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My Credit Cleanup / Rebuilding Thread

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  • My Credit Cleanup / Rebuilding Thread

    Well, my CH7 discharged two days ago - on 10/20/10. I guess it is time to pull the credit reports, assess the situation and begin getting things corrected. I'm going to use this thread as a log of our efforts. Hopefully it will help somebody along the way.

    Background:
    Prior to the execution of our CH7 plan (yes, we planned it), both of our credit scores were about 700-710 across all three bureaus. We did not have ANY late payments/chargeoffs/etc., on our credit reports. Actually - other than debt-to-income and ratio of debt-to-credit - I guess you can say everything else was perfect. We last paid our CCs in December of 2009 and our mortgages in January of 2010. We were current on everything else (utilities, cars, boat, etc.).

    Current:
    We were a no asset CH7 and did not reaffirm anything. We discharged CC accounts with 7 lenders (most of them were NOT joint accounts so they will show on 1 of us only), 2 car loans with different lenders, 1 boat loan and 2 mortgages with the same lender.

    ---

    So, where do I begin? I pulled credit reports prior to our plan "start" back in January. They were all correct as of then. I thought about ordering all of my plans TODAY but can't see paying for something that I KNOW is wrong. I noticed a few months ago that you can file an online dispute with all 3 bureaus without paying for a report. AND, they show you your report while you are creating your dispute. So, that will work for now I guess.

    Trans Union:
    When I logged in to do my TU dispute, the first thing I realized is all of the bureaus have different terminology. Most of my discharged accounts list their status as "Unrated". From what I've read, this should say "Included in Bankruptcy". Some accounts have a $0 balance, some are just blank. I'm not sure about the remarks/comments section.

    ---

    I'll report back & will probably be asking questions. Comments/help are always appreciated!

    -AA
    Stopped paying CCs 1/10 | Stopped paying mortgages 2/10 | Interviewed attorneys 3/10-5/10 | Retained attorney 5/14/10 | Delivered paperwork to attorney 6/17/10 | Filed Ch7 7/9/10 | 341 8/16/10 | Objection Deadline 10/15/10 | DISCHARGED 10/20/10

  • #2
    where to begin...it's a bit early to check your credit reports...give it some time to get posted.

    we were in the 800's prior to filing and after were within 2 weeks at 690 and 685.....a few weeks past and we got capital one offers of 1300 and 1500....one we had to pay 39 a year for one nothing....they are both fixed at 12.99%. we don't WANT credit...we just want to build our scores in case we need a car and we do intend to buy this house at some point...so unfortunately we MUST build up our scores.

    good luck..it will take time i'm sure and not as easy in the past.
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

    Comment


    • #3
      TU Update: I logged into TU to file an online dispute. I had one account that was not listed as "IIB" so I had to dispute that and check the box that said "this account is included in my bankruptcy". The rest are listed with a REMARK field of "Included in Bankruptcy" -or- "Chapter 7 bankruptcy". Does it matter what this field actually says? Should they all be the same? One account had a balance still do I disputed this. The remainder were a mix of BLANK balances or $0. From what I've read, blank balances are fine. For a debt that was current going into bankruptcy, what should the "closed date" be? The month of the filing or the discharge?
      Stopped paying CCs 1/10 | Stopped paying mortgages 2/10 | Interviewed attorneys 3/10-5/10 | Retained attorney 5/14/10 | Delivered paperwork to attorney 6/17/10 | Filed Ch7 7/9/10 | 341 8/16/10 | Objection Deadline 10/15/10 | DISCHARGED 10/20/10

      Comment


      • #4
        Originally posted by AlmostAmos View Post
        TU Update: I logged into TU to file an online dispute. I had one account that was not listed as "IIB" so I had to dispute that and check the box that said "this account is included in my bankruptcy". The rest are listed with a REMARK field of "Included in Bankruptcy" -or- "Chapter 7 bankruptcy". Does it matter what this field actually says? Should they all be the same?
        On my TU report, mine is like yours. They show various remarks, but they pretty much reflect the same status, as being included in BK.
        Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months

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        • #5
          The closed month should be the month you filed for bankruptcy. Comments don't matter. There should be no balances on any accounts.
          You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

          Comment


          • #6
            OKEY DOKEY - The first round of disputes have been filed with all three bureaus for both me and my wife. Believe it or not, most of the accounts were CORRECT. I had to fix minor issues only. I'll let these disputes finish & will report back in regards to the findings.

            The different formats across the 3 are a real PITA. For example, Experian doesn't list a "Balance". They list a balance history and a "recent balance". I'm guessing the "recent balance" should be $0.

            One weird thing I noticed across all three bureaus. The payment history (even late payments) has been wacked for almost ALL of the accounts that are being reported as IIB. So, even though I didn't pay my CCs between 1/10 and 7/10 (filing date), they aren't being reported as lates. Hmm.
            Stopped paying CCs 1/10 | Stopped paying mortgages 2/10 | Interviewed attorneys 3/10-5/10 | Retained attorney 5/14/10 | Delivered paperwork to attorney 6/17/10 | Filed Ch7 7/9/10 | 341 8/16/10 | Objection Deadline 10/15/10 | DISCHARGED 10/20/10

            Comment


            • #7
              Question on Experian reporting - Several of my accounts are showing account history like "30 days late on xx/xx/xxxx, 60 days late on xx/xx/xxxx, charged off on xx/xx/xxxx, Debt included in Chapter 7 bankruptcy on xx/xx/xxxx". Is this correct or should it JUST have the note about bankruptcy?

              One of my accounts is reporting a 30-day late on my account - for a payment that was missed 2 MONTHS after I filed. I've disputed this as it was current when I filed & I did not miss a payment until I decided to surrender it (was going to reaffirm originally).
              Stopped paying CCs 1/10 | Stopped paying mortgages 2/10 | Interviewed attorneys 3/10-5/10 | Retained attorney 5/14/10 | Delivered paperwork to attorney 6/17/10 | Filed Ch7 7/9/10 | 341 8/16/10 | Objection Deadline 10/15/10 | DISCHARGED 10/20/10

              Comment


              • #8
                Originally posted by AlmostAmos View Post
                Question on Experian reporting - Several of my accounts are showing account history like "30 days late on xx/xx/xxxx, 60 days late on xx/xx/xxxx, charged off on xx/xx/xxxx, Debt included in Chapter 7 bankruptcy on xx/xx/xxxx". Is this correct or should it JUST have the note about bankruptcy?

                One of my accounts is reporting a 30-day late on my account - for a payment that was missed 2 MONTHS after I filed. I've disputed this as it was current when I filed & I did not miss a payment until I decided to surrender it (was going to reaffirm originally).
                Any late payments or chargeoffs can still show PRIOR to the BK.

                TheExpert

                Comment


                • #9
                  Originally posted by TheExpert View Post
                  Any late payments or chargeoffs can still show PRIOR to the BK.

                  TheExpert
                  I think what TheExpert is trying to say is that if you were late and/or had your account charged off prior to filing bk, that account can still report the lates and charge off even after your discharge.
                  You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                  Comment

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