How do FICO scores increase and decrease

[Anonymous]

I have a long list of derrogs (10 years worth) - and just filed chapter 7 bankruptcy but I'm ready to start fresh and show my financial responsibility in my FICO score.

What criteria is involved when FICO scores increase or decrease.  How much impact does past derrog information have?  Is having recent positives on your credit report worth enough to negate the years of negatives?   If my credit score is in the low 400s, how long will it take to raise my score to 720 or higher, assuming I did everything right?  I am not looking to go wild and spend money again, I just want to set clear, objective goals and work towards them.  I ultimately would like a 720+ x3  credit score, but want measureable goals, even if it takes five years.  Thanks in advance!

[JM-AM]

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@Anonymous wrote:

I have a long list of derrogs (10 years worth) - and just filed chapter 7 bankruptcy but I'm ready to start fresh and show my financial responsibility in my FICO score. The negative criteria will stay on your reports for 7-7.5 years from date of first delinquency. Your Chapter 7 BK will stay on your reports for 10 years.

What criteria is involved when FICO scores increase or decrease. Many different factors are included. IME when rebuilding you apply for revolving debt CC's either secured or unsecured. The objective when applying is to apply with creditors/lenders that offer both. Credit Unions are a very good choice when rebuilding. Just do not go overboard when applying, as to many INQ's will have a negative impact. 

How much impact does past derrog information have? That depends on what is reporting and the type of negative information. If you pull your FICO scores on page 2 it will have a list of what is hurting your scores and what is helping your scores in order.

Is having recent positives on your credit report worth enough to negate the years of negatives?  It does help offset the balance as many here have collections and BK on their reports and have scores in the mid to upper 700's.

If my credit score is in the low 400s, how long will it take to raise my score to 720 or higher, assuming I did everything right? Everyone's credit profile is different and to determine how long it would take for you is unpredictable. IME I started with a 565 a little over 3 years ago and I am sitting at EQ 809 as of Dec. 2, 2010 and TU 799 as of Dec. 2, 2010. 

I am not looking to go wild and spend money again, I just want to set clear, objective goals and work towards them. Patience, persistence, being responsible, and some work will achieve the goal you want.

I ultimately would like a 720+ x3  credit score, but want measureable goals, even if it takes five years.  Thanks in advance! It is very obtainable just take it one step at a time and one day at a time.

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