Marisa’s Credit Score

Hello Paul.

I have a question about the impact bankrupcy has on credit scores. I had filed chapter 7 in 2007 with a discharge in 2008. I went today for an auto loan and was told that my credit looked good, no debt, and timely loan payments. He said that he would guess by looking at my credit report I would have high 600 score but instead I have a 558.

I know that it hasnt been that long since I filed but I have paid off 2 loans since then and have one now, with timely payments being made, which is secured. I have known numerous people who have filed bankrupcy and within months they were getting car loans and even buying a house.

When do your scores go up? Why does it seem that mine is so low while others must be higher, given the same circumstances. I just dont understand. Will anyone help me rebuild my credit or will I just have to wait it out?

Thanks.
Marisa

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Hi Marisa,

It’s tough to say without looking at the credit report.  Do the tradelines that were in your petition show balances or late payments after the bankruptcy filing?  They should all be included in bankruptcy with no balances reporting and no late payments beyond the issuance of the bk case number.

Are there any other collections on your report?  How many inquiries do you have?  Are your credit limits reporting?  Questions, questions, and more questions…

Anyone looking for professional help with credit repair can contact Brian Aber with HTDI at 877-877-4834 x704.  Tell him Paul at the Broken Credit Blog sent you.

Thanks for the questions and hope this helps.

Paul