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FICO calculation only go back 7 years on public records?

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FICO calculation only go back 7 years on public records?

I understand that bankruptcies can be reported in credit reports for up to 10 years, however I'll swear that I read somewhere that FICO calculations do not factor in public records (such as BK's) more than 7 years old.
 
Can anyone confirm how long a bankruptcy will affect a FICO score?
Message 1 of 8
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Moderator Emeritus

Re: FICO calculation only go back 7 years on public records?

Message 2 of 8
Member

Re: FICO calculation only go back 7 years on public records?

My bankruptcy is scheduled to remain on my report until Aug 2008. When it is removed, will my score increase?
Message 3 of 8
Established Contributor

Re: FICO calculation only go back 7 years on public records?

http://www.bankrate.com/brm/fico/calc.asp?lpid=BKRATE29  go to this site, owned by MYFICO, click on get started. A chapter 7 will affect your score for 10 years. As it gets closer to the 10 year period the impact on the score is less. But do not ever be late bafter a bankruptcy before the public record fails off
Message 4 of 8
Established Contributor

Re: FICO calculation only go back 7 years on public records?

Your score goes up soem during the bankruptcy. It would go up a little more as long as you reestablished a credit card account. But once it falls off it no longer has a bearing on your credit score.
Message 5 of 8
Established Contributor

Re: FICO calculation only go back 7 years on public records?

Message 6 of 8
New Visitor

Re: FICO calculation only go back 7 years on public records?

In 2000 I had some very serious surgeries which led to ......time off work, behind in bills, tax lien, bankruptcy and divorce.  Pretty well re established since then scores 648 TU,  673  Exp  667 Equifax.  It will be 10 yrs before the lien and BK go away.........who can help me with how to raise my scores in the mean time...pay on time, low balances etc.......
 
ON a side note, I just sent a letter to 2 of three bureaus to see if they would add in missing info ie, the high limits on accounts that showed none.......will that help/hurt?  Will they even respond?
 
Thanks in advance,
 
Roadog
Message 7 of 8
Moderator Emeritus

Re: FICO calculation only go back 7 years on public records?



roadog wrote:
In 2000 I had some very serious surgeries which led to ......time off work, behind in bills, tax lien, bankruptcy and divorce.  Pretty well re established since then scores 648 TU,  673  Exp  667 Equifax.  It will be 10 yrs before the lien and BK go away.........who can help me with how to raise my scores in the mean time...pay on time, low balances etc.......
 
ON a side note, I just sent a letter to 2 of three bureaus to see if they would add in missing info ie, the high limits on accounts that showed none.......will that help/hurt?  Will they even respond?
 
Thanks in advance,
 
Roadog



Welcome.. Glad to hear your surgery worked out. Have you read the Scoring 101 thread?
Message 8 of 8
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