Credit Scores and when to file

[Dollar Bill]

I have been on this form some time now and am slowing approaching the point where I will need to file my C7.

My question is about FICO scores. Like most of us on here, we've had wonderful FICO scores.

Is it BEST to file while your accounts show current/never late?

I ask because I hear it's easier to rebuild if you do not let them go into a past due status of anykind.

Does anyone have an opinion on this? All of my personal accounts are current. My biz accts (reason why I'm filing) are at least 180 in the rears. They have not reported to the bureau.

I had my Three biz AMEX cards show up on the bureau last Friday and my score went from 780 to 650 on experian. I figure I would have a hard time rebuilding if I allow any of the personal credit to go in the rears.

Anyone with an experience with their C7 and FICO?

[PaKettle]

Yes, my attorney told me it is actually better to file when you have missed no payments at all, if you can do so and still qualify. Like if you lost your job recently or had a huge medical debt or whatever. But yes, my attorney said that if you can file when your accounts are current, that's the easiest way to rebuild your credit.

[erinmi]

That is what we did for the most part (other than some mortgage woes a year ago on my husband's credit).

I also signed up for a credit report monitoring service (the Equifax Gold 3-in-1) and even though we were NOT 30 days late on anything when we filed, I'm getting notices that some of our accounts are reporting us as being more than 60-90 days past due and with past due amounts of what our multiple monthly payments would have been. I haven't started the clean up process because I figured I wait until the discharge in a month or so but I hope this doesn't make it harder to rebuild credit.

[Dollar Bill]

Thanks for the replies. That"s interesting that you were still reported late. I thought the CC companies got a notice 2-4 days once you file, and that they would stop reporting or show the accounts in BK or something of that sort.