In spite of what others may tell you online, your score does not automatically go down once your bankruptcy drops off. That isnt to say that it can't happen. But it can, in fact, go up. It really depends on how you have treated credit since your bankruptcy. Although it is true that when the bankruptcy was on your record, you were being compared to others that had a bankruptcy, and now you are being compared with those who don't, (its called a scorecard) if you have rebuilt correctly and managed yourself well, once you are moved to a non-bankruptcy scorecard, you may still fair well against the non-bankruptcy crowd. While I was waiting for my bankruptcy to drop off, I read several books on credit use. I followed the advice for several years, and when my bankruptcy dropped off, my score actually jumped from 706 to 786. <Thats 80 points> So anyone that tells you that it only goes down are simply incorrect.
I believe the people that say your score will go down are from people in bankruptcy that havent applied or got new credit and that makes sense that their score would go down. But people that have been discharged and applied and got credit will see a score increase. My situation , 1 month after ch. 13 discharge i applied and got a home loan with a 580 credit score. Sure it was a sub prime loan but since 8/2006 that i got mortgage my score has gone up 100 points to 680. My bankruptcy ..ch 13 discharged comes off my report in 3 months so i should see a pretty good rise. Im guessing around 40 points or more. Bankruptcy does stay on your report for 10 years if its a ch 7 or its a ch 13 that was dismissed instead of discharged. Ch 13 discharged stays on your credit report 7 years from date filed. Ive talked to all 3 credit agencies and thats what they tell me. Fiocs EQ 670 Ex 683 Tr 690 4-10-08
Message Edited by tnbumblebee on 04-23-200808:05 PM
Thats awesome!! What freedom that is when you see that boost!! I now continuously get credit offers wherever I go.... A tip for those of you who have ever been turned down for credit in the past, yet are now being courted to take on credit.... a nicely worded rejection letter to them might assist in your amusement... "Thank you for applying with Eric.... However, at this time, I am sorry to say that I will not be accepting your offer. If you would like a list of reasons, please send a written request with your signature to the following address...."