Established Contributor
Posts: 976
Registered: ‎11-08-2011
Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

I'm not saying it's necessarily a derog that will impact your score... however "Account Closed by Credit Grantor" raises questions during underwriting.  Specifically: "Why did the bank choose to close this?"


It's probably neutral impact if it was PIF and has zero lates. But when there are one or more lates and or it's not PIF, that can be a trickey question to answer and may impact anything you apply for and/or your actual score. (We all know there are a dozen FICO formulas, the ACBCG status code wouldn't be there if it didn't do something; it would simply be "Account Closed".)



I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 8/2/13: EX 710, EQ 691, TU 709, all 3 LP for a Mortgage (TriMerge Report)
Goal Score: 700+ FICO across the board w/ my BK still on there (until 8/2020) - I think they're all already there... haven't had a bank pull a trimerge in quite a while.