Valued Member
Posts: 42
Registered: ‎07-05-2007

Bankruptcy, Student Loans and FICO score

Hello all.. I am currently trying to get my credit fixed.. I have all of my bills being paid on time now.. I don't really have that much debt that can be paid down other than student loans.  I have one credit card with a $300 limit.. I charge on it sometimes but always pay it off every month.  I also have another credit card to a clothing store with a $300 limit, that I charge on sometimes but pay off.  Other than that I have one small loan of $318 which is being paid. I have an auto loan of $15k, which I pay monthly on time, and then I have student loans.  I have 2 government loans, totally $6k, and a Sallie Mae loan for $5k.  When I first started school I was not aware that these loans showed up on my credit report.  I'm not even fiinished school yet. By the time I get done I should have another $20k in loans.  Do these loans hurting my credit badly?
Another issue I have is bankruptcy.  It was discharged in January of 2000, how much does that raise my score when it gets taken off in 10 years?
Something else I have a question about is collection items.  I have about 4 being listed on my credit report that are all paid.  Does this hurt my score?  
I'm trying to do whatever I can to fix my credit as I'm hoping to buy a house soon, and I would just like to be able to buy things without cosigners, etc. 
Thanks for any help. 

Starting Score: 1/24/12 - EQ 550
Current Score: 6/26/13 - EQ 710, TU 686
Goal Score: 750+

Take the myFICO Fitness Challenge
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007

Re: Bankruptcy, Student Loans and FICO score

Loans and other credit items that are current help, period. CC util is ideal at 1-9 percent. See the Scoring 101 thread.
BK hurts less over time. At 7+ years, BK probably ain't hurting much--other than likely preventing one from getting an AMEX CC.
COLLs hurt, period. Paid or unpaid. If they are paid, try GW.

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.