Just trying to understand why after BK

darwin_wins · ‎08-03-2016

people have their scores going up and then people get these cards from lenders but if someone was late (say 60+ days 5 years ago) their score takes a hit till the thing falls off?

Not to put down people with BK on their record but wouldn't it make sense to let people who had their last late a long time ago reach a better FICO score earlier than people with BK reporting??

takeshi74 · ‎08-04-2016

A BK isn't the end of the world but it does have an impact until it falls off as well. To really answer your question you'd really have to dig into the details of each person's credit profile. I was able to get to the low to mid 700's while my BK was reporting but even then some creditors wouldn't even consider me. Once it dropped off things improved but my revolving utilization was also high so there were two major changes to my credit profile that finally cleaned up everything.

This thread would be better served in the Understanding FICO Scoring subforum. Don't overlook the various subfora.

darwin_wins · ‎08-04-2016

I have seen people being denied by certain creditors when they had BK reporting and unless banks were burned in BK a lot of these people got back in.

I had a pretty weak report with multiple things being reported but last year a lot of them dropped off ( still had a few) and was denied by Chase, Discover. Even right now I don't prequalify for anything from Chase or Discover. Citi won't look at me because I had a CO and ended settling with them for less than full. AmEx gave me their recovery because I paid them back.

Only BOA was burned the most by me as I had personal loan which I couldn't pay as I was sick and no job. Most of them lost may be 1000 if not less. So I find it confusing that's all

righthererightnow · ‎08-07-2016

have you tried the goodwill route to get some of those things off your report?

iheartwings · ‎08-07-2016

@takeshi74 wrote:
A BK isn't the end of the world but it does have an impact until it falls off as well. To really answer your question you'd really have to dig into the details of each person's credit profile. I was able to get to the low to mid 700's while my BK was reporting but even then some creditors wouldn't even consider me. Once it dropped off things improved but my revolving utilization was also high so there were two major changes to my credit profile that finally cleaned up everything.

This thread would be better served in the Understanding FICO Scoring subforum. Don't overlook the various subfora.

+1

Late payments fall off after 7 years. BK7 takes 10, and it is possible to get over 700 with it reporting early on, but I don't think that is the norm. Everyone's profiles are different.

I might add that prior to my bankruptcy I had several 30 day and a few 60 day lates. So, I had both lates and a BK, and my FICO scores lived in the upper 600s until my lates fell off after 7 years. I was only able to get past 700 after that, and now I sit in the low-mid 700s until my BK falls off, which may or may not allow my scores to increase a bit.