Hi, I decided to work very hard to improve my score from current 544...Here is my situation
In 2011 I was discharged from bankrouptcy. Student loan survived this event, and in 2012 my file went to collections.
Some creditors (that were included in bk) reported me last time to collections in 2011. The only "fresh" negative item on my report is that student loan collections. I've made arrrangements to pay off this debt by the end of the summer..I have 3 credit cards..One is maxed out, the other has available balance of 60% of the limit, and third one has zero balance (just received that card). Let's say I pay off all credit cards, take care of that collections and pay off 1 concumer loan (that I was approved for a year ago)..how long it will take to get my score to mid 600's if I pay off my credit card balances in full starting from these day on monthly basis? I've made some misstakes, but now I want to work very hard to fix them! Thanks!!
It took me about 2 years to get to around 700 from a score around 600. I don't have a bankruptcy, so I don't have an idea of how much longer it will take with that on your credit reports.
I can tell you first hand that Equifax has a BK still on my report and I cannot reach 700's with other negative items and CC util reporting. It hovers around 680's.
In the recent months if I put anything on my cards at all I would drop my score drastically.
Although I put on things to my card and today with the negative items removed and still showing only a BK on report my card util is 44% and I'm a 683. I dropped 2 points being rebucketed.
I think that once my BK is removed and cards show lower util my score will increase drastically.
The biggest factors were the 19 student loan lates, BK and CC util percentage.
Focus on getting your cards down to 9% util and focus on removing the baddies to increase your score.