Finance Q&A

Understanding Credit Score, know to get high credit score?

Q. Is there anywhere to get a free copy of one's credit score? I've just filed bk 7 Oct 17th I haven't gotten my discharge papers yet, but i'm anxious to get them and start working on cleaning up a bunch of stuff. Also does anyone know of any good place or reading material for understanding credit reports?

A. It's my understanding that we are entitled to one "free" credit report per year...I don't think that one's FICO score is included in the free report. It's not that much though....I just recently purchased my FICO score/credit report on Equifax for $14.95 online. There's a good forum on BK issues you might want to check out at: http://creditboards.com/forums/index.php?s=54cd009e128f733b7e9f5bc7ab... http://www.creditboards.com/forums/ FYI, there's really nothing that can be done so quickly after you've just filed a Chapter 7 that will make a huge improvement in your FICO score. If there are glaring errors/mistakes, you should definitely make an effort to have them corrected...just don't expect for this to give you good credit in just a few months. Filing a BK will not destroy your credit forever, but you should be resigned to having bad credit for at least two years. FICO scores are most heavily weighted on events that have happened in two years....The passage of time will be the biggest positive effect on your FICO score....granted that you have no other negative events happen in that time period. So, do try to correct any mistakes that are in your report...also, you might want to get a "secured" credit card a pay that darn thing on time EVERY month...this can help re-establish your credit.....In about two years your FICO score should move up to at least acceptable, but not great, levels. FYI #2: Credit card companies consider people who have just filed Chapter 7 as an opportunity to give to credit cards to...strangely enough. The reason is that they cynically know that the debt cannot be discharged with Chapter 7 again because you've just filed it....so don't be surprised to get flooded with all sorts of offers. When they arrive...file them where they need to go...in the trash can. The last thing you need is to get into credit card trouble again and not be able to file Chapter 7.