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Can someone tell me how much of a drastic score increase could be had once a BK drops off?

ngerasimatos
Valued Contributor

Can someone tell me how much of a drastic score increase could be had once a BK drops off?

Can someone tell me how much of a drastic score increase could be had once a BK drops off? My father had a BK 9.5 years ago and its going to fall off this year, in October. He wants to purchase a home for me and my fiance' but he thinks we should wait till October as he believes his scores will be much higher and thus we can get a much better rate. He is currently in the mid 600's, no lates, small balances but only has 1 credit card through WAMU for 4000.00, I told him to get another 1/2 cards and not to use them, just to give him more positive accounts. He does have 2 medical baddies on his credit from a car accident he was in and the person's insurance, whom was deemed responsible, didn't pay the bills in time and the accounts charged off. We already contacted the persons insurance, and the creditors have since been paid and have agreed to remove the baddies. Hints, tips, suggestions?
Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

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