Reply
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

BK

Currently my FICO score is 708. I went bankrupt in 2000. I understand this will fall off my report in 2010. I only have one CC currently and the utilization is way high over 90%. I am going to pay it off next month. I took an interest free deal with a store for a purchase a few months ago still owe about 80% of the original loan on that item. I plan on paying that off in two months. What kind of a bump up in my score can I expect when I pay these two items off? Any idea what kind of bump I will see in my score when the bankruptcy falls off? TIA.
Member
htc
Posts: 44
Registered: ‎04-17-2007
0

Re: BK

My understanding is that the FICO score looks at your last two years of history.  A mortage appl. will look at things like BK.  Good for you in paying off those two loans that quickly.  You score will probably jump up a few points - but who knows for sure!:smileyvery-happy:
 
In anycase, so long as you're above 700 that's pretty good anyway (you'll get car loans, CC etc).  I wouldn't worry about it. Your in good stance and just keep paying cash so you'll never have to look at the BK again !

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+