08-22-2007 06:49 AM
08-22-2007 07:26 AM
Best course of action to improve my FICO's?Had a Ch. 7 BK, filed 10/05 disch 02/06. Now have 8 open CC's, 6 with a balance, total util 83%. EQ is 597 and TU 578. I had TWO public records before, one was removed as it was vacated for never having supposed to have been filed in the first place. Now I have just one public record, the BK. Even removing the errant judgement and paying down my util from 98% to 83% only increased EQ 7 points, and TU stayed the same. Haven't repulled EX yet as I'm still disputing a couple other items with them.My top "negatives" according to my myfico reports:EQ: - score 5971. You have a public record and a serious delinquency on your credit report. On the "chart" it says "Number of your accounts that were ever 60 days late or worse:" was 19 - these were all pre-BK. Also 1 public record.2. You've made heavy use of your available revolving credit. Util is 83%.3. You have multiple accounts showing missed payments or derogatory descriptions. - this sounds like a repeat of #1!!!4. You have a short credit history. "Short" apparently is ten years.For TU: - score 578#1, #2, and #3 are the same, 4 says:4. You have a recent public record on your credit report. - which seems to repeat #1!!Some of these I can do NOTHING about. I guess all I can really do is pay down util and see how things look in 6 months with 1% - 9% util, and a bit more time elapsed on the BK and delinquencies??The funny thing is, if you look at my BK accounts, no delinquencies or lates appear, as it says "unrated or in bankruptcy" yet the top of the report says "19" delinquencies. Are they counting every account in the BK as a delinquent account?I almost feel as if I'll have to wait forever to see 640 again. Other people tell me I could hit that in another 6-12 months if I pay my util down under 10%.
WIth such a recent BK and so many previous negative accounts your scores are prime, not to mention the High utilization. Recovering from BK is a process. combined with the fact that you just filed BK and your utilization is where it is, I'm surprised your scores aren't lower.BK usually will knock about 200 points off your FICO so your scores must have been awesome before hand. Or they were low and the BK impact wasn't as great.Yes you should be able to acheive that score with good credit management.
08-22-2007 07:46 AM - edited 08-22-2007 07:48 AM
Brammy wrote:WIth such a recent BK and so many previous negative accounts your scores are prime, not to mention the High utilization. Recovering from BK is a process. combined with the fact that you just filed BK and your utilization is where it is, I'm surprised your scores aren't lower.BK usually will knock about 200 points off your FICO so your scores must have been awesome before hand. Or they were low and the BK impact wasn't as great.Yes you should be able to acheive that score with good credit management.
08-22-2007 07:15 PM - edited 08-22-2007 07:16 PM
08-24-2007 06:19 AM
By March 2008, I'd like to be in the 640's or so. If I pay down my util under 10% do you think that's possible?
Brammy wrote:My best friend, at the time, and I filed together. Her bonus was that she did not wait til she had collections and such as I did. She knew the early warning signs. Basically she came out of BK still in the 6s. It all depends on where you were when you started.You are on the right track however, rebuilding credit. A lower utilization is going to really surprise you as far as the score impact goes.
Message Edited by Brammy on 08-22-2007 10:16 PM
08-24-2007 06:25 AM
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