Credit Score 629

[budgetgal]

Thanks for the input! I'm going to start looking at my options asap.

[Ray]

start rebuilding asap

Agreed. There's no reason to wait.

[df04527]

A 100 point drop in score from the BK is not all that unusual and in fact is more the average. Recovering from that is a steep climb but can be done with determination and tenacity. Doing nothing though will also accomplish the same thing -- it will just take longer as time heals all credit wounds.

[NoMoneys]

I was going to post a similar question. I just got discharged this week and pulled my FICO with Equifax and I am 611. I was 701 the week before I filed...so a 90 point drop. It looks like we need to rebuild a bit to get up to that 650 range to be ok again. It could be worse though. I had no idea how big a hit it would take. I'm trying to figure out how long I should wait before getting a secured card. Good luck with your rebuilding!

start rebuilding asap

[budgetgal]

I was going to post a similar question. I just got discharged this week and pulled my FICO with Equifax and I am 611. I was 701 the week before I filed...so a 90 point drop. It looks like we need to rebuild a bit to get up to that 650 range to be ok again. It could be worse though. I had no idea how big a hit it would take. I'm trying to figure out how long I should wait before getting a secured card. Good luck with your rebuilding!

[jetsfan2010]

did you look at your score before you filed?

[df04527]

Have you attempted to obtain any new credit yet?

Based on what your saying is on your report it appears the only thing you can do at this time is to begin rebuilding by trying to obtain new credit. You may have to start with a secured card. After several months you should begin to slowly see your score rise as well as applying for a second card. It goes without saying that your new credit must be spotless so use these cards wisely.

[Photomom]

For what it's worth you need a 640 to qualify at the financial institution where I work, that's for a mortgage.

[artgood]

Well... I have no credit cards to pay down (all discharged in the bankruptcy). The only debt listed on my credit score is a student loan.

So, how can I improve my credit score based on that?

Also, I am hoping to get a mortgage through the USDA. We rent a house in a rural area that the landlord has asked us if we are interested in buying it.

[TBA]

What kind of loan are you going to apply for? Your score is a snapshot in time, and predicts the possibility you will not pay back the loan you are applying for. As already mentioned, if you are applying for a loan, you can manipulate your score by paying down the balances of your credit cards.

Unless you are applying for a loan, i wouldnt worry too much about your score. If you are planning on applying for a loan, pay off your credit cards and give it approximately 30 days to reflect on your credit report.

As an example... The jewelry store owner goes out and buys a bunch of stock on credit cards in November to prepare for the upcoming holidays (read christmas and valentines day). By March he has paid everything off. All other things remaining the same, he could see a 100 point variation (more or less, depending on other factors such as payment history) in his score depending on if it was calculated in December or April. And this would have nothing to do with late payments, etc, only the debt to available credit limit.

[moe]

If only it was an SAT. That would be an OK SAT score!

[LadyInTheRed]

Just got my credit score from myfico, and it is a 629.

So... how bad is that? I know its not good.

According to http://www.creditscoring.com/pages/bar.htm, it is good because 620 is the dividing line between good and bad credit. But, according to http://www.money-zine.com/Financial-...Credit-Scores/, you are in the bottom 27% of the country. Not sure why that would be considered good. This article answers your question for somebody with a 624 score: http://www.bankrate.com/brm/news/debt/20021206a.asp.

I also found the following:

A Excellent Perfect Credit Score Range is 750 +
A Great Credit Score Ranges From 700 - 749
Fair Credit Scores Range From 650 - 699
A Poor Credit Score Ranges From 600 - 649
A Bad Credit Score Range is Below 599

I don't know how realiable any of these sources are. I could google this all day! I better get back to work.

[IBroke]

Can't get you much.

Depends on the content of the report as well. A 629 can get you a nice auto-loan IF your previous history on auto-loans is spotless.

[IBroke]

Hard to judge based on the score alone because I can't tell if you already pushed the score up as far as possible or not. You can have a 629 with maxed out credit-cards or have a 629 with a 2% utilization. If your CCs are currently maxed out or above 10% of yor credit-limits, there is a way to improve your score quite fast and effective. If you already did, you simply need to wait for a while.

[drowning123]

Can't get you much. Even 700 is "iffy."