Credit scores - Advice please

[jrdenver]

Thanks in advance for any feedback you can provide.  I have been working diligently to rebuild my credit since my BK in Aug 2004. 

TransUnion
    696     4/15/2010
Equifax
    683     4/15/2010

Ironically, both have gone DOWN in recent months, only to inch back up.  I think it is because the derogs that fell off were so old that it impacted my AAOA more than derogs brought me down.

• I have only one derog left on my Equifax, and none on the TU (outside of the BK itself).
• My util is always under 5%, and most cards are used monthly (and paid off immediately).
• My AAoA is probably what is hurting me the most, with age of ~3 years.  I haven't applied/opend a lot of new things, but the home refi (last year), and a used car loan (last year) aren't helping.
• Aside from not applying for new stuff, not carrying balances, and requesting increases with my current LOCs (those who do soft only, hopefully!), what else can I do?

When can I expect the BK 0f Aug 2004 to drop off?

Lastly, when will the one remaining derog fall off?

Triadfincl XXXXXXXXXXXXX0001 4/2002 $0 Included in Bankruptcy
Status as of [?]      Feb, 2009
Date opened [?]     Apr, 2002
Date of last activity [?]     Nov, 2004
Date closed [?]     Not Reported
Account number [?]     XXXXXXXXXXXXX0001
Loan type [?]     Not Reported
Largest past balance [?]     Not Reported
Terms [?]     Not Reported
Account Type [?]     Unknown
Account holder [?]     Individual
Scheduled payment amount [?]     $0

Thanks a ton!

[MarineVietVet]

Chapter 7 BK remains for 10 years from the filing date. Chapter 13 remains for 7 years from the filing date. Accounts included in bankruptcy will remain 7 years from the date they were reported as included in the bankruptcy.

Here is how and when derogs drop from you CR, and are thus no longer included in FICO scoring.

Monthly delinquencies under an OC account drop at 7 years from their individual date of delinquency. The date of first delinquency (DOFD) has nothing to do with these drop-off dates. They drop from their own individual dates. So look at each prior OC reported monthly derog date, and simply add 7 years.

If the OC subsequently reports their account as a charge off, that is a totally different and additional post to your CR. Their post as a charge-off will remain in your CR for 7.5 years from the DOFD on the OC account, which is the first 30-day delinquency you had on the account, and disregards any later 60/90+ delinquencies that followed. That cannot be reset.

If the OC then refers the account for collection, and a CA posts to your CR, the drop-off date of their collection reporting is the same as that of a CO. It is 7.5 years from the same DOFD on the OC account, and the CA cannot reset this date.

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

[jrdenver]

Thanks for the feedback.  Is there anything else I should be doing?  (i.e. paying off my car, not financing another one, etc)?

-J

[MarineVietVet]

---

@jrdenver wrote:

Thanks for the feedback.  Is there anything else I should be doing?  (i.e. paying off my car, not financing another one, etc)?

-J

---

It's the same boring advice that always works. Keep paying everything on time, keep your utilization low and don't apply for credit you don't need.

Let everything age. Unfortunately you can't speed up time so patience is the key.

And if you're not planning on using credit for a long while STOP thinking about your score. It's just a number albeit an important one in some circumstances.

[guiness56]

Your last negative that was included in the BK should fall off 7 - 7.5 years from its DoFD.  Find out when that is.