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Discharged (BK Ch. 7) Account Balances

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UnderEstimated
Contributor

Discharged (BK Ch. 7) Account Balances

I filed for BK back in 8/2011.  It was discharged in 12/2011.  I've been rebuilding my credit since; never late, under 10% utilization, and also have a home and car loan.  The BK wasn't something I wanted to do, but given my situation and the legal advice from multiple lawyers, it was my only option.

 

Anyway, I'm constantly watching my credit and monitoring it every couple weeks to avoid a situation that put me in BK.  I've noticed that over the past year AMEX and Wells Fargo specifically update the account balance.  It'll be at $0, with a note saying 'Included in BK', however the balance date is constantly being reported.  For example, AMEX has my balance as of 9/2013 and Wells Fargo has it as of 10/2013.  Is this normal?  Will this effect them from falling off my CR down the road?

 

Thanks in advance!

Message 1 of 7
6 REPLIES 6
StartingOver10
Moderator Emerita

Re: Discharged (BK Ch. 7) Account Balances

The only balance they are allowed to report for your discharged debts is zero. It should read:  zero and iib. Any other balance is a violation of the discharge injunction. Sometimes the creditors need to be reminded of the fact. Contact the creditors directly - not the CRA. Get to the right department (BK dept) and they will correct it. If not, then contact your attorney and have him send a letter. I bet you never have to contact the attorney after you send your letter to AMEX and Wells.

Message 2 of 7
UnderEstimated
Contributor

Re: Discharged (BK Ch. 7) Account Balances

The balance is reporting correctly; however my concern is with the fact that the $0 balance is constantly reporting every few months.  Will that have any impact with my score or its date to fall off?

Message 3 of 7
Scupra
Super Contributor

Re: Discharged (BK Ch. 7) Account Balances


@UnderEstimated wrote:

The balance is reporting correctly; however my concern is with the fact that the $0 balance is constantly reporting every few months.  Will that have any impact with my score or its date to fall off?


I am not sure about the affect on score but, when it falls off depends on DoFD. So it still updating $0 bal and iibk will not make it stay longer. Hope this helps.  

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 4 of 7
UnderEstimated
Contributor

Re: Discharged (BK Ch. 7) Account Balances

Thanks, Scupra.  I knew it was DoFD, however my other accounts don't report a new $0 balance ever 2-3 months.  Just seemed out of the ordinary.

Message 5 of 7
Scupra
Super Contributor

Re: Discharged (BK Ch. 7) Account Balances


@UnderEstimated wrote:

Thanks, Scupra.  I knew it was DoFD, however my other accounts don't report a new $0 balance ever 2-3 months.  Just seemed out of the ordinary.


Ok, you had me wondering how mine were reading.. I pulled a score power report and my iibk accounts are showing a $0 bal for Oct 2013 as well. As far as I know this is correct. Maybe someone else can chime in to confirm for us.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 6 of 7
StartingOver10
Moderator Emerita

Re: Discharged (BK Ch. 7) Account Balances

mine report the same way - zero and iib. However the status dates are a little different.

It does give the date of last activity as of the last month I paid. It gives the status as of the same month since I paid up until I filed. If I have challenged a given tradeline, it uses the status date as of the date they responded to my challenge. It is not updating monthly, it shows permanetly a zero balance and iib until it dropps off (all my dates are Sept 08 so I have a ways to go).

Message 7 of 7
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