Chapter 7 BK filed, now im concerned ????

[0REDSOX7]

Please explain this to me - not sure it makes sense...

"However, typically it is better to have the accounts reporting as IIB because it helps your AAOA.  Once a Trade line is IIB, as it ages the negative affect is reduced.  So after a few years, IIB does not hurt anymore.  So IIB that is over 2 years old actually HELPS your score due to the additional bump in AAoA."

AAoA is based on when the account was opened, being IIB, Opened or Closed does not play in to it - it is simply the calculation of when it was opened.  Maybe I am missing something...

[TRC_WA]

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@cem13 wrote:

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.  I could have filed the BK7 myself with the help of this board, saved $1500 and did it right.

However, typically it is better to have the accounts reporting as IIB because it helps your AAOA.  Once a Trade line is IIB, as it ages the negative affect is reduced.  So after a few years, IIB does not hurt anymore.  So IIB that is over 2 years old actually HELPS your score due to the additional bump in AAoA.

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Who told you that?

AAoA isn't determined by whether or not an account is IIB... and speaking from experience I can tell you that an IIB account most definitely DOES affect your score after 2 years. 

My scores are still affected and the accounts are 6 + years old.

[TRC_WA]

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@0REDSOX7 wrote:

Please explain this to me - not sure it makes sense...

"However, typically it is better to have the accounts reporting as IIB because it helps your AAOA.  Once a Trade line is IIB, as it ages the negative affect is reduced.  So after a few years, IIB does not hurt anymore.  So IIB that is over 2 years old actually HELPS your score due to the additional bump in AAoA."

AAoA is based on when the account was opened, being IIB, Opened or Closed does not play in to it - it is simply the calculation of when it was opened.  Maybe I am missing something...

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+1