05-16-2017 01:14 PM
I filed for Chapter 7 BK 9/2009 and discharged 1/2010. All my accounts reported correctly zero balance IIB. I pulled all three credit reports and all the accounts that were included in the bankruptcy correctly fell off except for a Chase card on my Experian report that I opened in early 2008. This account is now reporting $0 balance/paid as of 10/2009, closed/never late and account closed at credit grantors request. The account is scheduled to fall off 10/2019. There are no lates or derogatory marks showing on the account. Should I have Experian delete it or hope it continues to report as is and just let it age off?
05-18-2017 07:44 AM
05-18-2017 12:28 PM
An account that does not show any lates is not necessarily a "positive account."
It can still have adverse information reporting, such as discharged under BK.
Monthly delinquencies must become excluded no later than 7 years from date of occurence.
However, discharged under BK can remain for up to 10 years.
You appear to have an account that no longer shows any monthly delinquencies, but nonetheless still shows adverse information.
05-18-2017 01:07 PM
05-18-2017 02:12 PM - edited 05-18-2017 02:14 PM
The account is listed under accounts in good standing. Listed as closed never late. On the other two reports it has been deleted. I was under impression the account drops off 7 years after date of first derogatory being 9/2009.
Yes, a derogatory account falls off 7 years from first report of derog, but it sounds like on EX it was never reported as derogatory. Was it a derogatory account on TU & EQ? Did you have a balance on it? If not then Chase just closed it when they learned of the BK but if it had no balance included in BK and never late then they would mark it as positive, just closed by credit granter.
I filed BK7 in 9/2010, discharged 1/2011. I have a Lowes card listed as a positive account, there was no usage or balance for some time before I filed and was not listed in my debts for BK. But other Synchrony cards were so when they received that notice they closed Lowes, but marked it as a Paid as Agreed, never late, just closed by credit granter. That kind of account has a positive affect on your credit report.
05-18-2017 02:23 PM
05-18-2017 02:54 PM
It is showing recent balance $0/ paid as of 10/2009. It was a derogatory on TU/EQ. The card itself was never late until I filed BK and my attorney instructed me to stop paying.
OK, then it's reporting incorrectly on EX. But if you're sure on EX it is listed under Accounts in Good Standing then it's not a negative and I'd leave it alone. If it is reporting with "closed/never late and account closed at credit grantors request" instead of "Included in BK" then it should not be a negative, even if the info is incorrect..
05-18-2017 04:09 PM
05-19-2017 05:18 AM - edited 05-19-2017 06:24 AM
Interesting this topic should come up, as I have a similar issue with a Chase Visa that was included in my 2014 Chapter 7 BK (and is marked as such on my full credit reports) but for some reason still appears as an open account on TU. It looks like a clerical error to me because the account is clearly marked in the full credit report as having been included in the BK and consequently closed by the grantor, but it still shows up in, for example, my total available-credit figure on my TU Vantage scores.
UPDATE: I found the problem. The Chase card reports correctly as having been closed in bankruptcy and closed by the credit grantor, but unlike the other accounts included in BK, there is no date of closing included in the entry for that account. That must be why the account is still showing as open (unknown or derogatory, depending on the source) in CreditKarma, etc., and the CL being included in my total available revolving credit in TU. I'm preparing an investigation request form to have TU correct this because this particular reason doesn't show up in the list of reasons available for online investigation.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.