BK DISCHARGED 7/17/2015 MUST BE DOING SUMTHN WRONG

[Anonymous]

I FILED BK 4/2015 DISCHARGED 7/17/2015. SINCE THEN I HAVE GOTTEN AN AUTO LOAN 3 MONTHS LATER REFINANCED IT FOR BETTER. RATE 2 CAP 1 CARDS 3500 TOTAL CREDIT LIMIT, CREDIT CARD WITH LOCAL CREDIT UNION $500.00 & SECURED CREDIT CARD WITH NFCU $500.00. MY ISSUE IS SINCE I HAVE FILED I HAVE NOT BEEN LATE ON ANY OF MY CREDIT AT ALL. BUT EX IS STATING I HAVE15 LATE PAYMENTS 1 IN COLLECTIONS 4 MONTHS SINCE LAST LATE PAYMENT. TU 10 LATE 2 ACCOUNTS IN COLLECTION 7 MONTHS SINCE LAST LATE PAYMENT & EQ 21 LATE 1 COLLECTIONS 2 MONTHS SINCE LAST LATE PAYMENT. I HAVE TRIED TO CLEAN MY REPORT OVER 5 TIMES. I DONT KNOW WHERE TO GO FROM HERE. CAUSE IM SURE IF THOSE LATE PAYMENTS GOT OFF AND THOSE COLLECTIONS THEN MY SCORES WOULD RISE. I THOUGHT BY FILING BK, IT WOULD OF GOTTEN RID OF ANY COLLECTION ACCOUNTS.

ANY AND ALL INFO WOULD BE HELPFUL

[Scupra]

All caps makes it very hard to read fyi.

Where are you getting your scores/reports from?

[Anonymous]

Sorry. I didn't realize it was all caps until I was done. I'm getting them from credit check total. My ex dropped 30 points the other day. TU raised and Eq stayed the same

[Anonymous]

What exactly ARE your scores?

Also wondering what your utilization looks like on your new cards. A statement cutting while a credit card has a high balance could likely be the culprit for your recent drop.

[Anonymous]

Ex 587 TU 596 Eq 586 if my UTI is high, you're saying it would drop 30 points?

[redbeard]

Is your utilization high? If so, then that is probably the answer. Especially if one of your cards reported at over 90% of the credit limit as used.

Easy fix though, pay the cards down.

Think about it. Someone freshly out of bankruptcy gets some credit cards and quickly runs the balances up? It feels like potential trouble and bad habits setting back in. Not saying this is you, just saying this is how it is looked at.

Use your credit pretty much on a cash basis for now. Use it, but then pay it.

Dan

[Anonymous]

Yeah it's at 60% so that does make sense. Ok. Thanks once it's reporting 0% will my points jump back up?

[DaveInAZ]

---

@Anonymous wrote:
Yeah it's at 60% so that does make sense. Ok. Thanks once it's reporting 0% will my points jump back up?

---

Here is how most credit scoring models rate CC account utilization:

CC Utilization:
0-9% Excellent
10-29% Good
30-49% Fair
50-74% Poor
75%+ Very Poor

- I've gone over 50% util twice this year, both due to 0% balance transfers, and it dropped my score around 20 points each time. As soon as I got it down to under 29% my scores immediately rebounded. Obviously under 9% is ideal, but with so many 0% offers temptation sometimes wins out....

Also, with the collections & late payments showing on your credit report: The rule is if an account had late payments or was in collections BEFORE filing BK they can continue to report that, but it must also report Account Closed, $0 balance, Included in BK. My attorney made me wait 90 days to file as I had cash advances (which can be disallowed to be included in BK) but told me to not pay anyone, so I had a bunch of late payments reporting. But I got TU & EQ to remove them by disputing them, saying "reproting a payment as late is an attempt to collect a debt under protection of a federal BK court". TU & EX removed them all, but EX wouldn't budge and still reports late payments and even a charge-off during BK. But 5 years later my EX score is within a point or two of TU & EQ. So if you can't get them removed their impact on your score will fade over time with the reporting of on-time payments & responsible use of credit post BK.

[Anonymous]

My scores do in fact jump around within about a 25 point range depending on my utilization. I'm not financing anything for a while, so it doesn't concern me too much. When the time comes that I know a credit pull is coming up, I'll pay my cards to $0 except for one of them that I'll let a balance of less than 10% of that card's credit limit report. (That's how to maximize this part of your score.)

[Anonymous]

Also thinking your auto loan and refinance potenitally hit you with a lot of inquiries . . . if that's the case, you'll be looking at your scores going up as those start to fall off.

Good luck!