Can you Recon a Bill Me Later Account?

[Creditaddict]

I just applied to try to buy new iMac 27" and it was declined

[BungalowMo]

What's in your reports???

What's the good & bad.  Got your fico's too?  Seems like you might need to clean up a bit before any more apps.  

What can we help you with??  

Mo

[Creditaddict]

it's my f'ing chapter 13. I would NEVER tell anyone to file 13 if they can file 7, it's just stupid and has me all locked up for credit which I guess is the point! lol but it's frustrating since my scores are starting to get good but the bk still isn't closed. no more cleaning needed, everything is good on my reports, I spent over a year cleaning

[BungalowMo]

Ok...gotcha.  Never had to file (knocking on wood!). How do you get it "closed"?  13 is the one that's on for 10 yrs, right?

[Creditaddict]

all bankruptcy's are on for 10 years.

chapter 13 is where you pay a portion of your debts back and you repay a monthly payment for 2-5 years depending on what is in your bankruptcy and what court decides.  I'm in a 5 year re-pay and many creditors like juniper have said I qualify for the credit but as long as the bk is open, they can not open an account. 

[MarineVietVet]

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@Creditaddict wrote:

all bankruptcy's are on for 10 years.

chapter 13 is where you pay a portion of your debts back and you repay a monthly payment for 2-5 years depending on what is in your bankruptcy and what court decides.  I'm in a 5 year re-pay and many creditors like juniper have said I qualify for the credit but as long as the bk is open, they can not open an account. 

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According to Tuscani one of our moderators dated 7/9/09:

Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.
 

[creditwherecreditisdue]

A Chapter 13 bankruptcy may report for up to 7 years max.

[BungalowMo]

That's sweet news for our "creditaddict" here!! 

So.....shout out to creditaddict ....when will yours drop??? (besides 3 years sooner!? )

[Anonymous]

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@creditwherecreditisdue wrote:
A Chapter 13 bankruptcy may report for up to 7 years max.

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+1

A chapter 13 must not report beyond 7 years from the date filed.  A chapter 13 discharges at the end of payment plan (3 to 5 years).  During the payment plan credit is difficult since your BK is not yet "discharged" and your credit is somewhat (or is supposed to be) controlled by the trustee/court.  Technically while in chapter 13 you are not supposed to run up new debts...most especially unsecured and revolving.  An auto or home (if you can qualify) can be acceptable.

The chapter 7 is 10 years from discharge.  Discharge happens rather quickly, usually 1 to 3 months from filing, depending on court/trustee schedule and meeting of creditors...and your attorney speed in handling, as well as you getting the mandated "BK counseling" completed.

[Red1Blue]

As you know CIT the issuer of BillMelater is in BK and probably they are not approving too many new accounts.