topic Re: Credit Score in General Credit Topics

Credit Score

LALALISA — Mon, 04 Jun 2012 21:36:54 GMT

Hello!

I have a question about credit score. Next year, I have 10 derogatories falling off from a Ch7 BK ....does anyone have a guesstimate of what my CS will be once this happens? By the way, this is my first post and I'm new to Score Watch so expect some stupid questions! LOL

Thanks in advance

Lisa

Current FICO is 620-June 4, 2012

Goal-700 Club

Re: Credit Score

llecs — Mon, 04 Jun 2012 23:04:46 GMT

How many baddies, like the BK, will remain after these fall off?

How old will your history be after all of these drop?

What kind of open and current accounts do you have now?

Re: Credit Score

LALALISA — Tue, 05 Jun 2012 19:32:07 GMT

About 3 baddies not including BK. 2 are paid collections.

12 years of credit history once the 10 drop.

I currently have 12 months left on my truck note with capital one auto and 4 CC's with very little balance (which is obtained after the BK). My CC utilization is around 10%. I also have student loans in good standing.

Re: Credit Score

LALALISA — Tue, 05 Jun 2012 19:37:04 GMT

I forgot to mention the BK was in August 2006.

Re: Credit Score

llecs — Tue, 05 Jun 2012 20:06:35 GMT

It's tough to guess. Removing a collection agency will help. If these derog are old charge-offs or old accounts, then it can be a little dicey. Sometimes, and definitely not always, the age of an account helps more than the baddie hurts. If you became 100% baddie free post-BK, I can see where you could be in the 700s quite easily with the BK still reporting. Those if some baddies remain, it's hard telling where your score would be at. If they were all old, and your length of history won't take a hit, I can see you hitting upper 600s with a couple of remaining baddies w/ the BK.

I would take steps in rebuilding now though. Check out the Rebuilding Your Credit board. For example, if you have any paid collection agencies, you can send a GoodWill letter asking for a deletion. Some delete without issue, and doing so will help your score.

Re: Credit Score

LALALISA — Wed, 06 Jun 2012 01:31:49 GMT

Thank you IIecs. I appreciate the information/help. I am definitely working on fixing my CR.

Another question: Do you think the old derogs accounts discharged in the BK might do a delete early with a goodwill letter? Or is this usually uncommon?

Thanks.