cancel
Showing results for 
Search instead for 
Did you mean: 

Bankruptcy Aging 1 Year

kiea
Frequent Contributor

Bankruptcy Aging 1 Year

My bankruptcy will be 1 year old on April 4th (it's been a long year).  For the last 4 months my scores have been sitting between 620-630.  Since my bankruptcy I haven't had any lates or negative marks but my score is not really rising.  I'm wondering if I will see any kind of increase in April since it will be one year since I've had a degratory mark on my report.

Starting July 2021/ No recent lates but high utilzation/ Plan to pay off $13,000 ($1,000+ per month) in credit card debt by April 2022 (9 months of fun)
Message 1 of 5
4 REPLIES 4
JoeFriday
Regular Contributor

Re: Bankruptcy Aging 1 Year

I'm not the community expert on lates, but I think you might see a slight rise if you had only 1 or 2 lates in the last year that were not more than 30 days late. If you had 60+ day lates, they would need to age at least two years before they'll ease up on your score.

 

But chances are, your scores are being held back due to your 39% util rate. Look up the AZEO concept here. After a few months of that, you should see your scores start to move north.

Began 5/17/17
EQ 621
TU 577
EX 608

Current FICO 8
EQ 767
TU 775
EX 728 - FINALLY ALL ABOVE 700!
Message 2 of 5
kiea
Frequent Contributor

Re: Bankruptcy Aging 1 Year

Thank you. I'll work on bringing my utilization down.
Starting July 2021/ No recent lates but high utilzation/ Plan to pay off $13,000 ($1,000+ per month) in credit card debt by April 2022 (9 months of fun)
Message 3 of 5
Guyatthebeach
Valued Contributor

Re: Bankruptcy Aging 1 Year

Kiea,

 

You are on the right track.  The biggest thing is getting your utilization down to below 30%. Your goal should be 10%.  Once you, you will see an increase on your FICO score.  Also if you can get keep a balance on one card at under 10% utilization and pay the other cards in full, you will definitely see some solid FICO scores increases.

 

Keep on doing what you’re doing, you will get there.

 

Guyatthebeach

Message 4 of 5
kiea
Frequent Contributor

Re: Bankruptcy Aging 1 Year

Thank you for your advice.  I'm paying my balances today.  I'll try to keep it under 10% so I can see a change.

Starting July 2021/ No recent lates but high utilzation/ Plan to pay off $13,000 ($1,000+ per month) in credit card debt by April 2022 (9 months of fun)
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.