Credit Card Center Advertiser Disclosure†
09-11-2012 04:25 PM
My best friend filed for BK about 9.5 years ago. He has paid on time over that time and his credit scores are just over 700.
When we talk about my fico score and the fact that my BK was dischared in Sept 2009 he laughs and says you won't be over 700 for a long long time
Do you think that the scoring models have changed over the years and due to this someone can be well over 700 and have a bk that is dischared only a few years ago vs. how it used to be 9.5 years ago when my friend filed for bk?
09-12-2012 08:14 AM
I have no personal experience w/ BK, but from seeing some posts on this forum I know it's possible to have a respectable score relatively quickly after BK--maybe not 700, but who knows? Difficult to say what precisely is in your friend's credit file and there were no details about precisely when he hit the 700 mark. No information as to whether he started working on his credit as soon as possible or whether he felt he had to wait because he had filed BK and didn't think he'd get approved, etc. Mistakes on the credit file, thin file outside of the BK, etc. could make it a long stretch, as well.
I don't think it's a foregone conclusion that your score will be in the gutter for approx. 10 years just because of a BK, keep your chin up and stay on the straight and narrow credit-wise. Good luck!
09-13-2012 07:02 AM - edited 09-13-2012 07:03 AM
See my signature for an idea. I've heard others have reached 700 faster, I anticipate seeing it next year. Right now it's my utilization (which was above 30% for the scores in my signature) that's holding me back.
But remember that some lenders won't take you with a score >700 and a BK on your record, that takes 10 years to fall off.
I suggest you follow what others are doing in the Rebuilding your Credit section.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.