How will my Score Change When Bk Falls Off?

[HeavyResist]

The following may seem like a dumb question, but I haven’t been able to find a direct answer to it. Any feedback at all is appreciated.

In September of this year, my BK7 falls off after 10 years. Try as I might, I can’t find out exactly how the BK falling off will directly affect my credit score. Is it 10 points, 20, 30? What is the approximate quantitative effect? 

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My DP’s

Available credit:    $64,600

Utilization:                <4%

Baddies:                    no lates, no collections, only the 2012 BK7, perfect payment history Post BK

Loan types:             Mortgage, auto, personal finance, student loans

Current income:   $97K all sources

[dragontears]

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@HeavyResist wrote:

The following may seem like a dumb question, but I haven’t been able to find a direct answer to it. Any feedback at all is appreciated.

In September of this year, my BK7 falls off after 10 years. Try as I might, I can’t find out exactly how the BK falling off will directly affect my credit score. Is it 10 points, 20, 30? What is the approximate quantitative effect? 

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My DP’s

Available credit:    $64,600

Utilization:                <4%

Baddies:                    no lates, no collections, only the 2012 BK7, perfect payment history Post BK

Loan types:             Mortgage, auto, personal finance, student loans

Current income:   $97K all sources

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I have no direct experience but have read about people going from mid 700s to low 800s when their BK dropped off 

[Horseshoez]

Not apples-to-apples, but on average, my EQ scores went up 107 points, my EX scores went up 122 points (skipping the 700s entirely and landing in the 800s), and my TU scores went up a paltry 62 points.  Why not "apples-to-apples"?  Mine was a Chapter 13 which dropped off this January after only 7 years; regardless, your scores should pop pretty nicely.

[HeavyResist]

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@dragontears wrote:

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I have no direct experience but have read about people going from mid 700s to low 800s when their BK dropped off 

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Thank you for this. Its something I am thinking about, as I am planning to buy a Duplex, and am considering waiting until my scores rise in September. Im trying to balance the rise in rates, with the rates Ill get with better scores. My badges show my current scores as of this week. I appreciate the feedback. 

[HeavyResist]

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@Horseshoez wrote:

Not apples-to-apples, but on average, my EQ scores went up 107 points, my EX scores went up 122 points (skipping the 700s entirely and landing in the 800s), and my TU scores went up a paltry 62 points.  Why not "apples-to-apples"?  Mine was a Chapter 13 which dropped off this January after only 7 years; regardless, your scores should pop pretty nicely.

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@Horseshoez Thanks for this. Im hoping thats the case. Ive been so careful the past 9.5 years to make everything as flawless as possible. Im wishing however I would have begun my credit card journey earlier as I might have been along faster than I am going now. Out of curiosity, hows the TD card and the Penfed working for you?  

[ToofDoc]

Ive read and heard that you can ask for an early bankruptcy drops from all 3 bureaus as early as 6 month in advance. If they deny to remove your bankruptcy, just keep on trying each month. Don't think you need to wait until Sept for auto drops if you're up to the work and file requests or make phone calls!

[Horseshoez]

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@HeavyResist wrote:

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@Horseshoez wrote:

Not apples-to-apples, but on average, my EQ scores went up 107 points, my EX scores went up 122 points (skipping the 700s entirely and landing in the 800s), and my TU scores went up a paltry 62 points.  Why not "apples-to-apples"?  Mine was a Chapter 13 which dropped off this January after only 7 years; regardless, your scores should pop pretty nicely.

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@Horseshoez Thanks for this. Im hoping thats the case. Ive been so careful the past 9.5 years to make everything as flawless as possible. Im wishing however I would have begun my credit card journey earlier as I might have been along faster than I am going now. Out of curiosity, hows the TD card and the Penfed working for you?  

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My TDCash card started as a secured card with a $5,000 limit in July of 2020, graduated to an unsecured Visa Signature in January of 2021, and just last week was given an auto-CLI up to $8,500; I'd say it's doing pretty well.  As for the PenFed Platinum Rewards card, it was approved early March last year with a limit of $6,000, which is where it sits today just shy of a year from when the card arrived in the mail.

Both cards have been good to me (as has my lowly CapOne QS card which I got in December of 2020), so I have no complaints.

[mgs2010]

If I had to guess, I would say you'll be upper 700s to low 800s when it drops. Mine dropped off last year and our profiles appear to be pretty similar in terms of util, no derogs post discharge, etc. It was a nice 40 point boost in my case but I have heard for others it can actually result in a decreased score but I think that's mainly for those that had post discharge lates or high util etc. I think you will be pleased with the upcoming removal of the BK from your reports. 

[Caribsa89]

@HeavyResist  - My last reporting of my BK7 fell off on 02/01/22.  I gained 73 to 89 points (TU-73 Points, EQ-81 Points, and EX-89 Points).  Here is the thread with my final Fico 8 scores Final Scores BK7 Scores 

[HeavyResist]

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@Horseshoez wrote:

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@HeavyResist wrote:

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@Horseshoez wrote:

Not apples-to-apples, but on average, my EQ scores went up 107 points, my EX scores went up 122 points (skipping the 700s entirely and landing in the 800s), and my TU scores went up a paltry 62 points.  Why not "apples-to-apples"?  Mine was a Chapter 13 which dropped off this January after only 7 years; regardless, your scores should pop pretty nicely.

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@Horseshoez Thanks for this. Im hoping thats the case. Ive been so careful the past 9.5 years to make everything as flawless as possible. Im wishing however I would have begun my credit card journey earlier as I might have been along faster than I am going now. Out of curiosity, hows the TD card and the Penfed working for you?  

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My TDCash card started as a secured card with a $5,000 limit in July of 2020, graduated to an unsecured Visa Signature in January of 2021, and just last week was given an auto-CLI up to $8,500; I'd say it's doing pretty well.  As for the PenFed Platinum Rewards card, it was approved early March last year with a limit of $6,000, which is where it sits today just shy of a year from when the card arrived in the mail.

Both cards have been good to me (as has my lowly CapOne QS card which I got in December of 2020), so I have no complaints.

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Thanks for the Info on the cards. Im looking forward to the PendFed at some point.