$0 Balance on EVERYTHING

[Comet21]

So I pulled my  Equifax credit report yesterday because I received an email that my Online Dispute was completed. When I pulled my report, ALL of my accounts now have a $0 balance. My Equifax score jumped 30+ points in the process but none of my good standing accounts have a balance. Has anybody had any luck with getting your creditors to report the correct balance and Payment information after Ch. 7? I did another online dispute because my Mortage and Auto Loan has been reaffirmed and it was not included in the bankruptcy. Luckily they had that option in the online dispute. My mortgage is thru Bank of America and my auto is thru BMW(which will be paid off in Dec 2012). I don't want to lose 4 years of timely payments.

BTW, I applied for the Firestone Credit Card because I heard it was BK friendly but I was denied. They reported a EQ FICO of 619 on 3/9/2012. That would have been a 80+ bump since we filed.

[chasmith]

Most lenders are going to take the position that unless you reaffirmed the debt in BK, they can't report your subsequent payments - for example on a "drive through" of a car loan. 

[Comet21]

We did reaffirm but after speaking with my lenders they have told me that they CANNOT start reporting again until my BK is discharged.

[chasmith]

Sorry, I didn't catch that you aren't discharged yet.  They are probably taking the position that everything is subject to the automatic stay.  when you're discharged, that includes approval of your reaffirmations and it sounds like that's what they're waiting for.

[Comet21]

Thanks, yes we are still pretty early in the process.

[chasmith]

So I didn't start rebuilding until my discharge, and I doubt you'll have any luck getting new credit before discharge although YMMV.

As soon as I was discharged I opened accounts with a credit union (Navy Federal, if you're eligible they are great).  I opened checking and savings accounts.  Used the savings account to secure an installment loan.  Recycled the installment loan proceeds into savings to secure a VISA card.  I also put money in a savings account to secure a USAA Mastercard.

I was able to replace a leased (drive through) car with a Ford certified used car loan from Ford Credit 8 months after discharge (10.9%).  Then 19 months after discharge I refinanced with NFCU at 5.99%.

Next month I'll be 29 months from discharge and close on purchase of a new home (I didn't own a home at the time of filing BK and had no foreclosure, short sale or other negatives against a mortgage).

[Comet21]

Right now we have been approved for Capital One, and Credit One  but we had to start somewhere. I did not want to app for Orchard Bank because we had to include HSBC/Best Buy in BK.