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Do FICO Scores Increase Once BK is Discharged?

Pharoe33
Regular Contributor

Do FICO Scores Increase Once BK is Discharged?

I'm currently 3 days away from my Chapter 7 Discharge and have seen my scores climb from the low/mid 400's to the low 600's since I initially filed.

For those who've already filed and were discharged, did you see an increase of your  FICO scores once your credit reports updated to discharged?

2 REPLIES 2
sarge12
Valued Contributor

Re: Do FICO Scores Increase Once BK is Discharged?


@Pharoe33 wrote:

I'm currently 3 days away from my Chapter 7 Discharge and have seen my scores climb from the low/mid 400's to the low 600's since I initially filed.

For those who've already filed and were discharged, did you see an increase of your  FICO scores once your credit reports updated to discharged?


It can go either way, but usually not. The fact that you can not file again for 8 years and you now have a clean slate could however lead to a lender extend you credit even with a low score. Actually you could file chapter 7 again in less than 8 years, you just wont recieve a discharge of any debt. You also wont recieve a discharge of any debt after completion of a chapter 13 if it is filed less than 4 years post chapter 7.

TU fico08=842 05/20/21
EX fico08=830 06/04/21
EQ fico09=835 06/01/21
EX fico09=824 05/05/21
EQ fico bankcard08=856 05/25/21
TU Fico Bankcard 08=881 05/23/21
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 2 of 3
AboveAvgJoe
Contributor

Re: Do FICO Scores Increase Once BK is Discharged?

The status change to Discharged won't do anything to your credit score. The score changes come from derogatory accounts being relisted with zero balances and no longer reporting late. But the score increases will be a little here and a little there. Don't expect any major bump until you get your baddies removed.

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