topic Re: Why Can’t I Reach 700 Yet? in Bankruptcy

Why Can’t I Reach 700 Yet?

Mgilbert8605 — Sun, 12 Mar 2023 15:23:02 GMT

Hi All,

my Chapter 7 was discharged in July 2018. I had plenty of 30-120 day lates before discharge. Since discharge, I've had no derogatories on my CRs, yet I still can't hit a 700 score. They all hover in the 670s-680s. I'm open to any suggestions on how to fix this. Here are my DPs...

Revolving:

>3 credit cards
AZEO

Utilization 1%

Installment:

2 student loans

In deferment

Balance owed > original balance

Re: Why Can’t I Reach 700 Yet?

GZG — Sun, 12 Mar 2023 15:35:53 GMT

@Mgilbert8605 wrote:
Installment: Balance owed > original balance

I imagine the last of those points are here, but I'm sure others will have insights as well.

I imagine going from having a high installment utilization % (> 100%) to having a low installment utilization percentage (< 9%) would be worth some points on a BK profile, so I'm not sure there's anything to do other than wait and/or pay down the loans.

Re: Why Can’t I Reach 700 Yet?

Creditwiser — Sun, 12 Mar 2023 15:52:55 GMT

Looks as if Student installments are holding you back at original balance.If you cant pay them down right now, perhaps try 4-9% UTL on the other two cards you have as AZEO to see if that moves the needle.

Re: Why Can’t I Reach 700 Yet?

JoeRockhead — Sun, 12 Mar 2023 15:58:11 GMT

While you're waiting for more time to pass you can try some experimentation. Try allowing a bit more of a balance to post where your aggregate (overall) UTI is concerned, no more than 8.9% total and see what effects that has for you... Then, next statement cycle have it post at no more than 4.9%... If you're nervous about the effects of the 8.9%, just do the 4.9%... It's possible you're stuck due to what they might see as you not using your any, or enough of your available credit... Other than that, just be patient... you're scores will get there.

Re: Why Can’t I Reach 700 Yet?

TRC_WA — Sun, 12 Mar 2023 16:47:04 GMT

I'm in a somewhat similar boat OP... My 13 was discharged a year ago and I've been hovering around 670... no doubt due to my 20-25% UTI on my CCs and a high installment loan balance (new vehicle)...

I've accepted it for what it is and plan on paying down my CC balances this year and that along with my Ch 13 derogs falling off my reports by December should push me to 700+.

Re: Why Can’t I Reach 700 Yet?

Shooting-For-800 — Mon, 13 Mar 2023 03:14:56 GMT

BKs are not required to remove lates, so you still have lates regardless of balances.

An lates after BK file date are required to be removed if they were discharged.

SL balances should not have a major impact on your scores.

My DW has 820 scores with over $200k in SLs waiting for PSLF.

Time heals all wounds.

GL!

Re: Why Can’t I Reach 700 Yet?

Guyatthebeach — Mon, 13 Mar 2023 03:14:56 GMT

Mgilbert8605,

To be honest, you're in a decent place.

Here is what I would do to improve your score:

1. Increase your credit card spending, so your total utilization is under 10%. Make sure at least one or two cards reports a zero balance.

2. You need to start paying your student loans, to show some positive payment activity. Something you can do is take out a small installment loan, ie $1000 loan for a one year term.
3. You need to add another line of credit to your mix. Go to NFCU and get a checking line of credit for $500 or a $1000. Even if you never use it, it reports as a positive trade line that reports monthly.

If you can do these things, you will be over 700 in a couple of months.

Guyatthebeach

Re: Why Can’t I Reach 700 Yet?

Lurker22 — Mon, 13 Mar 2023 12:49:18 GMT

@TRC_WA wrote:
I'm in a somewhat similar boat OP... My 13 was discharged a year ago and I've been hovering around 670... no doubt due to my 20-25% UTI on my CCs and a high installment loan balance (new vehicle)...

I've accepted it for what it is and plan on paying down my CC balances this year and that along with my Ch 13 derogs falling off my reports by December should push me to 700+.

same boat, hovering in the 675-685 range, my baddies will start to fall off this coming May with the last of them coming off by November next year and think should have a large effect on my score

Re: Why Can’t I Reach 700 Yet?

FireMedic1 — Mon, 13 Mar 2023 16:13:25 GMT

@Mgilbert8605 wrote:
Hi All,
my Chapter 7 was discharged in July 2018. I had plenty of 30-120 day lates before discharge. Since discharge, I've had no derogatories on my CRs, yet I still can't hit a 700 score. They all hover in the 670s-680s. I'm open to any suggestions on how to fix this. Here are my DPs...
Revolving:
>3 credit cards
AZEO
Utilization 1% You have enough cards to satisfy FICO and a a loan. SL.

Installment:
2 student loans
In deferment
Balance owed > original balance

The 120's sit basically right under Charge Off. If they were CO's. Thats up a rank under BK. Once they age off then you'll see changes and pass 700. Get the SL's paid down and off. Then look into a SSL once no loans report. Just takes time. I had one 4yr old 30 day late out of BK. Didnt do much even when it fell off. Those 120's are killers.