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New Contributor
phoenix_one
Posts: 67
Registered: ‎03-10-2013

Rebuilding Credit after Chapter 13 and my issues with Wells Fargo and Experian

I filed for Chapter 13 on 09/2005 and was Discharged on 2009.

 

My mortgage with Wells Fargo was never part of the payment plan. I made ALL mortgage payments and the account was NEVER late.

Property was sold on 2010 and the mortgage was paid in full.

 

In 2010 Wells Fargo reported the mortgage as being in a Wage Earner Plan and I tried to dispute this unsuccessfully with Experian. Experian even reset the date and stated that it will stay in the credit report until 2017. I gave up after that.

 

I have been rebuilding my credit since. Started with Orchard, and Merrick Bank in 2010. Merrick Bank was very good with automatic CLI every 6 months. After a year applied for an US Airways MC and was granted automatic CLI afterwards. Last year bought a car and was approved for financing at lowest interest rate and also applied for an Omega Boutique Store Card (managed by TD Bank) and was approved for 10K right off the bat. Always keeping with my CC payments either PIF every month or making very high scheduled payments.

 

Last month finally applied for the CSP, was granted 5k automatically and was able recon it to 8K with a HP.

 

At the same time I applied for a AMEX BCE and was Denied. They stated the following:

 

The factors provided by the consumer reporting agency that affected our decision are:

Bankruptcy

 

They got their information from Experian.

 

I applied for a Citi Thank You Preferred and was Denied also. Same reason and got their info from Experian.

 

As of today there is no Public Record or Collections Items in all 3 Credit Reports(they fell off on Sept 2012, 7 years after filing Chapter 13), and no mention of the mortgage with the exception of Experian that shows the following entry:

 

WELLS FARGO HOME MORTGAGE

Status: Discharged through Bankruptcy Chapter 13/Never late.

 

Status Details: This account is scheduled to continue on record until Apr 2017.

This item was updated from our processing of your dispute in May 2010.

 

Date Opened:10/2003       Type: Mortgage                  Credit Limit/Original Amount: $64,350

Reported Since: 05/2008  Term: 15 Years                  High Balance: NA

Date of Status: 04/2010     Monthly Payment: $0       Recent Balance: $0 /paid as of 07/2010

Last Reported: 07/2010    Responsibility: Individual  Recent Payment: $0

 

Your Statement: Account information disputed by consumer (Meets requirement of the Fair Credit Reporting Act).

 

Account History:

Debt included in Chapter 13 Bankruptcy on Apr 30, 2010

 

 

I tried calling Wells Fargo but they do not have a record of my loan on their computer systems (maybe too old). I was told to submit a request in writing.

Last month I faxed Wells Fargo Bankruptcy Dept a letter requesting either a correction to show the entry as Pay as Agreed or removal of the entry from the Credit Report along with copies of the Chapter 13 documentation that shows that the mortgage was not part of the payment plan, copy of the Experian/Wells Fargo entry in my credit report and copy of the Loan Payoff Letter received from Wells Fargo.

 

I called last week, to get a status on my request and they showed that they had received my faxed request, however I was told that they do not have a phone number for the Dept that was handling my request and that they could not provide me with a status. I have to wait for a written response.

 

Any thoughts you may have that may assist me are greatly appreciated.

Thank You in advance


Starting Score: 660 - 2010
Current Score: Experian 775, Equifax 799, TransUnion 771
Goal Score: 800


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Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010

Re: Rebuilding Credit after Chapter 13 and my issues with Wells Fargo and Experian

I would write everything up with supporting documentation and send CMRRR to the CEO of Wells Fargo.  Tell him the bank has misrepresneted to the CRA and must fix it immediately or you will pursue all remedies available including administrative complaints and a possible lawuit for providing and confirming inaccurate information inviolation of the FCRA (don't say "I will sue", say "I will consider suing".

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
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New Contributor
phoenix_one
Posts: 67
Registered: ‎03-10-2013

Re: Rebuilding Credit after Chapter 13 and my issues with Wells Fargo and Experian

Two days ago I called Experian with the request to remove the derogatory entry from the Credit Report citing that is has been over 7 years. Bankruptcy already had fallen off Public Records.

 

Their response was that they still have to contact Wells Fargo for verification.

 

I tried to access my Experian Report, however now it tells me that they are unable to access my report.

 

I was hoping to get this resolved before 30 days so I could recon with AMEX and Citi.


Starting Score: 660 - 2010
Current Score: Experian 775, Equifax 799, TransUnion 771
Goal Score: 800


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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Rebuilding Credit after Chapter 13 and my issues with Wells Fargo and Experian

Your story is a prime example of why a Ch 13 is better than a 7. I filed a Ch 13 a month after you in Oct 2005 and just this year bought a house, got a brand new luxury vehicle with tier 1 lease financing, and now I have 4 credit cards with a total limit of $7100. But I also filed a Ch 7 two years before the 13 and that remains on my credit report until Aug 2013.

I ran into complications with Chase over the Ch 7 BK on my reports. They would not approve me for the CSP because of the Ch 7. Ch 13 is long gone from my reports. Chase finally approved me for a Freedom with a low limit of $1000 after a 3 week reconsideration process. You are a prime example of what I could have obtained if I had just filed a Ch 13. I know now to not try for AMEX until the Ch 7 is deleted from my reports.

I hope you get everything resolved and approved for an AMEX.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Contributor
phoenix_one
Posts: 67
Registered: ‎03-10-2013

Re: Rebuilding Credit after Chapter 13 and my issues with Wells Fargo and Experian

[ Edited ]

I received a letter from Wells Fargo in response to my fax. I need your guidance now.

 

This was their response:


 

When filling a bankruptcy, all debts and assets must be listed, including the property and the

mortage loan for the property. When you filed for bankruptcy, your mortgage account had an

unpaid principal balance and sice WFHM is a secured creditor, we retained legal counsel to

protect our interest in the property, even though your intention is to remain in the property and

maintain mortgage payments. As a result, the reporting is accurate and no adjustments are

necessary.

 


 

What's my next course of action? I honestly believe that this item, although correct, should not stay

in my report until 2017. This is already a showstopper for AMEX and Citi, who knows who else will

have an issue with this.

 

All other derogatory items were automatically removed from all three reports. This item with Experian

is the only bad mark on my reports.

 

Your inputs and thoughts are most appreciated.

 

Thanks

 


Starting Score: 660 - 2010
Current Score: Experian 775, Equifax 799, TransUnion 771
Goal Score: 800


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New Contributor
phoenix_one
Posts: 67
Registered: ‎03-10-2013

Re: Rebuilding Credit after Chapter 13 and my issues with Wells Fargo and Experian

Success!!!!

 

After getting nowhere with Wells Fargo in reporting the correct info to Experian, I decided to to dispute with Experian due to the fact that it's been over 7 years from the filing of the Chapter 13.

 

The item has been under review for 3 weeks,

 

Just now I received an email from Experian that my Dispute Results are ready.

 

It has updated to show as follows:

 

Status:
Paid,Closed/Never late.

 

Now my report is completely clear of any derogatory items.

 

Time to hit the garden!


Starting Score: 660 - 2010
Current Score: Experian 775, Equifax 799, TransUnion 771
Goal Score: 800


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New Contributor
makeupho
Posts: 54
Registered: ‎02-18-2013

Re: Rebuilding Credit after Chapter 13 and my issues with Wells Fargo and Experian

Congratulations! I anticipate having to deal with a similar situation when we get our discharge in about a year. Thanks for the positive story.

Starting 2/16/2013: EQ673 TU667
Current 5/20/2014: EX638 EQ654 TU682
Goal: 750

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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Rebuilding Credit after Chapter 13 and my issues with Wells Fargo and Experian

Congrats! That's wonderful! :smileyhappy:
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Contributor
phoenix_one
Posts: 67
Registered: ‎03-10-2013

Re: Rebuilding Credit after Chapter 13 and my issues with Wells Fargo and Experian

[ Edited ]

Thanks!

 

 

And just to check I went and applied online for the AMEX PRG.

 

BOOM! APPROVED!

 

I also applied to the USAA World MC and was approved for $12K.

 

 

To the garden I go! I do not need anything else right now. I have more than enough credit available for the time being and just have to wait until all inquiries are gone (2 years). Clean Slate.


Starting Score: 660 - 2010
Current Score: Experian 775, Equifax 799, TransUnion 771
Goal Score: 800


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New Member
Bobshur
Posts: 4
Registered: ‎03-10-2013

Re: Rebuilding Credit after Chapter 13 and my issues with Wells Fargo and Experian

I went through a very similar situatuion with TU over a Victorias Secret CC that was closed in my Chapeter 7 Back in May 2003,.I fought tooth and nail with TU over this and got several responses  saying"verified no change.Turns out Vic sec pulled any outstandings on all there accounts in 2007 and my name came up and was showing from 2007 and not 2003 like it should have.I FINALLY got through to a real nice lady at The bank that does there credit and she saw the mistake,and updated it as "part of chapter 7 bankruptcy 05/2003" and within days it was taken off my TU file,now for the first time in 10 years I have zero derogatorys,and all 3 CR are at 748 (which I think is strange).Im afraid to re apply to the Majors I had before 2003 fearing they may decline because of my filing on them? does anyone know if this happens? Also I got the FRCA involved in my Vic sec case too.


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