Credit score 21 May 2020 at 3:54PM in Bankruptcy & living with it 6 replies 271 views

davol70

Hi everyone, 
My first post!
I have just finally had the bankruptcy fall off my credit report after 6 years! However much to my surprise, my score hasn't gone up! Should it have? I have no bad credit, no ccjs or defaults, I do have a few rubbish credit building credit cards with just more than 50% balances on but no bad history for a good while!

[Deleted User]

No, it shouldn't. It would generally drop, as ending bankruptcy is a big change . But it doesn't matter either way.

Your credit score is not connected to your credit worthiness or seen by lenders.  It's just a comedy gimmick for your eyes only.

Just work on building good credit history.

mwarby

You will find that you get much fewer out declines. Although affordability will be key, and right now the lenders appetite for risk probably isn’t very high given the number of low risk folk who are now in reduced wages or out of work 

Just apply for stuff you can afford, but gradually like 1 card or loan every few months maximum. If you get rejected either wait until you have more income, or leave it say 6 months. Applying like crazy will not help, your score will drop when you apply, but will go back up when new product is used sensibly

Try not to let a random number control control what you need and apply for finance wise. Go for the best product you need, and go easy on loans 

Fighter1986

Credit score and credit worthiness are two completely different things.

The credit score you've seen is, as zx81 rightly states just a gimmick. It isn't seen by lenders. They have their own criteria and their own scorecard which they score you against using the raw data in your credit file and the data you provide on your application form.

Your "credit score" gimmick number mightn't have changed, but your credit worthiness certainly will have. 

As a test, venture over to the money supermarket credit card checker tool, and see what results you get. You should find you're now being given high chances of approval for prime credit cards. 

cymruchris

When my bankruptcy dropped off - my imaginary score went down. When a CCJ I had was set aside and removed - my imaginary score went down. Any big change on your credit file can move your imaginary score down. Keep up with your awful credit building credit cards - are you paying them off in full every month? Your imaginary score will eventually move up as you continue to demonstrate good financial management. You’ll also find that the percentage of credit cards open to you will widen (albeit slowly). As long as you keep spending / paying in full - month by month you’ll gradually improve. I’ve come a long way - but still a long way to go. My first credit card had a limit of £400 - I now have cards totalling a credit limit of £10k. In my progress - I haven’t paid a penny of interest and always paid in full each and every time. (I did also use a loqbox - and although some say they’re not worth the time - I’m confident it helped me get my first low apr regular credit card recently as it showed I had a fully settled 12 month loan account for £2400 on my files - you could look at this to see if it’s something suitable for your own needs - I fully recommend it even if others don’t) 

WickedWitch123

davol70 said:

Hi everyone, 
My first post!
I have just finally had the bankruptcy fall off my credit report after 6 years! However much to my surprise, my score hasn't gone up! Should it have? I have no bad credit, no ccjs or defaults, I do have a few rubbish credit building credit cards with just more than 50% balances on but no bad history for a good while!

Hi 
Can i ask, did your bankruptcy fall off exactly to the day?  Mine is due to fall off next month but ive seen some say it happened a little earlier and some a little later.

cymruchris

WickedWitch123 said:

davol70 said:

Hi everyone, 
My first post!
I have just finally had the bankruptcy fall off my credit report after 6 years! However much to my surprise, my score hasn't gone up! Should it have? I have no bad credit, no ccjs or defaults, I do have a few rubbish credit building credit cards with just more than 50% balances on but no bad history for a good while!

Hi 
Can i ask, did your bankruptcy fall off exactly to the day?  Mine is due to fall off next month but ive seen some say it happened a little earlier and some a little later.

It will disappear 6 years to the day on your live report (the one lenders see) it will take a while to disappear from your free to access credit reference agency reports as they update less often to us consumers.