Reply
Valued Contributor
Scupra
Posts: 1,245
Registered: ‎07-12-2012
0

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!


a504dl wrote:

Hi,

 I thank you for the great info you have provided.

 

Is there a legal statue that I can use in my letter that forces them to change the status from derogatory to current in regard to bk's?

 

................Ex:

b. Included in Bankruptcy

c. Current (not "default/derogatory" status"

3. For any accounts that do not meet all of the criteria in #2, file a dispute "Included in Bankruptcy" and "Incorrect Balance"


As long as the account was iibk and was not charged off prior to BK, you can dispute as "included in bankruptcy"

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
679 EQ FICO 08/2014
674 TU FICO 08/2014
669 EX FICO 08/2014
$7k NFCU Flagship Sig - $8.5k NFCU cashRewards Sig - $15k NavChek - $2k Cap1 Quicksilver - $6k Barclays Arrival +
Member
a504dl
Posts: 7
Registered: ‎02-28-2013
0

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Half of my old BK account say current/ closed while the other half are listed and included in bk/ closed but under the category as "potentially negative"

i think i want all of the to be the former in which case the goal it to get the " late payments to go away"

any addtional advice?

Established Contributor
aussiesareforever
Posts: 740
Registered: ‎10-04-2010
0

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

The late payments won't go away until 7 years past your DOFD. You just want all those accounts to have a $0 balance and say "Included in BK"

 

Unfortunately, BK does not erase the records of late payment. They will stay on your report until they fall off. The good news is that they stop having as big of an effect over time.

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

Established Contributor
aussiesareforever
Posts: 740
Registered: ‎10-04-2010
0

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

I also wanted to say that all my accounts were charged off before BK. They all said "Included in BK" even though they were charged off.

 

They have all fallen off now, except one of them- it'll finally fall off in 2014, then I'll only have one negative (the big BK) reporting.

 

Long...long...long road

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

New Member
Terricloth
Posts: 1
Registered: ‎03-03-2013
0

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Just beginning my journey. Filed for ch 7 dec19 2012. Discharge should occur at end of month. Gonna follow this thread religiously to get to a 700!

 

Member
a504dl
Posts: 7
Registered: ‎02-28-2013
0

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Make sure about a month after discharge you establish positive credit, no negative stuff and dispute all the this you can... It all helps in the long run.
Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
0

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

IIB by itself is derogatory, and accurate records of lates incurred before you filed are proper reporting. 

 

Actually the ones showing closed/current instead of IIB are incorrect if you discharged a balance.  I did have several accounts that were closed by the lender when in good standing before I filed.  Yet they picked up my BK and changed them to IIB.  Because I had a copy of my pre-filing CRs I was able to force them to go back to closed with a clean status and cut down the number of IIBs..

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Member
a504dl
Posts: 7
Registered: ‎02-28-2013
0

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

How do you get them or force them to say " Current (not 'default/derogatory') status"?

Established Contributor
aussiesareforever
Posts: 740
Registered: ‎10-04-2010
0

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!


a504dl wrote:

How do you get them or force them to say " Current (not 'default/derogatory') status"?


It cannot say "current" if it was included in BK. That account will be derogatory until it falls off your credit report in seven years. The advantage of having it say "IIB" is that it will report as a $0 and should report as closed. It will never be a positive account.

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

Member
a504dl
Posts: 7
Registered: ‎02-28-2013
0

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

thanks for  info i will stop tryi g to get them off....

could recommend a good good will letter i might try to use in the the mean? 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+