I think you answered my potential questions. I have 3 accounts that where closed by lender before my BK and they reported a 0 balance before I filed. I disputed them, but so far on my Equifax results, from disputed results, they have nothing updated on them. So I called Equifax again today and the guy was really nice and he disputed them again to show them. So, my quesiton is.....They show Charged off with 0 balances and they will fall off in about 2 years, so does it really matter if they show this or IIB as long as they show 0 balances? Thank yall!
i think either way is bad.... but i am not expert.....
however( please confirm info) from my experience the charge off is better... it drops off sooner (i think) iibk stays with you for 7 years and creditors do not want it to go away.
I am pretty sure it won't matter on the time it stays on there, its 7 years from first derog.
Since shols44 hit 700 today (16 mo after discharge, WAY TO FRIGGIN' GO!), and I've been seeing TONS of posts lately about how to rebuild after a BK, I figured I'd dig up this thread and stick it back on the first page for a bit.
I don't know that shols44 followed this specific plan, but it really does work.
Speaking of which, I'll update my scores next month... I let some pretty heavy balances report (working on a C1/Disco CLI theory) and my scores all fell back into the 690's temporarily. On the bright side; my wallet is getting thicker as I garden:
NFCU Flagship: $13,800 <--- most recent CLI was Auto, from 12K to 13.8K
Discover IT: $2500 <---- Starting limit $1000
Cap1 Cash Rewards: $3000, no AF version <--- This was PC'd/Cli'd from the $1250 No Hassle Cash Rewards w/ $39 AF I got as part of the plan
Barclays NFL: $3500 <--Got this after Recon in Feb on the $400 cashback Superbowl offer
Barclays Rewards: $1300 <--- This was PC'd from my Apple Financing I got while I worked my plan
From what I understand, Disco and Barclays want to see you let balances report for auto CLI's and don't care at all about non-reported useage, so I'm paying bills (in full) when they come in, as opposed to "a couple days before the statement cuts". Thus, I'm reporting about 35% util right now.
My plan was very very similar with a few tweaks! Rhaeny did some pretty gangstar stuff and I tried to emulate with caution cos I truly believe he is the grandson of Fair Isac or something! I definitely did a double take with a 2k credit builder loan secured by savings, and opened a secured card with that. Essentially used 2K to generate 4K in tradelines.
My wallet is almost identical to yours at this point. NFCU, Capone, Barclays and Discover. (I retired all comenity cards and credit one)
Something I did recently was balance tinkering. I'd let 3000K report for instance typically dropping me a few points, but then erase that to $1 the next month causing a significan't bump (3x in a row) above the pre-drop score. I gained 20pts after dropping 3.
I can't get EX or TU to react as fast as EQ though. They both sit at EX-680, TU-695.
You should update your 24 month plan and sticky it the BK thread. I'll be glad to help if you want.
The only way you can do this is with a Pro Se filing. Obviously a Pro Se is not held to the same knowledge standards as an attorney would be, and with clogged bankruptcy courts only delinquent accounts get scrutiny. A large part of credit score comes from average age of accounts so you can quickly get back to 700 if you plan ahead. There have even been cases where a BK7 has been successfully removed early. If a credit bureau sees only healthy paid as agreed accounts stretching back over 10 years with a recent BK7 it looks suspicious so they research, sometimes they don't get a response from the court within 30 days so they remove the BK7.
With the BK7 showing for up to 10 years it may be difficult to get favorable rates even with a score of 700 though and its real unlikely you can get the BK7 removed yourself...
EX 793 12/2012
EQ 810 06/2013
Kind of looking for some advice as to what I should do next.. Unfortunatley I read this thread after I had started to rebuild. My reports are all reporting as they should. Things I have done are,
- 10/2012 I obtained $500 Cap1 card - auto CLI to $2,000
- 10/2012 I obtained $500 secured NFCU nRewards card
- 02/2013 I obtained $1,000 NFCU cashRewards and last month requested CLI up to $7,000
My AAoA is a little over 5 years currently. I have been gardening for a bit now and was wondering if I should change anything up or do anything different. Thanks guys!
I doubt your AAoA is 5 years, it's probably closer to 8 months... the BK, in most cases, acts like a master-reset. When calculating AAoA, calculate it on open accounts only.
Assuming you don't have a current auto loan or house, you're missing the "mix of credit" portion of the scoring. Go get a credit builder loan for like $1000/12 mo. Then, go back to the garden and keep your balances down.