Understanding FICO® Scoring

[Joe77]

Had a bankruptcy, filed in Oct. 05, discharged in Feb. 06.  On my EQ and TU from myfico, under public records it says "1" public record "1 year ago" although technically, it's closer to 2 years now, but still under 2.  If they're calculating on a year-to-year basis, will I see a noticeable jump in FICO once I reach the 2-year mark?  3-year mark?  Etc?

[Kat]

Good question!  Did you see a score increase at 1 year?

I have 2 state tax liens that were released Dec '06 -- I wonder if I'll get a score bump when they pass the 1 year mark.

[FICO_Focused]

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Joe77 wrote:

Had a bankruptcy, filed in Oct. 05, discharged in Feb. 06.  On my EQ and TU from myfico, under public records it says "1" public record "1 year ago" although technically, it's closer to 2 years now, but still under 2.  If they're calculating on a year-to-year basis, will I see a noticeable jump in FICO once I reach the 2-year mark?  3-year mark?  Etc?

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I think UN-PAID Public Records have the same effect today as they had the day they were added to your CRs... The effect can be countered by paying them... They will then have a lesser impact and age off.

Rob