I'm new to this site! I am in the process of cleaning up my credit! My FICO scores are bad because of a bankruptcy I filed in Jan of 2002. I know it falls off in Jan of 2012 but where can I find out when the rest of the bad debt falls off? The only reason why I filed was because of a divorce and since I was discharged I have a mc since 2003, Lord & Taylor, and Sams club (which I can use at walmart I am truly taking a proactive measure to stay on top of my credit and using wisdom at the same time. I also would like to know what is the key factor to raise my FICO Scores.
I am not sure what you mean abount bad debt. if you mean late payments, then it would be 7 years after the late occurance. Credit cards are not bad debt and even help your score if they are paid on time and you dont "max them out".
Please list your bad debt so the smrat people here can help you.
Were these debt included in your BK? If so they should say so and show a 0 balance due. They will fall off 7 years from the last date of delinquency with the original creditor bt should not factor into your scoring model if IIB since they would all fall under the BK umbrella. If they don't show 0 blance and IIB, I would start writing letter explaining you filed BK on such and such date and include yoiur attorney's name. Some will ask for a copy of the court papers, its okay to send that.
Don't worry, they won't all stay on til the 2012 date. Just make sure they are all coded correctly.
Forgot to add, the key factors in rebuilding your credit is to establish credit as soon as possible, even if with a secured card. What are yor FICO scores at this time? You may want to try Household bank or Cap1. I waited too long to start rebuilding because I was convinced no one would ever give me credit as long as the BK was on my file. Don't fall into that mindset.
Exactly how much does a bankruptcy affect your FICO score. Considering BK myself and want to know how much that will lower my score and the reality of trying to rebuild. Any help would be appreciated!! Thanks!
This is from experience. If you have been paying positive on all your accounts and then BK, your score will tank but not for long. And you can recover quicker. Those who stop paying all bills and then file a year later have a tougher time in recovery because all those charge off's etc show on the credit report even though the balance owed is zero. If you continue to pay a car loan and or a mortgage loan on time through out the process AND it is reported to the credit bureau, then you will recover within months. But many times, even with reaffirmation agreements, lenders do NOT report on time payments after BK on cars and mortgages. It just says IIB/zero balance. So recovery depends on the individual's circumstances prior to filing and what is discharged in the BK. With the mortgage crisis at hand, many will also have foreclosures on their credit report, in addition to the BK and that makes it even worse to recover. But I am proof that it can be done!