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I've read a few folks on this forum talk about how their score went up after 2 years..is this something the bureas do automatically or was this because of things they did?
thank you
It would have to do with what you have done to rebuild since BK.
@Anonymous wrote:I've read a few folks on this forum talk about how their score went up after 2 years..is this something the bureas do automatically or was this because of things they did?
thank you
There is no magical, universal increase in scoring at 2 years or any other set date.
If someone says that ask them for a FICO source that discusses the "24 month" rule.
I reached out to Barry Paperno, who served as consumer affairs manager, media spokesman and myFICO Forums community manager at FICO about this subject. Here is his response:
There's no 24 month rule having to do with closed and/or new accounts or even any true definition of a new account for that matter. As with all score calculations, there are various thresholds, whether dollars or months or numbers, where the number of points increases or decreases when crossed. For time triggered factors, one threshold could very well be 24 months, just at it could also be 12, 36, 48 months, etc. Not sure why 24 months has caught on in this way, but it might just be that it's a relatively manageable time period to track - and it sort of sounds logical. Other than that, you got me!
So feel free to tell them that any "24 month rule" regarding scoring is basically hogwash. That is, it may have been their experience and that of some others, but that doesn't mean there aren't more out there who see no difference whatsoever when their new account reaches 2 years, is closed before the 2-year mark, or whatever.
OP...
The effects of the IIB accounts may lessen slightly at the 2 yr mark, but the fact is they are still derogs on your reports., and will affect your reports as long as they are on there.
But the the BK itself is SO derogatory that it probably overshadows the IIB acts. My BK is coming up on 2 yr in August, and Im not expecting any changes in my scores, but I also have other factors affecting them like new acts and inquires, so I may really never know.
Thank you all for your input