May be a stupid question...Is BK7 considered a delinquency?

[Melissalyn17]

This may be a stupid question, but is the BK7 considered a delinquency? I thought it was just a derog? On my report through myfico it says I have a public record AND a serious delinquency. I don't have any delinquency showing anywhere, so I am assuming that they are just referring to the BK?

This is what it says:

You have a public record and a serious delinquency on your credit report.

The presence of a public record (such as a bankruptcy or tax lien) and a serious delinquency are powerful predictors of future payment risk. If the public record is valid, satisfying the public record will not remove it from your credit report. The fact that it occurred is still predictive of future payment risk and will be considered by your FICO score. However as these items age and fall off of your credit report, their impact on your score will gradually decrease. Most public records and delinquencies stay on your report for no more than seven years - though there are certain items that could remain longer

[Tuscani]

It's just a derog.. the IIB accounts (or others) would be those with delienquencies.

[Melissalyn17]

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@Tuscani wrote:

It's just a derog.. the IIB accounts (or others) would be those with delienquencies.

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I went through each account and none of them say there are any delienquencies. So I am a little confused. What else could it be??

[Crashem]

Get a copy of raw copy of your report via mail.  Make sure each of your bankruptcy accounts show the correct comments which I forget.

[AndySoCal]

DO you have any acocunts that have been late ?

[Melissalyn17]

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@AndySoCal wrote:

DO you have any acocunts that have been late ?

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The only accounts that were late were the ones included in the bankruptcy and it was just before the filing went through. But for the 3+ years after the BK I have had no lates.

[JenniferinFL]

Same here. I have a three year old bankruptcy and even though none of them were late before filing they are all reporting as if they are 60 days late. I'm not sure of this, but I think accounts included in bankruptcy must be equivalent to a 60 day late. On my free annual credit report they are noted correctly, but, anyplace else my report looks like I have delinquencies.

[Anonymous]

Hi Jennifer,

Congratulations on the increase in your score.  I was wondering, when you reestablished credit, did you open new accounts every month?  Would you be able to advise?

[JenniferinFL]

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@Anonymous wrote:

Hi Jennifer,

Congratulations on the increase in your score.  I was wondering, when you reestablished credit, did you open new accounts every month?  Would you be able to advise?

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I actually did something pretty stupid, I listened to my Dad who told me I'd never be able to get credit again and didn't seek any credit at all until I was almost three years out of bankruptcy. The only reason I even did now was because I was reading the site trying to help my husband boost his score a few points and noticed all the other people opening accounts even with a bankruptcy, some with bankruptcies more recent than mine. So, I'm quite late to the game, 3 years out of bankruptcy and all my credit accounts have been opened in the last two months. I have 9 revolving accounts, 2 are authorized user accounts, 2 regular cards (cap one Journey and cap one playstation) and then 5 store cards. If I could rewind and do over, I would have gotten a secured account immediately after my bankruptcy was discharged and kept it between 1-9% utilization. 6 months later I would have applied for a unsecured capital one card and maybe 2 easy to get WFNNB store cards. There's a really good guide posted by another user.  http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-p/1384075

According to the score simulator here, in about a year I could have an Equifax score between 723-763. Good enough to get a lot of cards, well, except all the creditors that don't allow you with a bankruptcy reporting.. lol