall off the same time (or most likely earlier) than the BK, so therefore, you wouldn't have any lates or public records showing (as long as you didn't have any after the BK filing as you were rebuilding credit). So technically, your score shouldn't go down -- if you were then put on a level playing field with others with no BKs or public records or lates, right? This is assuming during the time between discharge and the BK dropping off you've re-established credit, increasing credit limits over time, keeping balances at a reasonable utilization, maybe taken out a car loan or mortgage, etc.My Ch. 13 BK was just discharged 2/08 (filed 10/04), but during the BK, I re-established credit with a student loan, two unsecured loans with Prosper (installment), a Dell account and an unsecured Household Bank account (revolving) that is now up to $1000 limit (started at $300). My car is paid off, so no auto loan yet, and I am looking at a mortgage hopefully in about 6 months. I also have a credit union LOC for $1000 and an Orchard Bank visa ($750 limit). I am hoping to increase the LOC and credit cards within 6 mos (hoping to have mid score over 700). I have no lates. All negative info is from BK or accounts included in BK.I guess my question is that once my BK falls off in 10/2011 (another long 3+ yearsEXP 623 3/25/08EQFX 616 3/25/08TU 564 3/25/08
I didn't need but a couple CC's, my mortgage, my HELOC, and a very brief car loan to accomplish this. And of course paying on time all the time between then and now. I also only applied for credit that I actually needed and used. I'm a firm believer in the KISS method. 
I got lucky with my oldest TL... it's a line of credit attached to my checking account that I opened 17 yrs ago and still going strong, which they faithfully report every month. CU's are great! My average age of accounts is 7yrs. I had 1 CC from 93 that remained after filing which started out at 3500 and is now over 10k. I accepted an offer from Cap1 for a 7500 CC in 03 (after reading about them here I can't believe it was for that amount) Bought a car in 04 and paid it off 6 months later. In 05 I did a cashout refinance at 5.25%. In 06 I opened a HELOC. After everything did drop off, I did accept a pre approved from Chase and received a 14k CC. I don't need a lotta cards... too much hassle. Basically I did just fine with those 2 cards I had for those 7 years. But it was nice when all that trash dropped off!
Boscoe wrote:kimmerzz -How old is your oldest tradeline and about what is your avg. age? Those scores are great and I am wondering how old your credit is...............
The reason why one's scores might go down is b/c you will be rebucketed. The good news is that your scores should recover relatively quickly (provided you have established credit in the meantime), like a few months or even less in some instances.
BK7 lasts for 10 years (also BK11, BK 12). BK13 lasts for seven years, unless it was dismissed, then it lasts for 10 years.
Starting Score: 469
Current Score: 819
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
Take the myFICO Fitness Challenge
BK7 lasts for 10 years (also BK11, BK 12). BK13 lasts for seven years, unless it was dismissed, then it lasts for 10 years.
Starting Score: 469Current Score: 819
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
Take the myFICO Fitness Challenge