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Posts: 100
Registered: ‎04-02-2013
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BK reaches 7 years old in Dec 2013

I filed bankruptcy in Dec 2006  discharged in Apr 2007 my credit score is terrible (520) Experian. I only have 2 accounts that is in good standing that was open in 2012. One is a secured loan with Southern Federal Credit Union  that will be paid out in July 2013 and the other is a secured visa credit card with PNC Bank.  I have a Capital One account in collection that is scheduled to be paid out through a settlement with a collection agency on April 26th. I spoke with the office manager at one of the credit union branches and she informed me that I would need a score of 600 to qualify for a car loan. I have been driving the same car for 10 yrs and its giving me problems its time for a better car


Can anyone tell me more options to improve my credit score? 

What company will finance me with a 520 credit score?

Valued Contributor
Posts: 2,441
Registered: ‎11-29-2012
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Re: BK reaches 7 years old in Dec 2013

Have you had new collections or lots of late payments since your bk? Otherwise there is no way your score should be that low this far out. You need to pull your credit reports and work on whatever it is in your file that needs fixing. Go the the rebuilding subforum and read a LOT to learn how to fix what is wrong. My bk was only discharged six weeks ago and my scores are already up over 625.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Valued Member
Posts: 43
Registered: ‎03-19-2011
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Re: BK reaches 7 years old in Dec 2013

[ Edited ]

With a BK, and an account in collections now, I suspect these are your two primary issues.  That said the BK becomes less of a drag over time but the late payments and Cap1 collections may be the worse hit. There are no other issues?


But you should pull your report, if you haven't already, and it will tell you exactly what the negatives effecting your score are.  Asking here without any further info isn't going to get you too far I'm afraid.  Had you kept current with your accounts since the BK, and kept your utilization low, you would be MUCH higher.


Good luck!

Starting Score TU: 520
Current Score TU: 725. EX: 736. EQ: 719

Chase Freedom $12k, WellsFargo $4k, Barclay $5k, BCU $15k, Discover $5k, USAA $7k, Lowes $4k, Home Depot $4k, Citi $13k

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