Help with my Credit Score?
I ruined my credit when I was young. My credit score is currently 530, I filed for Chapter 7 bankruptcy that was discharged in '02, I had 9 negative items on there which I paid off a week ago. About how much higher would this make my credit score go? I would at least like to be 620. is this possible? Thanks for any information you can help me with.
Public Comments
- Paying off the old debts will not greatly raise your score. You must establish a new history of "positive" credit use and management to raise your score.
- First of all under Running of Reporting Period - Section 605 [15 U.S.C. § 1681c] a Chapter 7 will remain on your credit report for Ten years (from the date of entry of the order for relief or the date of adjudication. Second, those 9 negative items should have been discharged when you filed, why did you pay on them? If they were incurred after the Chpt 7 order for relief, then those will also be on your report for a period of 7 1/2 yrs from date of last missed payment. FICO treats Chpt 7 and Chpt 13 as the same when it comes to computing your credit score. All together and sad to say, it will be some time before your score will increase.
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