Do I just have to wait this out?

itzateach · ‎06-10-2008

Ok after being on these boards such a short time, I have become a fanatic about my credit, just as many of you have. I have been working on raising my scores for quite awhile, but back in 2003 declared Ch 7. As many of you know, that is a long road back. I have a 645 on my experian report but I still have 5 accounts related to the bankruptcy that read like this on the report:

Bank of America: Status Details:
This account is scheduled to continue on record until Oct 2009.

This item was verified and updated on Apr 2008.

Bank of America: Status Details:
This account is scheduled to continue on record until Oct 2009.
This item was verified and updated on Apr 2008.

*I had 2 Bank of America cards at the time.

Wells Fargo Home Mortgage: Status Details:
This account is scheduled to continue on record until Nov 2008.
This item was verified and updated on Apr 2008.

GMAC Home Mortgage: Status Details:
This account is scheduled to continue on record until Jun 2009.
This item was verified and updated on Apr 2008.

Zions Bank: Status Details:
This account is scheduled to continue on record until Sep 2009.
This item was verified and updated on Apr 2008.

It looks like they will all be gone by 10/09 some dropping off before that. I keep disputing these due to natural disaster and believe it or not some of them have dropped (there was more in the bankruptcy than what is up above). Do I have to just wait it out??? WAH!

Ex 645 Equ 635 TU??? Haven't bought that one lately.

I have qualified for a FHA mortgage at 6 percent with the scores above, but I just want to have that great feeling that comes when you finally hit 760!

Does anyone venture to guess how many points my score will go up when these all drop and is there anything else i can do to get them off faster?? A GW letter maybe??

Message Edited by itzateach on 06-10-2008 06:37 PM

Message Edited by itzateach on 06-10-2008 06:38 PM

Anonymous · ‎06-10-2008

It depends on how many accounts you have now and what their history is. I am sure your score will go up greatly if you have accounts in good standing with decent age and low utility.

The question is - aside from FICO obsession, do you have a need for new credit right now or are you managing just fine with credit you have? If you are doing okay I say wait it out - that truly isn't that long of a period of time. If you need credit then I think you could probably get an account with a bk friendly bank.

itzateach · ‎06-10-2008

Those are the only negatives on the account. (besides a high debt ratio - yes I am maxed out on 3 cards (15k) but when I sell my house (it is going up this weekend) all of my debt will be gone so that should help too (although the simulator says it would go up much higher if I paid it off over a 12 month period showing a history i presume - but I would rather it just be paid off). I don't need credit for anything right now, but just in case I need to get a line of credit for my next home or something happens, I really would like to be able to walk into a bank with no problems.

Message Edited by itzateach on 06-10-2008 06:46 PM

Anonymous · ‎06-10-2008

That is very understandable and you are in a great position. It is great to not NEED credit but to just want to be in position to obtain it on the most favorable terms if you need it.

The score simulator is sometimes funky. You will get the same number of points for paying it in full now as you would over 12 months, you just don't get a year of payment history - which you will get anyway with on time payments. Thus you are definitely making the right move.