Score Change with Aging of BK7

[kberly69]

Is there any data to support (or not) score increases as a BK7 ages? I know scores do go up as time goes on, just wondering if there are any known "rules" to it.  I haven't paid attention myself and have not consistently watched my scores so I can't say if there was any difference at any given year.

I've done all I can do to up my mortgage scores and need all the help I can get. October 6 is my 4 year discharge date so hoping for a little bump. I understand the first of the month is when something like that would occur (right?) so if it does, I'll let you all know but I'm curious about the collective group's knowledge.

[kberly69]

I'd even love to hear anecdotes and best guesses

[AndySoCal]

With the FICO score as the derogatory information ages in time the less impact on the score. Keep in mind Experian V2, TU V4 and Equifax Beacon 5 are the score models lenders use. Based on the scores you are heading in the right direction.

[Anonymous]

You should shift from a recent PR scorecard to a mature PR scorecard at some point. I don’t know what the threshold is, if I had to guess I would say its probably at 2 years, but I really don’t know where that threshold is. Maybe it’s longer for public record scorecards, maybe it is four or five years? report back and let us know if you get a bump!

@Revelate Maybe knows?

[OmarGB9]

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@Anonymous wrote:
You should shift from a recent PR scorecard to a mature PR scorecard at some point. I don’t know what the threshold is, if I had to guess I would say its probably at 2 years, but I really don’t know where that threshold is. Maybe it’s longer for public record scorecards, maybe it is four or five years? report back and let us know if you get a bump!

@RevelateMaybe knows?

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I don't know that it's 2 years, as my derogs aged to 2 years in January of this year, and I don't think I got any significant score bumps. Maybe it's 3+? I also had some collections showing at the time.

[Anonymous]

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@OmarGB9 wrote:

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@Anonymous wrote:
You should shift from a recent PR scorecard to a mature PR scorecard at some point. I don’t know what the threshold is, if I had to guess I would say its probably at 2 years, but I really don’t know where that threshold is. Maybe it’s longer for public record scorecards, maybe it is four or five years? report back and let us know if you get a bump!

@RevelateMaybe knows?

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I don't know that it's 2 years, as my derogs aged to 2 years in January of this year, and I don't think I got any significant score bumps. Maybe it's 3+? I also had some collections showing at the time.

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@OmarGB9 I believe it awards for only the most recent and most severe derogatory. When was your newest collection opened? And I'm assuming you don't have any thing more severe?

[OmarGB9]

Well I only have/had 1 collection remaining. It was opened June 15, 2018. I went back and checked EX scores prior to June 15 of this year and after, and there were no scoring changes at all actually.

And no, there's nothing more severe than the collection.

[Anonymous]

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@OmarGB9 wrote:

Well I only have/had 1 collection remaining. It was opened June 15, 2018. I went back and checked EX scores prior to June 15 of this year and after, and there were no scoring changes at all actually.

And no, there's nothing more severe than the collection.

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@OmarGB9 thank you very much, that is great information to know. It appears the public record scorecard does not segment at two years as I believe the delinquency scorecard does. And this makes sense because you've also got bankruptcy, tax liens, and stuff like that in PR card. I would love to know when the threshold is when it changes. Please keep an eye on it at yearly thresholds and let us know if you get A nice jump whenever it is. 

[kberly69]

I can say for myself, nothing happened at the 4 year point. I have only the BK showing, no other derogatories. 

[Anonymous]

So it’s not two or four I’m thinking five or seven but who knows it could be anywhere. Probably five because the collection will age off at seven where the bankruptcy would stay ten.