I filed BK 7 in Dec 96. It was filed Aug 97. All 3 CRA have it listed April 97. Do I do anything or just let it roll off in April 2010. Also, the associated tradelines are scheduled to roll off between July 03 and January 04. The Jan 04 ones should be Sep-Oct 03? I no longer have the documentation to know what the exact dates are. Do I mess with them or let them roll off ? EQ-605, 10 Incl in BK TL EXP-659, 7 Incl in BK TL TU-621, 6 Incl in BK TL I've been told that I need atleast a 660 middle FICO score to take advantage of low 1st and 2nd mortgage rates ?! Since the BK my credit is perfect. Thanks !!
Hostage, I'll take a crack at this because I am BK7 filed 1/97, discharged 7/97 and have been rooting around here a couple of months (but, I'm no expert ! yet ! ;-)): If you filed 12/96 (I assume you mean discharged 8/97) it has to to come off 10 yrs. from the order of relief, i.e., when you filed., so 12/06 ! [Note Exception: Can be reported indefinitely for employment inquiries over $75,000/yr and for credit/insurance applications over $150,000 !] As far as I can tell, by strict interpretation of FCRA, the TLs included in BK7 can also stay on until 12/06. BUT, the CRAs' practice looks to be taking the TLs off at the 7 yr point, 12/03 for you ! (For myself, I'm taking that to mean, at the 7 year mark, if CRA's haven't removed them, I can politely ask them to remove the TLs but have no right to demand it !) Looks good and that's been my experience, keep it perfect and don't let any card balances creep up too far ! Also, you need to double check that your scores are TRUE "FICO" ! You may be surprised (maybe pleasantly) at the difference if those above are not. The lender usually is buying true FICO scores to pick the middle. Good Luck ! P.S. Sorry if I type too slow and edit interminably, someone may have beaten me to the punch and, as a newbie, I try to give any help I think I can carefully !
How do you want to take advantage of these mortgage rates? Are you looking to buy a home? Refinance? Cash out your equity? What score you need depends on what you want to do. If you're looking to buy a home or reduce the interest on an existing mortgage, you're probably fine with the scores you have.
