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I filed BK7 in 9/2010, discharged 1/31/2011. 8 accounts were included - 7 CCs which had several lates, and my mortgage on which I was never late and still have never been late, attorney would not allow me to reaffirm. The 7 derogatory accounts were due to fall off between April thru August, depending on when the account first reported delinquency. So last weekend I asked TU for early exclusion, and they did within 2 days. And my CK FAKO score plunged 18 points, from 722 to 704. Gee, thanks TU!
I'm guessing one of the biggest reasons for the drop in score was the hit to my average age of accounts? One of the derogs was opened in 1991, and several from the early 2000s? My remaining accounts are opened since the 2011 discharge, with a couple closed accounts from the early 2000s that I closed well prior to filing. The only other factor I see on TU is a line about the lack of recent installment loans - I've had a car loan since March 2015, but it's a small local CU that only reports to EQ & EX; the 5 yur. 1.99% is worth that. I also have a Prosper loan opened in 2014 and paid off in 2015, but TU never liked it - "too many consumer loan accounts" was the message while it was open.
The only other factor negatively effecting my score (well, except for the BK public record on there until 9/2020) is my util is temporarily at 12% - I combined 2 Cap One QS accounts, both with $10k CL to the older QS. So the closed QS has reported, while the new $20k CL didn't report until yesterday, so next week my util will be back just under 10%.
Any suggestions? I'm guessing not opening any new account further lowering my AAoA is a good start? And at least the message "serious delinquencies" on my TU based FICO scores should go away.
I believe you said those were FAKO scores. I put no stock in them. Mine jump and down every week as the spirt moves them but real FICO moves very slowly
@Anonymous wrote:I believe you said those were FAKO scores. I put no stock in them. Mine jump and down every week as the spirt moves them but real FICO moves very slowly
Well, I guess this is a lesson that FAKO scores change like the wind blowing - CK TU & EQ FAKO scores dropped another 4 points this week, and the only change was Cap One reported the new CL of $20k on my QS, the result of combining 2 QSs, dropping my util from 12% to 11%.
But I got my first FICO score since getting TU to early exclude all the derog accounts included in BK. On a TU based FICO I'd always see the line "serious delinquencies" in the adverse items affecting my score (my attorney made we wait to file but told me to stop paying everyone). That's gone now, and my Walmart FICO jumped from 677 to 716! I've never had a FICO above 680 since filing BK7 in 9/2010.
Next week I'll get my Discover FICO score, which I consider the most reliable of CC FICO scores. Fingers crossed.