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Understanding Impacts of Ch7

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Established Contributor

Understanding Impacts of Ch7

I tried searching and I feel like there were a few different places I could have posted this question ...

Now that I'm a little over a year past my discharge and really trying to learn as much as I can, I would like to understand what the next 9 years have in store for me regarding my FICO scores.

1) Are my scores currently suppressed by both my late payments and the bankruptcy equally? Will it inch up as each late falls off (so a surge in 6ish years) or do the lates have less impact because the bankruptcy causes most of the suppression?

2) Does the bankruptcy fade over time before it is removed and new trade lines are established/maintained, or does it have full impact until it is gone?

3) I see people with scores in the 750s with bk < 5 yrs ago. I realize everyone's profile is unique, but is that attainable with a history of 12 late accounts? My current scores are in my signature, and I'm beyond happy about them, but I'm just trying to understand if this is where I should expect to stay until I've done my time.

Thanks for any information you can give ...








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Super Contributor

Re: Understanding Impacts of Ch7

First thing that sticks out is 8 cards in a year after BK in your siggy. A few too many. You only needed 3 to get it going. So there's a bunch of hits to your score. No more apps for a year at least. BK will always be the biggest hit. Then whatever that was CO'ed, lates, ect before filing will have to age and fall off. Which more than likely will happen before the BK is done. 750 is usually the highest you could probably go once all the baddies are gone outside of BK. Letting what you have now age some. You can get to 705-710 average. Then as all the lates age. Minor bumps here and there. Nothing is fast with FICO. Time will do its thing. Good Luck!

Remember this. More credit doesnt produce higher scores in rebuilding.

Message 2 of 8
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Established Contributor

Re: Understanding Impacts of Ch7

Yep, as my signature notes I'm gardening. I didn't find this place until after most of those cards so it is what it is and I understand that they will have a fair amount of impact for the next 1-2 years. I just wanted to get a picture for the long term. With the exception of TU my scores are already 708 and 718, so basically I won't see any real improvement until 7 yrs from file is what you're saying. Okay, good to know thanks








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Super Contributor

Re: Understanding Impacts of Ch7

In a way yes when the baddies fall off. But heck your over 700 already so thats nothing to complain about. 2 yrs out I was around the same. After 4 yrs I have stalled. Have 1 30 day late going in Aug 2020. All the calculations that make up a score is where I'll stay until my BK falls off in 5 yrs. I'm happy right where I'm at. Smiley Happy

Message 4 of 8
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Established Contributor

Re: Understanding Impacts of Ch7

Yeah I don't know how or why I've managed to get where I am in 14 months, so I'm happy with where I am at too. I need to take another look through my TU when I get my reports again in a few months. Something is causing it to lag a bit.








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Super Contributor

Re: Understanding Impacts of Ch7

TU was always lagging behind until year 3. Probably because EQ/EX my oldest accounts is 19-21 yrs, only 12 on TU. But it did catch up and it doesnt move much compared to the others. You'll be fine. Just takes time. Rebuild time that is.Smiley Happy

Message 6 of 8
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Established Contributor

Re: Understanding Impacts of Ch7

Yep that's the plan!
Jan 2021 - car loan + cu visa rewards
Jan 2023 - AMEX

Other than that just SP CLIs and relaxing.








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Super Contributor

Re: Understanding Impacts of Ch7


@recoveringfrombk7 wrote:
Yep that's the plan!
Jan 2021 - car loan + cu visa rewards
Jan 2023 - AMEX

Other than that just SP CLIs and relaxing.

Copy that............

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