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Ch 13 Discharge - Now What

Established Member

Re: Ch 13 Discharge - Now What

Vol- 

 

Thanks for the information about what should be on the reports.. the biggest challenge we have right now is that there are 2 judgements that are showing which hit before we filed our ch 13......but they are creditors/ amounts that were included and discharged in the BK  but they aren't showing as "included in bk" or zero balance.  Just wondering if those will stay on because they were there before we filed even though they were included in the bk..... 

 

So far, we opened secured cc " Open sky"  (no hard pull) and were able to take out a car loan ( we were per approved for $40K with CAP 1 Auto - no hard pull) but because the mileage was a little high on the suburban we wanted, we needed to go  with a different lender but we did get approved.   Both of our cars died within 3 days of each other 2 weeks after discharge.  Unbelievable..... Anyway, The dealership said we would only suffer 1 hard pull even though they ran us 3 times to get the financing we needed.  Anyone know if this is true?  They said the laws were changed to help consumers with hard inquiries.  Just wondering is this is true.

 

Hoping the secured card &  car loan will get things going.  In the meantime,   Only 1 of the creditors we burned in the BK is showing up as "Inc In BK"  the rest are gone, not showing at all.  There are a bunch of old items on there that weren't in included in BK that are showing zero and Closed.    Prior to opening open sky and getting the auto loan (all within the last 2 weeks) We have absolutely no open accounts, only the discharge and those judgements.

Community Leader
Valued Contributor

Re: Ch 13 Discharge - Now What

Ok, rebuilding during the BK definitely makes a difference. I'm patiently waiting for my 13 to be removed next Spring. It's gone from TU but will remain on EQ and Exp until around May.


EQ 679 EXP 700 TU 763
Community Leader
Valued Contributor

Re: Ch 13 Discharge - Now What

The inquiries show separate on your report but for scoring purposes will count as 1.

Anything on your credit report prior to filing can remain. Ex. if you have accounts that were in a CO status prior to BK then they can remain a CO but still be IIB. The judgements should show as satisfied but I don't think they have to be vacated. If they still show a balance, I would dispute them.

Did your mortgage company agree to report to the CRA's?


EQ 679 EXP 700 TU 763
Contributor

Re: Ch 13 Discharge - Now What


medicgrrl wrote:
Ok, rebuilding during the BK definitely makes a difference. I'm patiently waiting for my 13 to be removed next Spring. It's gone from TU but will remain on EQ and Exp until around May.

Yeah sorry about that I should have been more clear.  I started trying to rebuild the the day it was listed on my credit report.  I wanted to make sure once it was done I could start building it more and go from there.

 

I am working to get my Fico Score 8 into the 700s and then hopefully purchase a house next year.

 

I was able to get two cash rewards cards from my bank which I will use to help build my credit.



Equifax - 644
TransUnion - 641
Experian - 639
Contributor

Re: Ch 13 Discharge - Now What


StartFresh wrote:

Vol- 

 

Thanks for the information about what should be on the reports.. the biggest challenge we have right now is that there are 2 judgements that are showing which hit before we filed our ch 13......but they are creditors/ amounts that were included and discharged in the BK  but they aren't showing as "included in bk" or zero balance.  Just wondering if those will stay on because they were there before we filed even though they were included in the bk..... 

 

So far, we opened secured cc " Open sky"  (no hard pull) and were able to take out a car loan ( we were per approved for $40K with CAP 1 Auto - no hard pull) but because the mileage was a little high on the suburban we wanted, we needed to go  with a different lender but we did get approved.   Both of our cars died within 3 days of each other 2 weeks after discharge.  Unbelievable..... Anyway, The dealership said we would only suffer 1 hard pull even though they ran us 3 times to get the financing we needed.  Anyone know if this is true?  They said the laws were changed to help consumers with hard inquiries.  Just wondering is this is true.

 

Hoping the secured card &  car loan will get things going.  In the meantime,   Only 1 of the creditors we burned in the BK is showing up as "Inc In BK"  the rest are gone, not showing at all.  There are a bunch of old items on there that weren't in included in BK that are showing zero and Closed.    Prior to opening open sky and getting the auto loan (all within the last 2 weeks) We have absolutely no open accounts, only the discharge and those judgements.


I was able to get a judgment removed form mine after I filed.  It took a few tries but they eventually deleted it and the rest followed suit.  Just keep trying to get it removed.  Either mark it as not liable anymore or include in BK.

 

From my understanding if you do the same type of multiple pulls in the same month it counts as one.  If yoiu try 100 different mortgage companies and they all do a hard pull it will show all 100 but will only count as one in the math they use.

 

Mine are still there.  So the "rest are gone"?  Does that mean they no longer show up on your report?  Mine all still say "wage earner plan account".  I am going to give it a few months becaues my understanding is they shouldn't be listed or should say something else.



Equifax - 644
TransUnion - 641
Experian - 639
Community Leader
Valued Contributor

Re: Ch 13 Discharge - Now What

They'll stay on your report for up to 7 years from DOFD. If the accounts were already in a CO status prior to filing then you'll see them fall off before the BK does. Some lender's will just delete their reporting. I have 1 account remaining on 2 reports, everything else has fallen off.


EQ 679 EXP 700 TU 763
Contributor

Re: Ch 13 Discharge - Now What


medicgrrl wrote:
They'll stay on your report for up to 7 years from DOFD. If the accounts were already in a CO status prior to filing then you'll see them fall off before the BK does. Some lender's will just delete their reporting. I have 1 account remaining on 2 reports, everything else has fallen off.

Yeah I created a spreadsheet with the DOFD and then added 7 years to that so I know when it should drop off.  Now that means the very first date correct?  If there are other dates does it stay?  Say you have 3 months of defaults does the first one drop them the second one then the third of does it drop fully on the very first one from you credit report?

 

Sorry I don't mean to hijack this thread we both just have some of the same questions so I figured it might help instead of starting my own.



Equifax - 644
TransUnion - 641
Experian - 639
Community Leader
Valued Contributor

Re: Ch 13 Discharge - Now What

If you had late payments prior to filing, they will fall off Individually 7 years after the late payment. They'll fall off separately as each late payment ages. If you have an account that was charged off prior to the bankruptcy, then they look at the first late payment that began the string that led up to the default. That first late payment is considered your DOFD. DOFD only applies to defaulted accounts. I hope this explained it. If not, ask away 😀


EQ 679 EXP 700 TU 763
Contributor

Re: Ch 13 Discharge - Now What


medicgrrl wrote:
If you had late payments prior to filing, they will fall off Individually 7 years after the late payment. They'll fall off separately as each late payment ages. If you have an account that was charged off prior to the bankruptcy, then they look at the first late payment that began the string that led up to the default. That first late payment is considered your DOFD. DOFD only applies to defaulted accounts. I hope this explained it. If not, ask away 😀

I think it did but let me ask this way.

 

DOFD of both are 1/1/2010

 

Card 1 (not included charged off before, not real dates just trying to understand)

 

1/1/2010 - Late payment

4/1/2010 - Late payment

12/1/2011 - Late payment

1/1/2012 - Charge off

 

Will it fall off 1/1/2017? or will the first one fall off then the 4/1/2010 will fall off on 4/1/2017?

 

Card 2 (included in bk - same dates)

 

Thanks!

 

When would it fall off



Equifax - 644
TransUnion - 641
Experian - 639
Community Leader
Valued Contributor

Re: Ch 13 Discharge - Now What

So 1/1/2010 & 4/1/2010 would fall off separately in January and April 2017 because they are individual lates that we're not associated with the actual default. 12/2011 would appear to be the first late that led to the default so that would be your DOFD. They can actually report for 7 years plus 180 days on defaults, but they typically remove the account after just 7 years.


EQ 679 EXP 700 TU 763