Reply
Established Contributor
Posts: 503
Registered: ‎05-01-2007
0

2 Bankruptcies

Do to being hit by a car years back I filed a ch 7 & a ch 13 bankruptcy. I added a consumer statement for each bk that states "BANKRUPTCY FILED DO TO SERIOUS MEDICAL ACCIDENT". The ch 13 took care of the state and IRs tax liens which deleted them off the report right away because I always filed on time, stayed in contact, and made evry effort to pay back by tax liens. The consumer statements for both bankruptcies has helped me get appoved eventually on unsecured loans.
 
During my last bk, being my ch 13, I opened a secured credit card and a secured line of credit. Then after the discharge I opened two more accounts which were also secured. I got my deposits back on two of my accounts and no longer need any cash collateral. I am able to get unsecured loans. The two very most important things after a bankruptcy:  1).  I have never been late, not once, on any account  2). I opened different types of accounts-revolving & installment.
 
When i started back in 2003 my average fico score was around 500. On November 30 of 2006 my credit score with Experian was 723 on MYFICO's site but my bank showed 726 on their credit pull. Now it is around a 687. That is because I opened 5 new accounts in a one year period and I have high balances on my revolving accounts. I estimate my new fico score to be in the area between the upper 720's to the 740's-high balances paid down to 3-5% of line of credit & no new accounst will have been applied for. the 5 that I opened will have hit their 12 month mark so therefore they will no longer be considered a new account anymore.
 
REGARDLESS OF WHAT ANYONE TELLS YOU, YOUR FICOS CORE WILL NOT GO FROM 500 TO THE 800'S IN A COUPLE OR A FEW YEARS. TO EVEN THINKA BOUT GETTING ABOVE A 759 YOU NEED TO HAVE NO PUBLIC RECORDS OR BANKRUPTCIES. YOU HAVE TO HAVE TO HAVE AT LEAST 1 CREDIT CARD. THE OVERALL PROCESS TO BE AROUND A 800 OR HIGHER FICO SCORE IS 10+ YEARS WITH NO LATE PAYMENTS. SO BE PATIENT.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.