Improving credit score post chapter 7

[joshuaadvant]

What is the name of your state? IL
Anyone have any specific experience in terms of the time frame to improve your credit score post discharge from a chapter 7? For example, how long might it take to get to a FICO score of 650? Thanks.

 

[gottago]

It completely depends on what else your report shows.

A few tips:

Make sure that all your accounts show something like "Included in Bankruptcy" in the tradeline after you file. Any accounts that are delinquent, but don't show the bankruptcy notation, will hurt your score.

Immediately after discharge, try to get a Capital One Visa card. Having a positive tradeline wil boost your score quicker.

Basically, if you do the above, and there's no other negative info on your report, you'll have a score in the mid 600's within a year or so.

On the negative side, your FICO score is meaningless to most lenders if you've filed bankuptcy. They will automatically deny you credit because of the bankruptcy, regardless of your score. Mortgage lenders will overlook the bankruptcy about 2 years after you file...

 

[MidnightSwinga]

Yes, the FICO scoring can be a mystery. My scores were in the 530's before I filed. 1 week after my CH 7 discharge I had a FICO score of 648.

Make sure you try and dispute any inaccurate information in your credit report. If you're trying for a mortgage, time and a large downpayment will help!