Results from FICO Deluxe: Only time will heal!

[Anonymous]

I had a bankruptcy discharged just a bit over 2 years ago, and my scores are stuck around 600, depending. Based upon advice here, I ordered the Fico Deluxe product to get all three scores, with recommendations for improvement. Results couldn't be more discouraging.

Two years after, with no current lates or collections, 1 30 day late 8 months ago, show: TU= 609, EQ=569, EX=621. Complaints are public record (BK, nothing I can do there), missed payments (Tons from the bankruptcy era, none since), and balances too high (58%). Of these, all I can possibly effect are balances. One reason the percent is so high, is I can obtain SO LITTLE revolving credit with these scores. A definite Catch 22. I work in a business I need credit to entertain and travel.

If I model paying off all credit tomorrow, it makes no difference. If I pay it off in 3 months, it makes no difference. The ONLY thing that helps is to pay it slowly (or quickly) over 12 or more months. In other words, there's nothing really to do except wait, and slowly pay down the balances. There is a note that my non-mortgage balances are too high. This includes a car lease and a student loan for my daughter. I don't see how this should be "too high". Too high relative to what? The stated total is $37,000. Of that, credit card debt is maybe $4,000.

These are seriously bad scores, with no hope to fix, other than time. Like I said, discouraging. Especially as others in a similar boat have scores in the 700 range. I'm puzzled. There are no major inaccuracies in the report. A few creditors will NOT report the items as included in BK, even though they were (By Illinois law, regardless, if you have a BK, they MUST include the account, even if you forget to include it at the time). I've read that may not matter anyhow.

One agency calls the same BK 2 different public records, one the filing, one the disposition; but I don't know if that matters. I have 4-5 medical paid collections on file, some before the BK, a couple after. I can't get them removed, I've tried. At this point, I'm open to any advice you might have. Kindly,

Message Edited by SkiloverLA on 10-12-2007 10:23 PM

[Anonymous]

Your post was tough to read w/o any breaks
Kinda ran all together.

Read to 101 thread.
Paying you revolving and having it report under 10% of utilization.

After a BK you can not ever be late-

Submitting your disputes in writing CMRRR may give you better results getting these accts moved to included in Bk- DO NOT SEND THEM YOUR BK PAPERS!

Hang around and read up- there is a ton of valuable advice here to help you.

[Anonymous]

Thanks--There WERE breaks when I wrote it, I don't know what happened! My frustration is there actually appears I can do nothing at all, but wait, have NO lates, and slowly pay down balances. Running the model, paying them down to zero, 10%, etc, did nothing at all meaningful. I have read the site, I see not much more to do, other than the possibility of Good will letters. What is CMRRR? Kindly,

[haulingthescoreup]

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@Anonymous wrote:
Thanks--There WERE breaks when I wrote it, I don't know what happened! My frustration is there actually appears I can do nothing at all, but wait, have NO lates, and slowly pay down balances. Running the model, paying them down to zero, 10%, etc, did nothing at all meaningful. I have read the site, I see not much more to do, other than the possibility of Good will letters. What is CMRRR? Kindly,

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Hi, Skilover--I see you found the paragraph button--bet you're on Firefox! Lithium is working on getting the Firefox version to be more user-friendly. And be forewarned--if you ever go back and edit a post, you'll have to click the button again, or it will be a huge blob again.

CMRRR = certified mail, return receipt requested. This abbreviation link is from Understanding FICO Scoring:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=1325

You're not the first one who has questioned the pay-off-over-24-months model. Two months ago, my util went up briefly, and I got that recommended as best scenario. Despite that recommendation, I paid everything down to 3% all at once, and my scores hopped back up. I'm wondering if what it's really trying to say is pay down your balances ASAP, and keep them down for the next 24 months. I don't see why it would be any advantage to torture them down slowly.

On the other hand, I just now simulated paying my current $690 total balance to $90, and the result wasn't as good as paying down my balance $25/ month for the next 24 months (same amount paid.) I know that the projected scores are not guaranteed, but we're talking a 40-point projected difference.

Has anyone had any experience with slow pay-offs versus fast pay-offs, and what the ultimate effect was on your scores? If it is better to pay off slowly, why??? That's an absurd hiccup in FICO scoring logic, IMO.

[smallfry]

Hang in there OP. Non mortgage balances too high? Until you take a severe bite out of the car lease and the student loans you are going to see that message. Bet on it. I refi'd my car back in July and have paid off nearly half and still see that message. Patience your scores will improve but never be late on payments. Any chance you can get an account with Navy Federal? They hand out fairly large credit limits and are BK friendly. Good luck.

[Anonymous]

Navy Fed: Do I need to be or have been in the Navy? My only connection to them is my father used to be a civilian consultant to them, but that may have been somewhat classified. I was never in any military.

I tried a bunch of supposed "BK" friendly credit cards listed in one thread on this site, and they ALL blew me off, including a "Christian Credit Union" and various others. Believe it or not my best luck has been with WAMU, but I bank there.

I appreciate your help. What a MESS.

Does anyone think the SIZE of the BK matters? Mine was quite spectacular, lots of accounts, lots of money.

OH, yes, I use FIREFOX, and finally realized you have to manually check a box to convert "carriage returns" to line breaks.

AND, regarding the FICO model, I think in my case it just isn't working well. Maybe there were so many accounts in the BK that it will just take forever to outweigh that mess with good accounts, I don't know. I ran the model over and over, and doing NOTHING for 12 months other than pay down $100/mo does more than paying off all my accounts immediately. That makes NO sense. It seems clear, assuming the model is good, that I can do nothing but wait at this point.

My total card balances aren't that much in the grand scheme of things. I used to have huge balances, not only absolute but as a ratio, and had scores well over 700. Now, with a 50% useage, and a total balance of $4,000 I am being killed, with one score at 558. But, paying it off doesn't help, either, it just gives FICO an excuse to complain, but it may not matter to pay it all off. I play to pay it off as fast as I can, just to see. However, depending on when I pay vs when they report, it may be impossible to use the cards and show no balances. I need to use the cards for business.

Message Edited by SkiloverLA on 10-13-2007 10:21 AM

[smallfry]

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@Anonymous wrote:
Navy Fed: Do I need to be or have been in the Navy? My only connection to them is my father used to be a civilian consultant to them, but that may have been somewhat classified. I was never in any military.

I tried a bunch of supposed "BK" friendly credit cards listed in one thread on this site, and they ALL blew me off, including a "Christian Credit Union" and various others. Believe it or not my best luck has been with WAMU, but I bank there.

I appreciate your help. What a MESS.

Does anyone think the SIZE of the BK matters? Mine was quite spectacular, lots of accounts, lots of money.

OH, yes, I use FIREFOX, and finally realized you have to manually check a box to convert "carriage returns" to line breaks.

AND, regarding the FICO model, I think in my case it just isn't working well. Maybe there were so many accounts in the BK that it will just take forever to outweigh that mess with good accounts, I don't know. I ran the model over and over, and doing NOTHING for 12 months other than pay down $100/mo does more than paying off all my accounts immediately. That makes NO sense. It seems clear, assuming the model is good, that I can do nothing but wait at this point.

My total card balances aren't that much in the grand scheme of things. I used to have huge balances, not only absolute but as a ratio, and had scores well over 700. Now, with a 50% useage, and a total balance of $4,000 I am being killed, with one score at 558. But, paying it off doesn't help, either, it just gives FICO an excuse to complain, but it may not matter to pay it all off. I play to pay it off as fast as I can, just to see. However, depending on when I pay vs when they report, it may be impossible to use the cards and show no balances. I need to use the cards for business.

Message Edited by SkiloverLA on 10-13-2007 10:21 AM

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Call Navy Federal and ask. Your Daddy wasn't Commander Bond was he?

[Anonymous]

As in James...That's funny.

Anyhow, can't be done, I called, he'd have to be a current member and basically sign me up, rather difficult as he is dead.

Thanks for the idea, however.

Message Edited by SkiloverLA on 10-13-2007 01:33 PM