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What will happen to my scores post discharge and what is the next step I should take?

New Contributor

What will happen to my scores post discharge and what is the next step I should take?

Hi guys,
Thank you everyone for all the helpful information on this forum. I’ve learned quite a bit but I still have a couple of questions I am hoping someone can answer for me. My scores are in the upper 500’s right now and I should be receiving my discharge paperwork in the next few days. Does anyone know if my scores will drop or will they possibly go up? What should be my next step in trying to get a credit card?
I appreciate everyone’s help.
Message 1 of 5
4 REPLIES
Regular Contributor

Re: What will happen to my scores post discharge and what is the next step I should take?


@travelguru wrote:
Hi guys,
Thank you everyone for all the helpful information on this forum. I’ve learned quite a bit but I still have a couple of questions I am hoping someone can answer for me. My scores are in the upper 500’s right now and I should be receiving my discharge paperwork in the next few days. Does anyone know if my scores will drop or will they possibly go up? What should be my next step in trying to get a credit card?
I appreciate everyone’s help.

For me they went up dramatically once all the accounts changed to "included in bankruptcy" from 550 -> 610ish

 

Try the prequalify on CapitalOne and see if you have an offer. 


Personal Cards:


AU Cards:

Message 2 of 5
Frequent Contributor

Re: What will happen to my scores post discharge and what is the next step I should take?

It should go up since it will be discharged and the accounts will be listed differently.  Though it won't "skyrocket" as I have seen for others until it drops off your report and the rests of the IIB accounts drop off of the report too.



FICOBeginning (6/2017)Current
Equifax636695
Transunion627680
Experian623702
Message 3 of 5
Community Leader
Super Contributor

Re: What will happen to my scores post discharge and what is the next step I should take?

In short...scores will tank to 400's-500's when CRA's get wind of the BK. Once the BK is updated to show "Discharged", then they start to rise slowly to the low 600's, then slowly to the mid-600's, within the year.

Your scores will tap out in the low to mid 700's (Ive never seen anyone here with a score over 740), until your BK is off your reports, which is 9.5-10yrs from your file date.

Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
Message 4 of 5
Established Contributor

Re: What will happen to my scores post discharge and what is the next step I should take?

I might be an exemption to have 2 CRA's over 740. Only because I had no cards after cutting them up and closing them 8 yrs before BK with good credit. Just a perfect payment car loan reaffirmed and now paid off. Pizza is right. Without the SSL I'd be 710-720ish maybe. TU hasnt changed since Dec 2017. With all the action of rebuilding. It wont move at all. I was 540-560 after DC. Start rebuild. It takes time. Before you know it. Time passes by real quick. Just be patient and dont rush it. I cant believe in 2 months I'll be 3 yrs out. Seems like yesterday.

 

You didnt post much on what you had before/after BK creditwise.Who got IIB.  I didn't go the secured way. Started with Cap1 Platnium due to my payments on my truck thru them were never late. So I was already in with them. There's many ways you can start with.  Good Luck!


Message 5 of 5