O.K. I filed for BK in Dec. '95 and it was discharged in April '96. Since that time I have had 2 cars leases (a lexus and a volvo)at 'A' credit rates. I have a mortgage @ 7.2%. A second mortgage at 10%. I am using 1 M/C (APR 18%), a Visa (APR 18.5%), a second Visa (18.9%). A store charge that I pay monthly. I have 3 other MC/Visa cards that are completely paid. I just have n't closed them yet. That's 10K not in use. On the cards I am using, I'm utilizing only a 1/3rd of the available credit. I have 10K in savings, always maintain a balance of at least $1000 in my checking account, and I have $5000 in mutual funds. I have never bounced a check or been late on any payments, since the BK was discharged. The inquiries that are listed are creditors that gave me credit, I have not been denied any credit in 4+ years now. SO, why is my FICO score only 610?? Any thoughts or suggestions will be greatly appreciated.
FICO is broken, that's what's wrong. Yours is a perfect example of why the scoring model(s) is flawed. IMO, Marci
How long you have been in the credit bureau record, your type of occupation, etc. affect the score. I have 4 visa cards, 3 retail cards and 1 auto loan. I am going to retire some of the cards when they age past the 2 year mark. These are too many accounts. My balances are currently high. That is hurting my credit. I think it hurts yours. The BK hurts as well.
Fat Jake Filed in January 96. Score is 675. No derogs since bankruptcy. Owe 12% total availible limit. Credit file is almost 7 years old. Can only Dream about Lexi. What were your reason codes?
What's your oldest account? We have similar profiles- but my oldest goes back to '87. I have more accounts than you do, and the only negative item is the single public record for the BK. I'm 680. Keep in mind, savings, checking, mutual funds, type of car, income, etc etc etc __DO NOT__ factor into the FICO Bureau Score -- some lenders may use them for their internal credit scoring models, but the FICO is only what shows on your bureau report. -mj
