@itspaul wrote:How much does this BK affect my score even though its been 9 years since the discharge? Its hard to get my Exp over 720.
I have a chapter 7 BK that was filed on 4/16/2012. It drops off my report on 4/16/22
Revolving
Barclays Arrival Plus – Open date: 3/2017
Barclays – Open date: 5/2014
Discover IT - Open date: 11/2017
Chase CSR - Open date: 2/2017
Chase Freedom Flex - Open date: 3/2017
Merrick Bank – Open Date: 12/2013
TD Bank (Target Card) – Open Date: 11/2013
Wells Fargo Cash Wise – Open date: 11/2019
Auto Loan
Chase Auto Lease – Open date 11/2019 (61% paid off)
Closed/Paid Installment loans
NBT Bank Installment – Open date: 2/2016, closed 3/2017
NBT Bank Installment – Open date: 3/2017, closed 3/2020
Close Auto Loans
Chrysler Capital – Open date: 5/2017, closed 7/2020
GM Financial – Open date: 12/2020 Open pay lease, closed
Total Utilization is 8%, current score is 712. I’ve done 0% & 1% utilization on the revolving, but I got my Exp to 706.
I’m hoping the BK dropping will get me over 740
I would say you have a pretty good chance of hitting at least 750 across the board when your bankruptcy falls off next April. You and I are in a similar boat as my Chapter 13 will be falling off in January and my FICO 8 scores range from 679 to 710; I've been researching on what to expect when I jump over to a clean score card, and given the good condition of the rest of my file, I'm hoping for anywhere between 750 and 800 come next January.
Many people have reported that their credit score has increased by 50 to 150 points after the bankruptcy fell of their credit report. That said, some saw a 50 point increase, others saw a 91 point increase, and others experienced a 150 point increase. So, your point increase will vary depending on the information in your credit report.
Just as when a BK hits. The higher your score the bigger the hit is. Lower not as bad.
My guess is that you will be around 800 or more when the BK7 drops off. My DW and I filed BK7 in January '12, so we are a few months ahead of you. We both filed EE (early exemption) on TU (Transunion) and was approved a couple of months ago. We will attempt to file EE on our EX (Experian) next month. If you haven't checked into EE, then I highly recommend doing a search here on MF (probably in the credit report section linked HERE). Typically, TU allows an EE 6 months from filing date, EX allows 3 months, and EQ "can allow" 1 month (but trying to get EE from EQ can cause issues and its only 1 month anyway, so recommend skipping EE from them).
For a bit of recent reference, my DW was around 750 on her TU8 before attempting EE. After EE, she got something like 820 on TU8. She is now at 842 (!!!!) and has an inquiry dropping off in a week and NOT practicing any optimization (no AZEO, high balance on 1 CC that has a 0% balance transfer that gets PIF next month).
I think I was around 730ish on TU8 prior to the EE. My scores from 9/1 are in my signature, along with my current "actively seeking" card lineup. I'm not exactly playing nice with my scores at the moment with all the recent CC acquisitions and floating a couple of 0% balances until the end of their 0% period. And I'm letting all my CC's report a balance naturally and PIF each month, so nowhere near optimized for scores right now.
By my calculations, you should be able to attempt an EE with TU on November 1. Wishing you good luck!
