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New Member
Posts: 3
Registered: ‎10-30-2012
0

Chapter 13 closed accounts

I filled 3 years ago and am curious if the accounts listed In my bankruptcy can be removed. They all show they were included and are closed. It seems silly to me to have all these accounts on here when they are all closed and all included in the bankruptcy.
I don't know, logically in my mind they could be taken off and only the bankruptcy would show but I am no expert.
Any help would be greatly appreciated!

Thanks!
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Chapter 13 closed accounts

If every account is closed, and have no open accounts, and the BK reports too then you wouldn't have a FICO score at all. Once you open a new account in the future, then a FICO would be generated because you already have a lengthy history to back your credit up. If you remove these old accounts, then you lose that leverage and your starting FICO score will be much, much lower with only the BK and a new account showing. Even though an IIB account is a negative, not having the length of history to prop up your credit hurts more.

New Member
Posts: 3
Registered: ‎10-30-2012
0

Re: Chapter 13 closed accounts

I filled three years ago and since have made major improvements. I have several accounts all in good standing, no late payments no collections, no high balances. My first car loan after the bankruptcy was 16.9%. My recent loan is now a 3.4%. My credit is much better but still shows negativity because of previous delinquent accounts included in the bankruptcy.
Just curious if I can remove the closed accounts and obviously the bankruptcy stays for another 7 years.

Thanks for your input. Hopefully you can help me clear this up.
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Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Chapter 13 closed accounts

You had mentioned that only the BK would show so I was assuming that you didn't have any opened accounts. If you do have opened accounts, then obviously you do have a FICO score and are on the way to rebuilding the score back up.

 

You still need to weigh the age of each IIB account in relation to your AAoA, and to the age of your overall length of history. While a IIB notation on your CR within a given tradeline is a negative, the history can help more than the baddie hurts. In other words, in some situations, removing a IIB account can drop your score because you are losing history.

 

 

New Member
Posts: 3
Registered: ‎10-30-2012
0

Re: Chapter 13 closed accounts

I see. Thank you for your help, greatly appreciated.
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