I have a quick question. I have a Chapter 7 BK that was disharged back in July. My wife and I are looking to buy a home within the next year and a half. We went ahead and subscribed to the CRA's to get access to our credit scores so we can watch as they go up based on our new credit habits. In addition I have open two secured cards that I pay off each and every month. My question is this, while checking my credit report I noticed that I only have two account listed in a collections heading on my credit reports. The balance on these two accounts is a total of $219.00 and they were listed on the BK. Will it improve my credit scores at all if I pay these two cards off or would I be wasting my money. Perhaps someone was in this situation and could help.... Thanks
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Paying off an account after discharge
Not sure what thread to put this under... sorry for the doble post.
I have a quick question. I have a Chapter 7 BK that was disharged back in July. My wife and I are looking to buy a home within the next year and a half. We went ahead and subscribed to the CRA's to get access to our credit scores so we can watch as they go up based on our new credit habits. In addition I have open two secured cards that I pay off each and every month. My question is this, while checking my credit report I noticed that I only have two account listed in a collections heading on my credit reports. The balance on these two accounts is a total of $219.00 and they were listed on the BK. Will it improve my credit scores at all if I pay these two cards off or would I be wasting my money. Perhaps someone was in this situation and could help.... Thanks -
If they were included in your Bankruptcy, then you have no legal obligation to pay them (assuming they were discharable debts). You need to send a letter (certified mail) demanding the collections agencies remove and/or update the entry to reflect the fact that the debts were discharged in BK. Also, you should right the CRA's disputing the entry.
But under no circumstances should you pay the accounts if they were included in the BK, you would be throwing good money after bad.Comment
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