681 Credit Score - How can I Increase It?

 I just checked my score on Equifax and the number is 681. I filed bankruptcy
in 1997 and it was discharged in 1998. I own my home and have never been
late with my mortgage payment since I purchased it in 2000. In addition, I
have two credit cards that I've never been late with and I also pay more
than the minimum monthly payment. I've had these cards for several years.

My debt is my mortgage and two credit cards with a balance of 900.00. My
salary is 120,000.00 a year. My wife is a stay at home mom. Should I not
expect my score to go any higher until 10 years after discharge or should I
expect this to occur within 7 years of discharge?

What should I expect my score to go to when the BK is no longer factored
into my score?

How often is my score evaluated for possible revision and who does the
revision?

 
Depends on the type of BK you went through.

 fatman985@hotmail.com wrote in message

Your score is subject to change at any time. It may change whenever
the credit report is updated with anything.The credit bureaus produce
the score and it is based on a mathematical formula of many different
factors. Your salary is not factored into your credit score. As long
as you keep your payments timely now and forever, your score will rise
and it won't take 10 years. One key to rising the score is to keep
your balances of all credit cards less than 50% of your credit lines.
30% is even better. Scores can get into the 700's even with a
bankruptcy..just never be late..ever..and let time pass..and keep
balances low.

 

You are right to be concerned about your FICO score. Do everything you
can to keep it as high as possible; every point matters.

The best way I know to improve your score is to keep an eye on your
credit report on a VERY regular basis. And not just when you have a
problem or get turned down for credit. I pull my report every single
month (which, by the way, does not affect my FICO score at all.)
 
In the past year, I have been able to deal with and correct three
separate incidences on my credit report -- all of which affected my
FICO score -- that I never would have even known about if I had not
been watching my credit report on a monthly basis. Not to mention that
by proactively corecting the problems, I also prevented any problems
that may have occurred from having the bad information on there in the
first place.

With all of the problems with identity theft these days, you simply
cannot afford to let your guard down for a minute. And watching your
credit report is the first step. It is critical, in my opinion.
 
Anyway, that's all. Just keep an eye on your report and correct any
crazy stuff that gets on there ASAP.
 
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Brent Gray
Salt Lake City, Utah
 
"You too, can be financially FREE!"
http://www.ZeroYourDebt.com