CH13 Discharged, Cleaning up my CR

[Anonymous]

I filed CH13 back in 9/2008, received my discharge 2/29/2012 =)  I have a few questions regarding cleaning up my CR.

1. My attorney sent me a letter with a copy of the discharge order stating I should send it to all 3 CBs along with the list of creditors so they can accurately report $0 balances on all discharged debts.  Is this something I should do?  I thought the agencies report what each individual company reports to them......

 2.  I was leasing an Acura for 3 years through AHFC (Am. Honda Finance Corp), filed for BK 6 months into the lease, the lease was IIB because it had to be included by law (all debts had to be included I was told).  I continued to pay the lease, even paid the final balance due at lease end for overage of miles.  AHFC stopped reporting anything to the CB the month I filed BK, I'm not sure what the finance company can and/or will/won't do at this point, but can I request they report my payment history since EVERY payment was received on time and the lease has been satisfied/closed?

 3.  I had a Macy's CC with a $2k CL and an Express store card with a $730 CL.  There was $0 on the cards when I filed and the cards had always been PIF prior to filing.  According to my CR, the accounts do not show as closed. I think the Macy’s CL was reduced to $0 since my CR does not report a CL and Express is showing a CL of $730.  Does anyone have any experience with Macy's and/or Express to know if I contact them if they would allow me to keep the accounts?  Would I need to re-apply?

4.  I should have about $80k in student loans, roughly 50/50 AES/PHEAA vs. Private Ed. Loans.  On today’s Cr, it is reported that I have 5k in fed loans and 45k in private loans, all the others state ‘Account Transferred or Sold’.  I was notified that ECMC took over some of my loans, which when I logged into their website I found the remaining balance of 27k in loans which has a status of Bankruptcy.  How soon until I start hearing from these people, ECMC and whomever holds my loans that didn’t go to them?  Is there any reason not all were moved to ECMC?  And, Once these loans are released from deferment, since they are existing loans, will they start to hurt my credit score until I start building up some payment history?

5.  Lastly, I pulled my CRs today,  TU=626 and EQ=670.  They both seem to be reporting the same accounts.  What are the nitty-gritty factors I need to dissect and correct to get these scores closer to each other.  I know they won’t be identical, but this variance seems too great.

Since my lease ended over a year ago, I was forced to purchase whatever I could for cash.  Granted the vehicle is still running, it’s cost me some money along the way and am not looking forward to the next bill nor do I intend to invest any amount other than basic services.  I do intend to drive it into the ground….if it’s not already almost there, but the next huge bill and I’m calling it quits and f I can find a good deal, I will unload it sooner than later.  With my best score at 670, having about 3-5k down payment, annual income 65k, rent 790, a CC with 0 balance and 2k CL open two years (I didn’t know I wasn’t supposed to have this while in BK until after I got it), 3 satisfied auto leases with me as the co-signer, all through AHFC, how are my odds of going into a dealership and securing financing through their captive lender?

[Anonymous]

Hi CH13Survr

Welcome!

Congrats on completing that CH 13!  It's a tough program and most folks aren't able to complete it - so kudos!

I'll tackle a couple of your questions and other folks will chime in on the others:

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1. My attorney sent me a letter with a copy of the discharge order stating I should send it to all 3 CBs along with the list of creditors so they can accurately report $0 balances on all discharged debts.  Is this something I should do?  I thought the agencies report what each individual company reports to them......

Glad to hear your attorney is savvy concerning credit reports and cleaning them up.  We did not send a copy of our discharge to any of the CB's, but it'll probably work fine.  We did dispute any accounts that were reporting inaccurately, and made sure the balances were reporting $0.  The CB's never requested a copy of the discharge.  YMMV of course.  

 3.  I had a Macy's CC with a $2k CL and an Express store card with a $730 CL.  There was $0 on the cards when I filed and the cards had always been PIF prior to filing.  According to my CR, the accounts do not show as closed. I think the Macy’s CL was reduced to $0 since my CR does not report a CL and Express is showing a CL of $730.  Does anyone have any experience with Macy's and/or Express to know if I contact them if they would allow me to keep the accounts?  Would I need to re-apply?

Macy's is not currently reporting CL's - although they are promising to do so again in the next few months.  Call Macy's - go through the automated system - and see what your current available credit is.

5.  Lastly, I pulled my CRs today,  TU=626 and EQ=670.  They both seem to be reporting the same accounts.  What are the nitty-gritty factors I need to dissect and correct to get these scores closer to each other.  I know they won’t be identical, but this variance seems too great.

It's not that unusual to see a variance with that much range.  If the reports are accurate, let it be.  If something's wrong - go for a change.  So, are your reports pretty clean after the IIB?  And all the accounts are clean on both TU and EQ?

Since my lease ended over a year ago, I was forced to purchase whatever I could for cash.  Granted the vehicle is still running, it’s cost me some money along the way and am not looking forward to the next bill nor do I intend to invest any amount other than basic services.  I do intend to drive it into the ground….if it’s not already almost there, but the next huge bill and I’m calling it quits and f I can find a good deal, I will unload it sooner than later.  With my best score at 670, having about 3-5k down payment, annual income 65k, rent 790, a CC with 0 balance and 2k CL open two years (I didn’t know I wasn’t supposed to have this while in BK until after I got it), 3 satisfied auto leases with me as the co-signer, all through AHFC, how are my odds of going into a dealership and securing financing through their captive lender?

I would ask this question on the Auto Loans board for the best responses.

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Hope that's a helpful start. 

[cgkbk13]

Regarding the variance in scores, but TU and EQ reports look identical.  Both show $0 on all accounts with the exception of a few student loans, which the balance is identicaly reported on each.  Up front, I'd say everything has been cleaned up, and relatively fast too.  I expect a gap between scores but I wasn't thinking to see that much in between.

Thanks for your input!

[RecoveringShopaholic]

Keep me posted on what you do for the student loans.  I am in the same boat in regards to AES.  They reported the same account 3x.  2 of which now report IIB and the other as current.  I would at least like them to delete one of the accounts listed as IIB because it is the same account.  They stated from dispute that it was transferred to different divisions w/in AES and therefore each division reported the status of the loan as they held it.  I dont think this is fair.  I understand 1 listing as IIB and the other as current but not 2 IIB.  Frustrating... 

[Comet21]

My wife had a $0 balance with Macy's when we filed and we received a letter that they closed the account because we filed for Ch. 7 bankruptcy. We were told also that we had to include all accounts also but that was the only letter we received even though she did not have a balance.

[Anonymous]

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@Comet21 wrote:

My wife had a $0 balance with Macy's when we filed and we received a letter that they closed the account because we filed for Ch. 7 bankruptcy. We were told also that we had to include all accounts also but that was the only letter we received even though she did not have a balance.

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Yep - that's the way it's supposed to happen.  Good reminder!

[RecoveringShopaholic]

Question:  I have a utility collection that went to a CA and the CA was IIB (chapt 13).  This is one of my remaining collection accounts left, does anyone recommend PFD?  its a low balance 192.00.  I didnt know if I should just go to the water company and just pay it and hope/dispute the reporting or try PFD the CA.  thoughts?

[Anonymous]

Once an account is IIB, it opens a can of worms to go back and pay it.  Evidently it now becomes eligible for late fees and fines, which they could legally charge.  Leave sleeping dogs lie.

Is it showing as IIB with no balance?  Or is it showing a balance owed?

[RecoveringShopaholic]

@Beammeup

it shows IIB with no balance.  except it wont be removed from my CR until 2016.  ugh.  although my bk is removed on 1/14. If the bk is removed first will the CA follow or will it remain as a charge off (which is worse right?)