Need some help reviewing my credit

[vegemily]

So I am confused about my credit report. I was discharged 2 months ago and waited until recently to pull my credit reports.
I am currently looking on myFICO and my score is only 594 (not good).

Then it says:
payment history- bad
amount of debt- very good
length of history- very good
amount of new credit- not good

So, I pulled up all the accounts with red flags on them. The account statuses all say "unrated" and when you click for details they all show $0 balance, included in bankruptcy, no deliniquencies. So, according to the info I have found on this forum those are all being correctly reported.

So, why are they flagged as delinquent? Shouldn't the public record of bankruptcy field be enough? I don't get how to raise my score if everything is being reported correctly.

I have a mortgage which survived the chapter 7 (no delinquency ever) and then a recently opened secured credit card. I have a car which was not reaffirmed so it's not showing anything positive. What else can I really do? Just wait?

[DebtHater]

I don't get how to raise my score if everything is being reported correctly.

1) Let more time come between present day and your BK.

2) Borrow more money but at the same time don't over do the debt to credit ratio.

[vegemily]

Yeah I know I need to be patient...
It's hard though and I don't fully understand all of this stuff.

[df04527]

Time is the healer of all bad credit as long as no new defaults occur of course. To keep the integrity (i know bad word) of the reporting process, that of course is used by every lender in the US, creditors also report your pay history so other creditors view it to evaluate your potential of default with them. As you know, your track record is what comprises most of your credit score.

The individual creditors are allowed to report bad credit history for as long as 7 years and good credit history for 10 years. Public records are a separate category and have their own reporting statute of limitations which I will stay away from because we beat that subject to death! (just kidding -- lol)

ANY individual creditor account that has at least ONE missed or late payment results in that account being deemed as negative. If there are no lates then the fact that that account was included in a bankruptcy makes it negative as well. Here's another thing - IF the defaulted original creditor account was sold to a collection agency -- they are then allowed to report ALSO!

So time will heal it if you do nothing. There are many ways to help that process along however and it looks like you've started to do that already by obtaining NEW credit. NEW credit is your chance to begin to tip the scales of negatives and positive accounts and, over time, will take over and shoot your score upwards. But be careful you do NOT obtain too much NEW credit rapidly as that will also "appear" as though you could be looking for new credit cards to max out and live on.

It is important to note obtaining new credit and the score increase really only applies to people who are trying to recover from an event such as a BK and is not necessarily going to boost a credit score for someone who has had no negative credit accounts reporting. In fact, people with excellent credit WILL lower their scores by obtaining new credit.

I hope that made some sense - credit reporting is so much more complicated than it needs to be.....

[vegemily]

yes thank you...that helped.