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FICO score low despite time, clean record

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carolina98
Contributor

FICO score low despite time, clean record

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. 

Message 1 of 9
8 REPLIES 8
alvon123
Super Contributor

Re: FICO score low despite time, clean record

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)


Message 2 of 9
Scupra
Super Contributor

Re: FICO score low despite time, clean record

FICO does like to see 2-3 revolvers, so adding a couple may help that. On the other hand you will add inquires and probably drop your AAoA. I think you should add another card or two
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 3 of 9
CAnNY
Frequent Contributor

Re: FICO score low despite time, clean record

I too am post bk. I did not start cleaning my reports until march this year. My scores are in my siggy. They are actually higher then below based on a lender pull a few days ago. However, I started in march with 2 secured small limit cards. I have two student loans reporting with two 120 day lates on each from jan. I got two more cards in July unsecured. I have also had a savings secured loan for 6months.

I said this all to say you need at least 2-4 CC to maximize your report. Two at the very least since you need one to report 9% util and the second one should report zero for max scores.

You can also read the post bk thread for good info.

Good luck on your journey.

Starting Score: TU 489 EQ 561 EX unknown (2/24/2013)
Current Score: Lender Pull (11/15/13) EQ 702, TU 679, EX 684
Goal Score: 720


Take the myFICO Fitness Challenge
Message 4 of 9
compassion101
Established Contributor

Re: FICO score low despite time, clean record

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

Message 5 of 9
DaBears
Senior Contributor

Re: FICO score low despite time, clean record

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

Message 6 of 9
ChistineNJ
Frequent Contributor

Re: FICO score low despite time, clean record

How long does one stay in a particular bucket?
C1 Venture 15K| NFCU NAV CHECK 15K| CASH REWARDS 5K| CARE CREDIT 3K| NORDSTROMS 1K| LORD & TAYLOR 1100| WALMART 600| TargetRed 500|Rebuilders

CAP1 1650| CAP 1 1100| BARCLAYS 2500| NREWARDS 8500|
SCT: VS 1100| EXPRESS 1100| JCREW 250| *HIDDEN TL BML 650

SCORES 709, 657, 623
Pre BK scores: 569, 587, 553
Message 7 of 9
starry1
Valued Contributor

Re: FICO score low despite time, clean record

No one knows.


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)
Message 8 of 9
guiness56
Epic Contributor

Re: FICO score low despite time, clean record


@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.

Message 9 of 9
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