08-29-2012 12:00 PM
I went bankrupt and got my discharge 10/2011. I checked my score in Febuary and it was 666.
I was surprised it was that high, but happy about it.
I have not applied for any credit in the past 12 months.
I have continued to pay my car loan on time.
I have a 'revolving account' with my credit union which allows me to get up to $250 against my next pay check. I have used this option a few times as I only get paid once a month and the last week can be tough sometimes.
Anyway, according to this recent report my Amount of Debt went from VERY GOOD to VERY BAD.
I do have a $250 loan that is scheduled to be paid back when I get paid Friday. The account shows "pays as agreed" with a scheduled payment of $250 and credit limit of $250.
Is my amount of debt "VERY BAD" because I have a debt equal to the total credit limit? That is all I can think of. My car loan is the only debt I have now and that is lower since Feburary.
Once the credit union reports back the $250 is paid, how long will it take for my score to go up? A month...or less...or more?
Thanks for any insight!
08-29-2012 12:40 PM
Owing $250 against a $250 limit is 100% utilization on that account and that is a negative. It would be a bigger negative to be over the credit limit, even by $1.If that is your only revolving account then you are also at 100% utilization on all your revolving accounts and that is a bigger negative.
Lower debt on the installment loan has very little effect once you are substantially below the original loan amount.
Assuming this is an actual FICO score, the score will go back up as soon as the lender reports, which is usually a few days after the statement date.
09-21-2012 05:54 AM
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.