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how much is 8 year old bankrupcy affecting my credit?

Established Contributor

how much is 8 year old bankrupcy affecting my credit?

Current eq fico 691, others are fako ex 681 tu 686

Utilization is highish and I will be lowering it soon, multiple simulators indicate an increase in scores around 25-30 points. I've used simulator on privacyguard to see affect of bankrupcy falling off but it indicates no change. Eveen as a single event id expect it to have more of an effect. Any ideas how to estimate what effect it has? I have no late payments and one collections account that is 5 years old.
4 REPLIES
Moderator Emeritus

Re: how much is 8 year old bankrupcy affecting my credit?

Welcome to the forums!

 

I've seen some post in here of a 40-50-60 point gain as their BK fell off, and that's combined with a long history and no other baddies. Solid double digits are definitely do-able.

 

I wouldn't rely on any simulator other than a FICO simulator. Places like PrivacyGuard offer simulators, but they have zero relation to FICO scoring since the score they are simulating is a FAKO (which is probably why you didn't see a change). I also wouldn't put 100% faith into FICO's simulators. Some swear by them as being very accurate, but my results were always mixed.

 

Definitely take steps on the collection to get it removed. If paid, send a GW letter. If unpaid, send a PFD.

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Valued Contributor

Re: how much is 8 year old bankrupcy affecting my credit?

I would think the BK dropping would give you maybe 15-25 points, depending on the rest of your credit profile. From what I have read from other's posts here and on other boards, ANY neg after the BK really affects how much of an increase you will see, and also Utilization is a big factor too. My Bankruptcy just fell off, and I got a 70 pt boost on EQ, and 44 pts on TU, so there are differences between scoring models as well. My Oldest account is 17yrs, and ave acct age is 5 yrs, 10 mos. I had no bad marks since the BK, and fairly low (6-7%) utilization.

You "should" be able to get to 700 with the Bankruptcy still reporting if you get rid of the collection, and keep your utilization low. Good luck!


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (4), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 801; TU MyFico: 799; EX (My Fico): 797
Frequent Contributor

Re: how much is 8 year old bankrupcy affecting my credit?

Hey I am 8 years post BK I just received. Score watch with 10 point increase citing the effect of the BK is lowered Good luck

BK7 Discharge: October 2004 Starting Score: 590 August 2017 EQ & EX & TU FICO Score: 844 & 847 & 846

Goal Score: 800+ across the board | Goals Hit: 3 Active Cards: 2

Gardening Since: October 2015 Garden Goal: Oct 2018

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Established Contributor

Re: how much is 8 year old bankrupcy affecting my credit?

thanks for the welcomes and the advice Smiley Happy