topic Re: bankruptcy in General Credit Topics

bankruptcy

Anonymous — Wed, 22 Aug 2007 15:24:35 GMT

i'm new to this. My bankruptcy is almost 8 years old. Can they still score it as if it were new? Also two of my older credit cards gave me new accounts. Do they treat this as new action?

Thanks

Re: bankruptcy

Tuscani — Fri, 24 Aug 2007 12:23:15 GMT

Welcome.. Please read the Scoring 101 thread:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Derogs have less of an impact as they age.

Re: bankruptcy

Anonymous — Fri, 24 Aug 2007 14:17:19 GMT

casinoannie97 wrote:
i'm new to this. My bankruptcy is almost 8 years old. Can they still score it as if it were new? Also two of my older credit cards gave me new accounts. Do they treat this as new action?
Thanks

Yes to both... BK will reduce impact on FICO as time goes by but lenders often look at BK from a pass/fail prospective. New TL is a new TL--- Hx and all starts over.

Rob