I JUST GOT MY CHAPTER 7 BK DELETED FROM ALL CREDIT REPORTING AGENCIES. IT WAS ONLY 7 YEARS OLD. HOW MUCH WILL MY SCORE GO UP?
If you have accounts showing as "charged off in BK" or something like that, not much. My BK is also 7 yrs old, but my "real" EX FICO score is 701. My s/o, similar credit profile (w/o BK) is a little lower at 691 (I have a few older accounts). After 5-7 years, the point-hit isn't much. BUT... most lenders do use a filter. If the report has a BK or judgement or lein ... auto-decline regardless of score. So, if your CR is clean of any negative accounts, your score should go up a bit. Why not do a TU or EQ report and see? -mj
After 5-7 years, the point-hit isn't much. BUT... most lenders do use a filter. If the report has a BK or judgement or lein ... auto-decline regardless of score. So do you mean that even when things are deleted and fall off your credit report the lenders have some way of still seeing what was on your report at one time?? Question from a newbie
MY CREDIT IS CLEAN EXCEPT FOR THE BK THAT WAS THE ONLY BAD ITEM ON MY CREDIT REPORT ALL OF THE ITEMS THAT WERE INCLUDED IN MY BK WERE DELTED A COUPLE MONTHS AGO. HOW MANY POINTS WILL MY SCORE GO UP WITH THE BK DELETION??
Interesting...I thought that BK's stayed on for 10 years? My BK is 7 yrs and 4 months old and it's still showing on all of my reports.
In some of the disclosures I got with my EXP report it states that a BK can stay on your report for UP TO 10 years. That makes me think 10 years is not mandatory. I disputed a BK when it was 5 years old and got deleted. I think the court is too lazy to look it up after a few years.
There is no way to guess what your score will go to. There are MANY factors that give your score 1/2 of which are not known. Major factors would be what good tradelines you have reporting, age of accounts and payment patterns.
There is no way to guess what your score will go to. There are MANY factors that give your score 1/2 of which are not known and the other 50% are dreamed up on the spur of moment LB 59
And.......????? Filing a bk may drop your score 100 pts. But, it may also drop it 120 pts or 75 pts. Only the shadow knows. It is a complex formula they use which is too random to predict. But in your particular situation, since it fell off early, my calculations show that your score will increase by exactly 57 pts.
AND??? SO WHAT I TYPED SO QUICK I MISSED THE C!! LOOK AT ALL MY OTHER REPLIES, IT IS SPELLED PROPERLY. THIS BOARD IS TO DISCUSS CREDIT NOT SPELLING. IF YOU DONT HAVE A POSITIVE REPLY ABOUT CREDIT DONT REPLY AT ALL!
Calm down. That really isn't something to get upset about. And, it really isn't a way to endear yourself to others when you are asking questions. So it was pointed out that the spelling was wrong. So what.
Sorry Mayela, It's just that, with your CAPS LOCK BUTTON and all... well, just my weird sense of humor. You're right about one thing, I don't have much to add to this thread, except that bankruptcy can be a great relief if the debtor is truly able to get a fresh start. As far as taking a hit on points, I've seen it repeated on the board several times that bk'ers sometimes have higher scores than non-bk'ers. Go figure.
I believe that's because when you file, all of your debts are wiped out and you can therefore afford new monthly payments on consumer items (a new car for example). Also, in most states you can't file a second time until you wait at least 6 years. That usually makes you more attractive to some creditors because they know you can't use bankruptcy as a way out if you get into trouble a second time.
