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Waiting2GoUp

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How much does an old bankruptcy effects credit score?
I have a bankruptcy from 9.5 years ago that still shows on my credit history. How much does this bring down my score, and will there be any residual effect once it comes off.

Since the bankruptcy, I have only paid cash and not used credit cards, etc. I was surprised to learn in January I didn't have a credit score of any kind. I now have three credit cards (since February) which I pay each month in full with never a late charge. My CK score is 664, and no hard inquiries showing.

Looking at a mortgage and wondering if waiting for the bankruptcy public record to be removed it worth it. Thank you in advance for the help and input.

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The impact of negative items decreases as time passes.  I wouldn't expect a sudden large jump in your score when the BK falls off.  At 9.5 years old it isnt carrying a ton of weight.

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Since a bankruptcy doesn't fall off your credit report until after TEN years have passed, it's still going to have a bad effect on your credit score until then. So, waiting until after then and working to build your credit score so you can get the lowest mortgage interest rate possible is a good idea.  The information on how to build your credit score that is provided in the articles on this site is good.  It's something valuable that is not taught to the majority of people and it's knowledge we all need in this credit run society.

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