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Posted in Bankruptcy
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Question By
hug2pugs

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Point increase once bankruptcy is removed from my report?
I have worked hard to build and keep my credit as clean as it can possibly be since my bankruptcy in 2005. It seems to have plateued between 700 and 705 for the last year. I was wondering if, once the bankruptcy is removed in 2015, if I can expect a substantial increase in my score, as long as I keep my good credit habits that I have now? I keep very low balances (most of the time I pay off balances each month) and pay on time. I have been very responsible with credit since my bankruptcy almost 9 years ago. I hope it will put me in the upper 700's once the bankruptcy is off my record. Thanks for any advice.

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Most Helpful Response

Mine went up

Helpful to 9 out of 10 people

I just got the bankruptcy off my record.  It took 10 years and establishing a good credit history.  My score went up 65 points and it is now in the 770 range.  Also, I just purchased a car with no interest.  I noticed that after I purchased the car my score dropped by 7 points but after the bankruptcy was removed it jumped by 65 points.  Make sure you get your full credit report to ensure if the bankruptcy was taken off.  It takes 10 years to have it removed.  

Reply by
KatTen10

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Does it take 10 years from the date of being opened or 10 years from the date of being discharged??

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4 People Helped

Mine Dropped

Helpful to 3 out of 3 people

My score dropped 38 points after the bankruptcy came off. Credit scoring is a joke.

2 Contributions
10 People Helped

Score DECREASES after BK is REMOVED

Helpful to 6 out of 9 people

It doesn't increase. After your BK is removed you are grouped with others who haven't filed BK, so your FICO will go down. The sooner you started rebuilding credit after your discharge, the softer the blow.

So for people who are in BK your score is based on other people who are in BK. Once your BK is removed your score is based on other people who have no BK on their record. That's why your score decreases, it makes sense since people in BK on average have lower scores than people who dont have BK.

Hope that helps!

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Likely it will!!

Helpful to 14 out of 17 people

As you know, bankruptcy is a negative on your credit reports.  Your current history of on-time payments and keeping credit card usage in a good range should help boost your score significantly when the bankruptcy notice drops off.  Just keep up the good work!!

7 Contributions
119 People Helped

Any Specific Anecdotes?

Helpful to 8 out of 11 people

I know that not everyone will be treated the same with the same amount once the bankruptcy is removed.  But if anyone could post their before and after scores, with any info that seems relevant, that would very helpful in getting a general idea of how much of an increase people can expect.

Reply by
demohr

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3 People Helped
Helpful to 3 out of 6 people

My public record was removed in Nov 2013. score before = 698 score after = 604. there were no other changes and 100% on time payments for 10 years...good luck!

Reply by
rc39073

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1 Person Helped
Helpful to 1 out of 1 people

665 before; 648 after - no other changes on my credit report other than the bankruptcy dropping off

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1 Person Helped

So far mine is the opposite...

Helpful to 1 out of 1 people

I've been trying to research if this is normal or not and so far haven't seen any answers. I just declared bankruptcy and my credit cards are still closing of my credit report and the bankruptcy has been put on my credit report. I started with a credit score of 668 before the bankruptcy and now it's 704 and there's still 2 credit cards with high balances that have yet to be closed. Has anyone else seen an INCREASE in their score after bankruptcy? Or does it just take time for it to go down after everything is finalized or something? Thanks!

Reply by
Leesee46

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Enter Your Reply  Yes my credit score went up about 100 pts. if you can believe it.  I just don't get it.

1 Contribution
1 Person Helped

This is DISTURBING.

Helpful to 1 out of 1 people

The last two posters say that their credit scores went DOWN once the bankruptcy was off their records?  How is that possible and how incredibly disheartening!!!!!

Reply by
jmw248

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2 People Helped
Helpful to 2 out of 4 people

My bankruptcy comes off in October of this year and my scorce is a 754. I just got a personal loan today from my bank at 9.9% and after the inquiry it only dropped y score to a 742. My score for the past year has been in the 700's. I have had no lates or missed payments since my bankruptcy. I honestly don't know how these scores work but my brothers bk came of last month and his scores went up.

Reply by
scot1759

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9 People Helped
Helpful to 4 out of 5 people

The reason your credit score may go down after your chapter7/13 is removed.

1-While under chapt7/13 creditors can count that you can not file again and they are a little more secure

2-Not enough established credit while in the 10 year chapter relief

3-Too high credit balances after the chapter has expired. "note" any credit cards with balances higher than 30% of limit starts to drag your score down regardless what tier your credit is at.

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0 People Helped

Score dropped after bankruptcy removed

Did you get the numbers turned around? It, sounds like before should be 604 and after

698. Reading from the reports above. Very dishearting.

Reply by
uschi810

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2 People Helped
Helpful to 2 out of 2 people

The same thing happended to me...I thought it would go up! I'm so disappointed :-( Dropped by 39 points.

1 Contribution
0 People Helped

2 Years BK

Question,

I am being told once your BK hits 2 years, you would see a slight credit increasment... Is that true?

Reply by
scot1759

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9 People Helped
Helpful to 2 out of 4 people

In most cases yes I was actually able to get a brand new car 6 months after i filed the first time. At 21% interest but hey i needed a car. The 2nd time i was able to buy a new home after 26 months. The difference was my credit was well established the 2nd time and my score was much higher at time of discharge. I can say this site was the closest in the actual scoring than any of the paid sites i used. This is how I built my credit after discharge. Got a car and 2 high interest credit cards. I maxed 1 of the cards out and paid min payments on it for 22 months the other i left vertually untouched. At 22 months I knew i was wanting a home. So knowing you have to keep your oldest acct open with a balance i paid it down to 30% use. My score went from 590 to a 643. I only needed a 640 to get the home loan. So everything has to do with planning and on time payment getting your score back up dont worry so much about maintaining a particular score until you need that score to get what you want. Life it too short to worry about a number all the time. Plan out your 5 year goals in credit and dont stray when it comes time to implement.

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1 Person Helped

BK off Credit Lowered my score

Helpful to 1 out of 2 people

When my CH 13 BK came off my credit, my score dropped 50 points. It is because my age of credit dropped drastically. All of my good credit was newer and all of the older credit came off with the CH 13 BK removal.

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