For those of you who have a bankruptcy on your record, I'm curious what your highest scores are? Is it possible to have a discharged bk on your record and have scores in the 700s? Will I never reached the 700 plateau with a bk on my records. I have 8 1/2 more years to go before my bk drops off my report. I'm just feeling a little low knowing I may not see 700 for 8 1/2 years....
You could easily see 700 even with a BK. As every year comes and goes, the effect of the BK on your FICO diminishes. The key is to get any revolving credit you can and start using it, take out a personal loan or car loan, and don't be late, ever. After 5 years go by, you'll be in the 700 club (if the BK is the only serious derog, 30-day lates excepted).
TU Fico (2/17/2003) 680 TU Fako (1/18/2003) 598 Equifax (2/14/2003) 637 Experian (1/28/2002) 657 BK filed 7/96, discharged 11/96 I never had any desire prior to last year to look at my credit report, thought it would be depressing. Never began rebuilding until 2001 either. I would think, automatically rebuilding and checking (or disputing) the reports to make sure everything is reporting right with in months of your bk would be beneficial to anyone! Wish I knew about these boards A LONG LONG time ago!!
EXP - 638 EQ - 634 TU - 614 These are my scores now. I do have one Cap1 card with a $2250 limit and I have $140 charged on it. Had it since November and have charged little and paid more than minimum since. Just got a $125,000 home mortgage (close on March 24th). Once we get the keys in hand, I do plan to get at least one more credit card to build credit with.
Yes it is possible. All three of my scores are in the low 700's to 720's. BK 13 filed in 1996, will fall off at end of this year.
FICO in the low 700's within 2 years of bankruptcy should be no problem. I am real close now and had my dicharge on December 2001. I went from 400's to 664 in less than six months. The FICO score simulator that will tell you the best situations on Equifax works well. Follow the best situations and then check it again after you reach those goals. And then keep repeating with new goals. One great way I found to raise credit score is to pump a good amount of money into a secured credit card or two. It raises the limits and it looks good. It also give you more room to work with on debt to credit line ratio. More credit limit with no inquriys.
Hubby had a Ch. 7 in '98 and his EQ score is in the neighborhood of 695 or so. The others are in that range, but EQ is the highest. Can't seem to break that 700 mark though...at least not yet L
