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How many points do you gain when a Chapter 7 falls?

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Anonymous
Not applicable

How many points do you gain when a Chapter 7 falls?

So after getting my three EEs from TU and having my score go from 652->706 yesterday, this got me curious about just how many points are tied up by my BK. I would guess that being that my loss of 30/60/90/120/repo/CO accounts only gave me a 54 point boost would mean a BK is *at least* 70?

 

My BK falls 8/2020 so I am just trying to gauge what my score would look like if everything else stayed the same but my BK fell today. 

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DIYcredit
Frequent Contributor

Re: How many points do you gain when a Chapter 7 falls?

You should be very happy with the 54 point gain.Alot of other people are happy with allot less.Their is no set amount of points gained or lost within any Fico scoring model for any change in reported information or patience of any particular negative information.If this is you last and only negative information present on your cr,than your Fico score should increase simply, because you have other negative information present and the bankruptcy was removed and now your cr is derogatory free.You could see a score gain if you have an established cc history for example.It all depends on how your cr looks as a whole.Their is five factors calculated into a Fico score except for particular custom models which consider trended data.

Message 2 of 5
Anonymous
Not applicable

Re: How many points do you gain when a Chapter 7 falls?


@DIYcredit wrote:

You should be very happy with the 54 point gain.Alot of other people are happy with allot less.Their is no set amount of points gained or lost within any Fico scoring model for any change in reported information or patience of any particular negative information.If this is you last and only negative information present on your cr,than your Fico score should increase simply, because you have other negative information present and the bankruptcy was removed and now your cr is derogatory free.You could see a score gain if you have an established cc history for example.It all depends on how your cr looks as a whole.Their is five factors calculated into a Fico score except for particular custom models which consider trended data.


There is definitely a defined amount of damage that comes from a chapter 7. I think I saw somewhere the highest your FICO can be with one if everything else is perfect is like 775. It is said that 120 day lates are almost as damaging as a BK and those obviously have a huge point value as we have seen on the charts. I am just curious how many points people have seen when their BKs have fallen. 

 

And yes, I’m definitely very happy with the EE results. I was guessing 710 and 706 is not far off the mark at all. Now that I’m in the garden, it’s nowhere but up once I take the hit for my last new accounts (NFCU, BBVA, and Sync still have accounts to report although BBVA shouldn’t be until February). 

Message 3 of 5
800FICOGoal
Established Contributor

Re: How many points do you gain when a Chapter 7 falls?

I can't provide any hard number as to what you can expect, but if you look at the Current FICO scores in my sig, you will see that TU is the highest at 735.

 

That's because my foreclosure is being reported to EQ and EX only, so they have been held down below 700 while TU flourishes. Even with <9% utilization, AZEO and gardening, they won't rise above 699. FICO has put me in that dirty scorecard bucket.

 

So come June of this year, I could reasonably see (althought not guaranteed) a 30-50 point gain on EX/EQ.



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Anonymous
Not applicable

Re: How many points do you gain when a Chapter 7 falls?


@800FICOGoal wrote:

I can't provide any hard number as to what you can expect, but if you look at the Current FICO scores in my sig, you will see that TU is the highest at 735.

 

That's because my foreclosure is being reported to EQ and EX only, so they have been held down below 700 while TU flourishes. Even with <9% utilization, AZEO and gardening, they won't rise above 699. FICO has put me in that dirty scorecard bucket.

 

So come June of this year, I could reasonably see (althought not guaranteed) a 30-50 point gain on EX/EQ.


I think that I am in that same bucket when it comes to EQ and EX because even adding new accounts or inquiries hasn’t been impacting my scores there for awhile (except for 09, my EQ 09 seems to lose 3-4 points every time NFCU updates it). I even gained a point on EX when BBVA pulled my report in December. I was otherwise frozen at 670 since August there despite the fact I added NFCU in September and my EX was still 671 on the 13th despite NFCU reporting a CLOC, Amex pulling, and Sync reporting my Amazon Store Card. My score didn’t even change when I opened up a personal loan despite having no other open installments. But watch me take a beating when they report that paid and closed tomorrow. 

 

My file is thicker though, my AAoA is 3y9m and AoOA is 9y10m. My TU is probably going to start doing wild fluctuations now that the only baddie left is my BK. 

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