Regular Contributor
somotao
Posts: 229
Registered: ‎08-13-2011
Re: Is there a cap on a FICO score with BK reporting?

From what I have learned, Fico scoring also places people in different scoring buckets/groups, these buckets use different scoring formulas and they vary by group. Unfortunately those of us who are in the BK bucket  have a maximum of where we can reach with our scores. A BK has a huge impact on our credit scores. If we are using tools from myfico like the score estrimators and focus on the "reasons for XXX Fico" message we receive, it is a little bit misleading because they are programmed as though we do not have a BK. Lets look on the bright side, wtih diligent work we can strive to get the best scores that are available to us in the BK bucket. Once the BK drops of our credit we will then be placed in a bucket of those who don't have BKs and we can see huge jumps on our credit scores.

 


Starting Score: 500s
Current Score: EQ: 693myFICO(9/7/12), TU: 710myFICO(9/2/12), EX Plus:701(lp,4/16/12)
Goal Score: 700

Wallet: Discover IT $2000, Capital One Platinum $12000, Barclays Rewards $4700, Walmart $2600, Amazon Store Card $1250.
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