Score after BK ages off?

[Anonymous]

Hi There Revelate, 

After reading your post from 6/4 and the post from RM21 & Smakjets I decided to take a closer look at my file past the last 24 months and things are worse than I thought. I will most likely not see a huge score increase because of what's in the rest of my file and that is also the reason my scores are so low with exp and eq. You are a data person I can tell so here's what i found in my file

My exp credit tracker says I have negative items which are the BK and 4 accounts with 60 days late or more derog information. There is a paid sallie may student loan that is listed 3 times because of being sold or transferred. This loan has 120 day lates. I will have to ask how much longer this will be on my file, it is paid but the negative history is still there. 

It also considers my last 30 day late 13 months ago to be recent and my aaoa of 5 years to be short credit history. Finaaly it says that I have 5 accounts with negative payment history which are the 2 credit cards that I was counting and the student loan that appears 3 times that I wasn't counting since it's paid and I can't remove the negative history but i shouldn't have over looked this. As i mentioned the 2 credit cards each have 30 & 60 day lates that are slowly aging off. The bulk of the late payments are from 2009 & 10 so I guess that's a plus with quite a few aging off by 8/2017.

I have 2 things it considers "helping" my scores which are low utiliazation under 10% and 7 accounts being paid on time.

This is disappointing but it's my own fault for defaulting on things after my BK and taking so long to learn the lesson. I will still update after it's removed just to share my experience.  i don't think there is much I can do to improve things other than continuing to stay on time with the accts letting the current hiistory build, asking to increases on the tradelines I already have and maybe doing a share secured loan with DCU to establish some positive history with them for products/loans down the line. (their suggestion)

If you have any more suggestions or feedback or thoughts please let me know

[Revelate]

I'm not that familiar with student loans and how they report after being sold; however, if they sold it and really it's all one tradeline (are the 120 day lates the same one or different ones on different tradelines?) maybe you can address it.

Generally when a loan is sold or transfered the old one is removed and the new tradeline is taken; you might be able to dispute two of those as innacurate / duplicate tradelines potentially if I interpreted your post right.  A 120+ day late is a serious deliquency but if they're on multiple duplicated tradelines, I'd do a quick sanity check by asking in Student Loans to see if that was actually correct from a reporting standpoint, and see if I could get some of them removed.

[Anonymous]

I wanted to update this thread as of today. I promised I would

So my Chapt 7 has been excluded from my Trans Union File  as of 6/29/2016 EE. There was really no change in score except for today I reached 710 for a 7 point increase 

I suspect because of the presence of mutiple 120 date lates on the student loan that I will not see a huge score increase on my Experian or Equifax file either but I will also update my scores the the bk drops off those reports in the next month or 2.

The student loan with the major derogatory info I should see drop off or ask for EE the end of 2017.

I'm at 2% utilization and last late (30) payment was 17 months ago. I think I have maxed out those options for score improvement please post if you have any thoughts. . I have 6 accounts aging to the one year mark all with clean history 5 cards and 1 installment loan for credit mix 

Does anyone have any advice on how i could raise my scores other than continue to pay on time and wait for late payments to age off? Not sure where else to go from there

My goal scores are 720 then 760 across the board I understand this may not be possible until the student load is removed All help appreciated Thank you

[grillandwinemaster]

Hey Fico Gal!

I was following your thread even though I had not commented on it previously. 

Keep in mind that each individual late on your student loans will age off individually at the 7 year mark. The entire tradeline doesn't disappear until approximately 10 years from the time it became inactive. 

That being said, what are the dates of your major late/derogs remaining? What is the date of your LAST major derog/late? 7 years from THIS date is when you should expect a nice score bump.

[Anonymous]

Hello Grillandwinemaster, 

Thank you so much for reading and responding  Last 120 late is June 2011 from what I see

I have asked  exp & efx when these will delete from my file and one acct is 5/2017 one is 7/2017 and the last is to come off 1/2018.

So the account will NOT delete you are saying? Or all the lates will age off one by one as they become 7 years?

It seems as though from what i have read here that the presence of the lates brings my score down but it should not be affecting it that much because of the age of the lates. I've tried to get as many points as I can from low utilization and a year+ of clean history but being that being said I have already seen my bk drop off my trans union report and no big increase in points. I am trying to better understand scoring, if I can offset some of  the major derogs with the clean history i am building. i have one installment loan that is paid to under 80% and 5 credit cards last 30 day late was 3/2015

I am wondering if there is anything else i could be doing to gain more points while I am waiting for all lates to age off one by one?  Besides building more clean history each month

[SouthJamaica]

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@Anonymous wrote:

Hello Grillandwinemaster, 

Thank you so much for reading and responding  Last 120 late is June 2011 from what I see

I have asked  exp & efx when these will delete from my file and one acct is 5/2017 one is 7/2017 and the last is to come off 1/2018.

So the account will NOT delete you are saying? Or all the lates will age off one by one as they become 7 years?

It seems as though from what i have read here that the presence of the lates brings my score down but it should not be affecting it that much because of the age of the lates. I've tried to get as many points as I can from low utilization and a year+ of clean history but being that being said I have already seen my bk drop off my trans union report and no big increase in points. I am trying to better understand scoring, if I can offset some of  the major derogs with the clean history i am building. i have one installment loan that is paid to under 80% and 5 credit cards last 30 day late was 3/2015

I am wondering if there is anything else i could be doing to gain more points while I am waiting for all lates to age off one by one?  Besides building more clean history each month

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IMO the best way to improve your scores quickly is

1. keep credit cards with all but one reporting at zero balance, the other at 9% or less

2. pay down loans to 9% or less but not zero

3. blanket bureaus with verification letters to remove negatives

4. avoid new credit applications

[Anonymous]

Thank you so much SouthJamaica !!!

For the advice, I am doing number 1 currently reporting @ 2%

Thanks for the tip about number 2, i thought that the threshhold for installment loans was under 80% which i am below. i will pay more agressively down towards 9%

I will search for threads on verification letters, i know the debt is valid i did not think i had any recourse and just had to deal with the negatives aging thanks for that 

and yes i am in the garden no new apps 

[SouthJamaica]

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@Anonymous wrote:

Thank you so much SouthJamaica !!!

@For the advice, I am doing number 1 currently reporting @ 2%

Thanks for the tip about number 2, i thought that the threshhold for installment loans was under 80% which i am below. i will pay more agressively down towards 9%

As a matter of fact there are raging debates going on in this forum, among people more knowledgeable than I am, about whether there are any real thresholds until you get down to 10%, and also debates about how the different scoring models react. It's especially tough to understand the mortgage scores IMHO because we don't have the ability to monitor them on  day to day basis like we can monitor FICO 8. In my own experience when I crossed 80% and 70% there appeared to be a slight uptick at each juncture on FICO 8, but my mortgage scores were not at all clear. And when I had just one small installment loan, and went down from 15% to 9%, my FICO 8 jumped a lot. But the one thing all the debaters seem to agree on is that below 10% and above 0% is the promised land.

I will search for threads on verification letters, i know the debt is valid i did not think i had any recourse and just had to deal with the negatives aging thanks for that 

You always have the right to write the credit bureaus, or make an online request, and ask them to verify something. If the creditor doesn't get back to them with proof in a timely manner, they're required to remove it. You can also hire a service to do it for you.

and yes i am in the garden no new apps 

good girl

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[Anonymous]

Thanks again SouthJamaica

I was afraid to dispute the lates because of fear that I might extend things by them updating the info in my file, I just want them to go away and I hope they really will drop off next year as the bureaus have told me. But you are right I always have the chance of getting something removed so it might be worth it but Im ok with waiting one more year for them to disappear if that's the case. I have not even tapped into the mortgage scores as of yet it sounds like that is a whole nother animal and challenge to tackle so thanks for the heads up on that

You are a wealth of knowledge and I always see your posts in the forums, thank you for participating I really appreciate the assistance.  Your profile is really impressive I will have to go back and read your journey if you have one on here. I am looking to join Alliant Penfed or NFCU once I am in the 700's on all 3 bureaus