I just wanted to find out from others who have had a discharged bankruptcy(chp7) if it's possible to get scores in the 700s. My husband and I had a discharged bankruptcy May of last year and our scores are in the low to mid 600s. We are still in the process of repairing and rebuilding our credit. Do we even have a chance with the bankruptcy listed on our reports? Thanks!
I believe it is because my hubby is sitting with a 698 on Equifax and he had a Ch. 7 in 1998. Waiting for that two point umph...lol. L
The bk is still fairly new so it will continue to have a major impact on your score for some time to come. Of course, the older it gets, the less of an impact it has. It may be possible to get to the 700's, but it may take some time.
Thanks for the replies. I have been really making progress these last few months-thanks to this site. I guess I will keep chipping away at the negatives and eventually I will get there.
Christi, I'd be curious on learning what some of the things you did to help repair your credit after the BK 7. Thanks
I know this was directed to Christi but from what I have read here, re-establishing your credit was the place to being. Getting a secured CC or a CC from a non-prime lender to being a new credit history. Of course, paying any debts that survived the BK on time helps as well. I also have heard that having someone with great credit add your name as an authorized user is very helpful. Basically that account will start showing as a tradeline on your credit report. Make sure it is someone you know ALWAYS pays their bills on time or their late payments, will be yours as well. My Dad just added me as an AU on his State Farm bank card with a 15500 limit. I am anxious to see what effect it has on my scores and which CRAs it reports to. Trying to get my score up before I re-fi.
What I meant to say was : Re-establishing your credit is the first place to begin. Whoa, I need think-check this morning.
touchdown, Well all I have done is dispute negative accounts with all three credit bureaus and each time a few are deleted. I have also sent validation letters to a few collection accounts and those who cannot validate have deleted the accts. I have also disputed inquiries directly with the companies reporting and it has resulted in a few deletions. It did help that I had a mortgage, gas card and a retail card that survived my bankruptcy. I have also reestablished credit with Cap1 and I keep all balances below the 15% utilization. Hope this helps.
Hockeymom, Yes, you are right about being added as an AU on someone's account. My husband didn't have any credit cards that survived the bankruptcy, so I added him as AU on my gas and retail card. That did improve his scores.
I am not too far from 700 with a CH 13. I will probably make the 700 club after I pay off my credit card balances.
mh1757 and niceguy, How many accts are noted with the "included in bankruptcy" statement? I know these accounts are listed as "unrated", but I know each account does lower your score.
We had a chap 7 BK 5 years ago. My husband's scores are all in the low 700's. My TU and EX scores are in the 700's but my EQ score is 696. Our scores are expected to drop as we have applied for credit at Nordstrom and the credit union. The results are due soon.
Don't expect a significant drop. I have noticed as my scores have hit the 700's, that when new accts hit, the resulting loss of pts. is very insignificant. In fact, my new car loan just hit this week and my score did not change. As for the 700's with bk, what I suggested appears to be true. That is, a bk that is several years old becomes less of a factor, and therefore, higher scores.
Don't expect a significant drop. I have noticed as my scores have hit the 700's, that when new accts hit, the resulting loss of pts. is very insignificant. In fact, my new car loan just hit this week and my score did not change on either Exp. or Equifax, and it went up 7 pts on TU. As for the 700's with bk, what I suggested appears to be true. That is, a bk that is several years old becomes less of a factor, and therefore, higher scores.
Thanks for the encouragement and congrats on the GM card. We just sent an E-mail to Eugene at Cap 1 asking for higher limits like you did.
I have four accounts "included in bk". On my TU credit report I had an account "included in bk" reinserted accidently by the CRA and it didn't change my score. I don't know if this will be the case with EQ and EX.
wow ch7 and you score is still higher than mine..that is sad :/ wonder if i should have filed bankruptcy a few years back now.
