Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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120+ days past due

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  • 120+ days past due

    I am new here. I have searched for advice and not been able to find exactly what I need. I wasnt credit savvy to begin with and was VERY young when I started incurring "bad debt". My Husband and I were discharged in Chapter 7 just a few weeks ago on 11/27/2012. After a whole heartbreaking list of things that werent supposed to happen, but did, we had to go apply for a new loan for a vehicle today. I know that those post bankruptcy loans are insane (24% interest on an auto loan, yikes), so I got to itching about my credit report. I ordered both his and mine. His has NO balances and mine has a student loan and a credit line that I am Authorized user on of my mothers. Here in lies my question. I have two student loans listed in my "pays as agrees" area (they are currently in forebearance) and one listed as 120+ days past due, but the balance is 0. Can I dispute this and have this NEGATIVE item removed as there is a 0 balance? I also have a US Bank line of credit that WAS included in BK and was discharged, however, as it had been sold, it is showing on my Negative area as also 120+ days past due with a $0 balance. Can these be removed?
    I am also curious as to these chase cards I am an authorized user on. My mother makes over $200,000 a year so her carrying a $12,000 balance on a credit card isnt as big of a deal but I am concerned when it comes to my debt to income ratio. Should I have her remove me as an authorized user? It is a 12 year account and has always been in good standing, payments are NEVER late.
    Any opinions would be greatly appreciated.
    Last edited by RKindred; 12-08-2012, 10:18 PM.

  • #2
    Trying to "trick" the scoring models by playing around with things on the report is entirely "weird" science. You could actually remove a "bad" credit tradeline and it lowers your score. (Because the tradeline may have been helping your Average Age of Accounts or some other factor.) While there are no guarantees, I would ask to have the two entries marked IIB (included in bankruptcy). However, if they were already 120+ past due prior to filing, they may not change the entry, but it should at least be $0 balance and IIB.

    Since you are an authorize user, it should not affect your Debt To Income (DTI) ratio.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      So- I am still kind of a dingbat when it comes to this... How do I ask to have it marked IIB? I just ordered the equifax report.


      • #4
        Also, the regular payments and such on the Chase cards should be helping my credit, correct?


        • #5
          Yes, regular payments will ALWAYS help. Paying on time is the #1 factor with all the scoring models. The next heaviest item is keeping your balances low (below 30% utilization) for the "better" scores. When you dispute an entry (tradeline) using the online system, you would select "Included in Bankruptcy" as the reason.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          I am not an attorney. Any advice provided is not legal advice.


          • #6
            Wait a month, look at your report again. You will probably have a new entry for the student loan that was reported as 0. Something like the name of the lending institution blah blah collections department. Most likely this loan will now be in default.


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