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Anonymous
Not applicable

credit score

my bankruptcy is 6 years old why is it still having an impact its a chapter 7. but im at a platued score of 680's Id like to get my score to 740 what can I do.

I also have a  short credit history. I manage 

what are your thoughts on this from the myfico website. FICO High Achievers opened their oldest account 25 years ago, on average.

 

Please tell me what I have to do

 

 

Message 1 of 6
5 REPLIES 5
SouthJamaica
Mega Contributor

Re: credit score


@Anonymous wrote:

my bankruptcy is 6 years old why is it still having an impact its a chapter 7. but im at a platued score of 680's Id like to get my score to 740 what can I do.

I also have a  short credit history. I manage 

what are your thoughts on this from the myfico website. FICO High Achievers opened their oldest account 25 years ago, on average.

 

Please tell me what I have to do

 

 


Be patient

Try not to apply for new credit

Pay your bills promptly

Try to keep your reported balances low, most at zero

 

The passage of time will build your scores


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 706 TU 714 EX 715

Message 2 of 6
calyx
Super Contributor

Re: credit score


@Anonymous wrote:

my bankruptcy is 6 years old why is it still having an impact its a chapter 7. but im at a platued score of 680's Id like to get my score to 740 what can I do.

I also have a  short credit history. I manage 

what are your thoughts on this from the myfico website. FICO High Achievers opened their oldest account 25 years ago, on average.

 

Please tell me what I have to do

 

 


A bankruptcy is a major derogatory and will have a pretty sizeable impact on your credit score for as long as it's on there.   There's really nothing you can do but wait it out.

If you have active accounts, keep them active, keep them positive (on time payments, keep your reported utilization in check) and time will do the rest.   It's very frustrating (don't I know it), but usually, it takes a lot of time to really get things going well.

How many revolving lines do you have?  Are all of their reported utilization % below 28.9% (better is 8.9%)?  Do you pay in full every month?  do you have active/open installment loans to add to your mix?     To get an older looking file, can you get someone to add you as an authorized user to an old, positive tradeline (YMMV on this one, and don't do this with American Express, it won't help for sure).

Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 3 of 6
Anonymous
Not applicable

Re: credit score


@Anonymous wrote:

my bankruptcy is 6 years old why is it still having an impact

 


Because it's a major negative that's still on your credit report.  It will stop having an impact once it's gone.

Message 4 of 6
jamie123
Valued Contributor

Re: credit score

Your scores will have an upper limit as long as the BK is on your reports. You need to build a really strong and thick credit profile in the meantime so that when the BK drops off, and it will, your scores will rocket up about 100 points.

 

You really do need to share more information with us so that we can give you accurate advice. We need to know what your credit reports look like.

 

Number, age, credit line amounts and balances of credit cards?

Any installment loans?

Any mortgages?

Any other baddies like lates or charge offs?


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 5 of 6
Anonymous
Not applicable

Re: credit score


@Anonymous wrote:

my bankruptcy is 6 years old why is it still having an impact its a chapter 7. but im at a platued score of 680's Id like to get my score to 740 what can I do.

I also have a  short credit history. I manage 

what are your thoughts on this from the myfico website. FICO High Achievers opened their oldest account 25 years ago, on average.

 

Please tell me what I have to do

 

 


The highest you'll get while it's on there is going to be in the 750 range.  Once it's gone then you'll be able to hit 800+.  

 

As to the 25 year thing.... it's a subjective statement.  I'm routinely 800+ at this point w/ 12.5 years being my oldest and 5.5 AAOA w/ 22 accounts reporting of which 5 were added this year alone.  

 

BK7 is a way to wipe the slate and it's like turning 18 again w/ no credit at all.  Of course restarting the engine again is harder with the big black mark there as a caution flag to lenders.  Just keep the apps low, make sure you don't miss any payments (auto pay on every account), work on CLI's instead of new cards, and make sure you have a long term plan.  Spend time around here looking for ideas and when you're close to year 10 of the BK remember to lookup "early exclusion" to get it removed early.

Message 6 of 6
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