General Credit Topics

[climbing_up]

I actually have two questions here. Does having prior late payments with creditors that were included in a ch. 7 bankruptcy lower the score beyond what just having the bankruptcy on file will do? Also, it seems logical to me that when a bankruptcy falls off your credit report in say 10 years, that your score would increase, provided you've been doing your part, ie. no late payments, no excessive inquires, good debt to income ratios, etc.... Is this in fact the case? I have heard and read differing accounts of what happens. Some say it goes up and some say it goes down. What actually happens? I'm new here, so forgive my lack of acronyms. I'm trying to learn them all.

[so_confused]

my understanding is as these items age they have less a impact on your score. With the end having almost none.

[KevKaos]

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so_confused wrote:

my understanding is as these items age they have less a impact on your score. With the end having almost none.

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I had some lates on my CR that were due to drop off next year and/or the year after (they were reported wrong on one CR).  I wrote a GW letter to the creditor since I had actually paid off the account, and they dropped the lates off completely on all three CR's. My scores went up as follows;

TU +40pts,  EXP +10 pts and EQ +1pt.  The only other thing different that happened between the two CR pulls was that I got three new cards with decent CLs. That would account for some pluses and some negatives.  Just offered as food for thought.  The biggest difference that I expect to see once my BK drops off in a few years, if an end to the rejection notices due to having "a negative public record" on my CR.

[so_confused]

Yes! and thats what i'm thinking...it will have an even less score impact as it ages....but it will be gone!!! and you won't be treated as a credit criminal anymore!

[KevKaos]

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so_confused wrote:

won't be treated as a credit criminal anymore!

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Boy is that ever the truth. I knew that declaring BK was going to be bad, but I had no other choice.

I think the worst part was the blow to my self-esteem after going from Grade A credit down to credit criminal. 

[so_confused]

The worst thing is there is no jail time....but you must live with it everyday and still pay for your own meals.  You commit a real crime and the state take good care of you...

[Bruiser]

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so_confused wrote:

The worst thing is there is no jail time....but you must live with it everyday and still pay for your own meals.  You commit a real crime and the state take good care of you...

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at least you don't have bk bubba as your celly

[so_confused]

ROLMAO!!!! no thats a good thing!

[masdeocho]

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Bruiser wrote:

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so_confused wrote:

The worst thing is there is no jail time....but you must live with it everyday and still pay for your own meals.  You commit a real crime and the state take good care of you...

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at least you don't have bk bubba as your celly

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and he don't take AmEx