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misssararae
Posts: 10
Registered: ‎10-19-2009
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BK7 Filed 05/05/14, Set to Discharge 08/02/14 - Have a collection still reporting...

[ Edited ]

Hi,

 

I filed Chapter 7 on 05/05/14 this year and my discharge is set for 08/02/14.  I've been using credit karma to see what's been going on.  Today when I checked as of 04/02/14 I've had an account in collections and it still hasn't dropped off.  Will this happen after the discharge?  Should I pull my report from the three unions after the discharge to review everything and contact my lawyer if everything doesn't come off?  I didn't know if it was something I should do now before the discharge or wait till after.

 

From credit karma they are showing I went from a 529 to a 575 after my bankruptcy was filed.  I have a Care Credit Card that I'm a secondary on with my husband (he didn't file bankruptcy with me) that will help my credit because we're current and always on time for that one.  But, other than that should I get a secured credit card after my discharge to help boost my score faster?  Or should I wait it out and just let that current credit card beef it up?  I'm also going to open a checking account at a credit union within the next month or so since we're moving to a location that has one nearby.  Should I hold out to try to get a line of credit at the credit union after I've had an account for 6+ months?

 

Thanks for all your input!  I did just see the HOW TO post so I'm going over there :smileyvery-happy:

Filed BK7: 05/05/14 Discharged: 08/25/14
FICO Scores 09/16/14: EQ 566
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RBFool
Posts: 223
Registered: ‎06-14-2014
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Re: BK7 Filed 05/05/14, Set to Discharge 08/02/14 - Have a collection still reporting...


misssararae wrote:

Hi,

 

I filed Chapter 7 on 05/05/14 this year and my discharge is set for 08/02/14.  I've been using credit karma to see what's been going on.  Today when I checked as of 04/02/14 I've had an account in collections and it still hasn't dropped off.  Will this happen after the discharge?  Should I pull my report from the three unions after the discharge to review everything and contact my lawyer if everything doesn't come off?  I didn't know if it was something I should do now before the discharge or wait till after.

 

From credit karma they are showing I went from a 529 to a 575 after my bankruptcy was filed.  I have a Care Credit Card that I'm a secondary on with my husband (he didn't file bankruptcy with me) that will help my credit because we're current and always on time for that one.  But, other than that should I get a secured credit card after my discharge to help boost my score faster?  Or should I wait it out and just let that current credit card beef it up?  I'm also going to open a checking account at a credit union within the next month or so since we're moving to a location that has one nearby.  Should I hold out to try to get a line of credit at the credit union after I've had an account for 6+ months?

 

Thanks for all your input!  I did just see the HOW TO post so I'm going over there :smileyvery-happy:


1. Your collections will not be removed until after 10 years. They will change status to Include in Bankruptcy (IIB) but will remain on the report.

 

2. I suggest you wait 30 days AFTER your bankruptcy and pull your credit reports. I suggest annualcreditreport.com free pull if you haven't done it in 12 months (Somebody else may have a better idea, but this is what I did). Make sure everything reports as IIB that was included and if not then submit a dispute and or contact your lawyer for re-notification.

 

2.5. Remember your credit karma and most places are a FAKO score (this matters) and not FICO. FICO is what most lenders view so your FAKO may be padded or "off" from the report most lenders use.

 

3. What is the utilization and credit limit on that care credit card? My 2 cents is that if it's not fewer than 9% utilization you may want to take yourself off of it if you're rebuilding. You want the optimum reporting levels you can and a high utilization AU may make it slower.

 

4. I suggest getting a secured card AFTER you make sure your credit reports are correct. There's a post here on how to raise your score from 500-700 in 12 months or something like that. Read that for a basic guideline. Good information, but they don't include secured cards in the plan. 

 

5. I suggest NOT getting a new checking account or account with a credit union or anybody else until you're discharged. I heard (my lawyer told me this) some trustees like to extend the time after a new account is open, so it could delay your discharge.

 

  

BK 7 Dismissed: 5/2014 AAoA: 6 years Credit Scores (9-19-2014): My Privacy Matters: TU: 624 EX:643 EQ: 636
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grassfeeder
Posts: 345
Registered: ‎03-01-2012
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Re: BK7 Filed 05/05/14, Set to Discharge 08/02/14 - Have a collection still reporting...

credit karma is dog **bleep**.  please read this thread completely and then twice if need be.

 

http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-...

 

5/12- EQ FICO - 508 / TU FICO - 490 / EX FAKO - 550 Ch. 7 BK - 7/12 (discharge 10/12)
6/14 - EQ FICO 674 / 4/14 - TU FICO - 636 / EX FICO - 654

NFCU cashRewards $10,000 - NFCU Flagship Visa $8,000 - First Tech C.U. Cash Rewards $5,000 - Barclays Apple Card $2,000 - JCrew $4650
In the garden starting 3/1/14 till ???
New Member
misssararae
Posts: 10
Registered: ‎10-19-2009
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Re: BK7 Filed 05/05/14, Set to Discharge 08/02/14 - Have a collection still reporting...

[ Edited ]

Thank you for the input!  I was just discharged yesterday and it was posted to Pacer.gov.  I haven't gone to open a new account anywhere or anything because I was waiting for the discharge.

 

We had $250 on the care credit card last month and we paid it off this month so the next statement will have a $0 balance on a $800 limit card.  Should I stay on it still?

 

I'll wait a couple months before pulling my score and then I'm going to do the BK7 to 700 plan.

 

Thanks!

Filed BK7: 05/05/14 Discharged: 08/25/14
FICO Scores 09/16/14: EQ 566

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