Do Number of Accounts IIB affect score?

[RickInMich]

Hi,

I was wondering. Do the number of accounts you have discharged through bankruptcy affect your score? In other words, would paying off a small account before discharge, or even before the 341 (if that's even possible to do) help to protect your credit score at all after bankruptcy? I'm just curious. As I've mentioned before, I have one line of credit (an overdraft) that I owe about 650 on. I see at this stage the credit union has not updated my credit report to indicate derrogatory or included in bankruptcy. We file 11/29 and haven't had our 341 yet. If I were to pay that 650, I assume that would not be included then in bankruptcy. So would that affect me less?

I hope that was clear.

[BassBoy]

If I understand your question/situation correctly, did you owe this debt when you filed and did you list it on your petition? If so, it will be discharged, so why would you want to pay this? If your BK is a no asset, this debt will be discharged even if it wasn't listed, as long as it was inccurred before you filed. Anyways, I do not believe that one less account will help your scores as far as the number of accounts you had discharged. A bankruptcy is a bankruptcy regardless of the amount of debt that was discharged. From what I understand, your credit history before you filed is what may matter when it comes to applying for future loans and credit.

[lrprn]

We filed 11/29 and haven't had our 341 yet. If I were to pay that 650, I assume that would not be included then in bankruptcy. So would that affect me less

First the balance was not zero when you filed, so paying the debt now does not change its status on your credit report now.

And even if it did change to paid in full, you just filed bankruptcy. Your credit score is going to take a considerable hit. One account just paid off isn't going to help you very much. Only time and continued on-time payments are going to improve your credit standing after filing. It's not a quick process.