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Checked my FICO credit score, today 11/16/2013, and it shows 668. I'm almost three years past BK. I have no lates. I have one CC and it has never been late and has zero balance (limit $3900). I use it several times a month and pay it off in full before the due date. Only other debt is student loans that are always paid on time and have never been late and have several years of credit history. Reason FICO gives for low score is delinquency (not late before BK) and high use of credit utilization, which must be referring to my student loan debt because of zero utilization on other credit. My FICO 668 currently compartes to my Equifax score of 693 six months ago, when everthing was the same except more time has passed and I have a higher credit limit on my credit card. I have one credit inquiry that is a one year old.
Really bummed by this low FICO score. Makes it seem almost impossible to recover at this rate to get to just 690 FICO score.
to get more fico points I think you need at least 2 more credit cards and then let a small balance stay on 1 card no more than 9% and the other cards should report 0 balance. (Fico doesnt like for all cards to report a 0 balance). However remember if you apply for more cards then the inq will lower your score.
or to experiment just let a small balance report on your 1 card. (no more than 50.00)
668 isn't so bad with a 3yo BK. Try to add a couple CCs like the above posters mentioned and it should improve even more
Reason your score is where it's at is because of your BK. You were rebucketted into a group of consumers that have atlease some type of negative mark or Public record on their credit reports. Once the BK falls off your credit report in 7-10 depending on what BK you filed you will be rebucketted again. My Chapter 7 BK was remove from EQ and TU last week and I saw a close to a 100 pt increase.
DaBears
No one knows.
@ChistineNJ wrote:
How long does one stay in a particular bucket?
When something changes on your credit profile to move you to the next bucket.
If it is a dirty bucket, you will stay there until the derogatories are gone.
If it is AAoA, you will move to another when that changes.
Not all buckets are negatives.