When will my chapter 7 have less of an impact?

[Anonymous]

I had a chapter 7 discharge back in 04/2018.

I now have 2 credit card both reporting 0% uti, average age of credit is 1 year 10 mos, with 6 inquiries.

I have zero non mortgage debt yet my credit score is still in the high 600s due to the BK. Will this effect diminish any more at the 4 year mark?

[simplegirl]

a bankruptcy of any kind will affect your scores the entire time it is on your report because of how serious the deliquency is.

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

I had a chapter 7 discharge back in 04/2018.

I now have 2 credit card both reporting 0% uti, average age of credit is 1 year 10 mos, with 6 inquiries.

I have zero non mortgage debt yet my credit score is still in the high 600s due to the BK. Will this effect diminish any more at the 4 year mark?

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Can you update your FICO scores in your siggy?   They are all quite hold, well before your BK 7 discharge.   As for your question, FICO scores do not jump at specificed time points post filing or post discharge.   So four years may or may not see a jump but it's not due to the four year mark alone.   Getting everything to 680 and above should be the real goal because there you can get approved with almost anyone unless they were IIB or they are bk haters.

[FireMedic1]

Im over 6 yrs out. Nothing has budged in any way. Plus dont have all your cars report a $0 balance. Have 1 report $20. Then pay it before the due date. And once you pass 2yrs with AAoA's. Theres another score bump. But 3 cards and a loan is the rebuilder bonus with FICO. Do you have any installment loans at all?

[gdale6]

As stated there is no set time period, the quality of your rebuild and how you hand it will affect your Fico more than anything else can at this point. At the end of the 10 yr period I was at 739 the day it dropped it moved to 805 so yeah it heavily affects your FIco the entire time its on file.

[Lostinthegame]

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@Anonymous wrote:

I had a chapter 7 discharge back in 04/2018.

I now have 2 credit card both reporting 0% uti, average age of credit is 1 year 10 mos, with 6 inquiries.

I have zero non mortgage debt yet my credit score is still in the high 600s due to the BK. Will this effect diminish any more at the 4 year mark?

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It will always affect you but with every passing year it affects less and less. You can get an FHA loan for a mortage two years after discharge for example.

I would let one of the cards report between 1 and 3% to show some utilization to see if your scores increase.

From personal experience - I'm 8 years in, and even though it's only showing on TU, my scores are in the low-mid 700s accross the board, and I have a mortage. 

Try to clean your reports as much as possible, keep low utilization, apply for a loan like self if you don't have any, and never miss a payment and you'll be ok.