Hello everyone -
two parts to my Thread
(A) Below is the message I received after I pulled my Equifax report/score (734)
Two negative remarks, one is the BK that it is still on file and below is the second one.
There are no recent balances on your revolving credit accounts.
Your credit report shows no recent balances on your revolving accounts [?]. Your FICO® Score was hurt because you are not currently demonstrating active revolving credit management.
Now I do have one credit card reporting balance, but I just realized its an AU account - could that be why? FICO is showing no recent balances because it is only considered my own not AU??!!
(B) it said under forecasting score (educational only i know) is that if I pay my bills on time for the next 6 months - score can jump above 800. Now my BK will fall off in about 5 months? so could it really be accounting for that to give me such a huge jump?
any insight or advise is welcome and appreciated
We've found anecdotally recently that if your AU is being discounted under FICO 8, it doesn't count towards the number of balances calculation... and may not be involved in revolving utilization either. This appears to be a confirmation of that.
I don't know how good the simulator is as I've never played with it honestly (I probably should, but c'est la vie) and any score estimation really is going to be based on what's left in your report if you are BK free. It probably is factoring that into it's calculation from an expected exclusion date, doesn't seem like that'd be difficult to implement and should be done on any reasonable simulation.
The fact is, if that's your last derog which IIRC it is, and you have a bunch of history on your current tradelines, and the 750ish score I think you suggested earlier, sans that BK, wouldn't surprise me in a bit if you were north of 800: actually I think I'd be surprised if you weren't under the FICO 8 model.
