Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Bankruptcy
Profile Image

Question By
hug2pugs

0 Contributions
0 People Helped
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.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-10 of 19Results per page: 5 | 10 | 25Page 1 of 2   Previous | Next
1 Contribution
12 People Helped

Credit Score Improved Overnight.

Helpful to 12 out of 12 people

My credit score rose approximately 100 points after my bankruptcy was removed nearly 18 months ago.  With that said, I rebuilt my credit with no other derogatory comments, few inquiries, decent credit age, and low income to debt ration.  My current credit score is about 820 now, but was about 660 during the fall of 2015 before the bankruptcy was removed.

2 Contributions
10 People Helped

Mine Improved

Helpful to 1 out of 1 people

If it helps anyone, mine increased when my bankruptcy fell off. I don't know why so many have had it drop and because of this thread, I was terrified my already low score would go even lower. Instead, my score jumped about 60 points. Hope this helps someone! I think it just depends on what other accounts you have on your credit report and what standing they are in. 

2 Contributions
6 People Helped

My score dropped as well

Helpful to 1 out of 1 people

I was also looking forward to my score increasing after my BK dropped off...to my unpleasant surprise it dropped 47-49 points! the only thing I can think of is that it reduced the age of my credit but this doesn't make sense being that the accounts on the BK closed once it was discharged 10 years ago...everything else is good...im at about 19% od my overall credit card usage...payments are 100% on time..this doesn't seem to make sense...clarification anyone?

2 Contributions
39 People Helped

Mine went up

Helpful to 15 out of 16 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

2 Contributions
10 People Helped
Helpful to 9 out of 11 people

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

2 Contributions
4 People Helped

BK off Credit Lowered my score

Helpful to 4 out of 5 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.

2 Contributions
8 People Helped

Mine Dropped

Helpful to 7 out of 11 people

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

1 Contribution
5 People Helped

This is DISTURBING.

Helpful to 5 out of 5 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

1 Contribution
3 People Helped
Helpful to 3 out of 7 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

5 Contributions
22 People Helped
Helpful to 12 out of 13 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.

Top Contributor
12055 Contributions
4533 People Helped

Likely it will!!

Helpful to 16 out of 19 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!!

1 Contribution
2 People Helped

2 Years BK

Helpful to 2 out of 2 people

Question,

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

Reply by
scot1759

5 Contributions
22 People Helped
Helpful to 7 out of 11 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.

7 Contributions
124 People Helped

Any Specific Anecdotes?

Helpful to 9 out of 12 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

2 Contributions
6 People Helped
Helpful to 6 out of 10 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

2 Contributions
3 People Helped
Helpful to 3 out of 4 people

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

Reply by
ispy1009

1 Contribution
3 People Helped
Helpful to 3 out of 3 people

Experian one day before Chapter 13 removed 754 on June 30. July 1, the day it was removed, 834. Has not yet been removed from the other 2. Supposed to be removed in August. Not sure why it came off early from Experian but I'm thrilled. My TU and EQ scores are currently 744 and 714. Hope to see similar rise when those come off.

Results 1-10 of 19Results per page: 5 | 10 | 25Page 1 of 2   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.