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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have been trying to stay out of bankruptcy for 2 yrs now.

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I have been trying to stay out of bankruptcy for 2 yrs now. I have miscalculated my retirement benefits and have used all of my IRA savings to keep up with my payments. I am living on social security, state retirement benefits and credit cards and 2 rental properties. Rent income does not cover loan payments and I was trying to get reduced APR's to bring the payments down. I have not missed any recurring payment in 20 years except for a except for a 30 day delinquency on a $2.00 recurring credit card transaction which I forgot about when I paid the card off. This $2.00 error cost me 100 pt drop in my FICA score by reporting 30 day delinquency. Not only did that prevent me from getting a much needed refinance on 2 rental properties, but now a different credit card representative said it wouldn't hurt a thing to try to get a credit increase on one of my other cards. "Big Mistake". The increase was denied because: 1. Amount owed on revolving accounts is too high. 2. Time since delinquency is too recent or unknown.
My FICA score went from 745 to 640 for the $2.00 mistake and recently 640 to 598 for the credit increase which was denied. I called Equifax and they don't talk with you without a credit denial case number. The Bank won't give this to me and Equifax is not cooperating to get one either.
I called the bank with the $2.00 dollar delinquency and pleaded my case. They understood and said they would get the report removed. Should take 6 to 9 weeks. Will my FICA score show improvement as soon as the report is removed?
Question: How long will it take to improve this low FICA number.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

In terms of your credit report, expect your score to improve after 6 in typical situations,

WALLSTREETESQ :

however if the delinquency is removed from all three credit reports, your score will improve after 3-6 weeks after the item is reported,

Customer:

hi, thanks for your response. when you say increase, will the FICA go back to where it was so that I can continue my loan processing as it was before this score. The loan company said I needed 740, and I had a 748 before the $2.00 mistake

WALLSTREETESQ :

In reality it should go up to the 740 range, but knowing the credit bureaus, do not expect such a large increase after the removal of the negative item, I would expect a gradual increase, and eventually reaching that number in a few months.

Customer:

Thats great.. thanks ever so much.

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