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Hi , guys!
Here is my story:I had like 19 or so derogs, all of them happened in 2009. I filed for BK7in July of 2011 and was discharged October 2011.
Few months ago signed up for USAA credit monitoring system and for ScoreWatch right here.
So when I saw my report , i didn't pay enough attention that many of my derogs were described as "bad debt ,Charge off , account was sold to another lender " ,etc.
I thought if it says balance $0 , I should be fine.
And only today , after reading here about how bad CO is for the score , i went through my report again and found out that 5 or 6 accounts don't say anything about BK.So I called Equifax to dispute and change the status of those accounts as "included in bankruptcy ". Is this going to help my scores? Or maybe it was not a good idea to "wake up my old sins " so to speak ?
Any insight is much appreciated.
A CO is a major KD. I would definitely try and get those off.
Thanks for reply.
If it's major KD , should I expect nice boost when CO is changed to "included in BK" ?
Also when my BK is one year old will my Fico score go up little bit?
I'm so excited about this opportunity to really get my scores up! It seems pretty easy to me , it's just stupid CA's didn't report to CRA's that debt was gone in BK , right?
@Shogun wrote:A CO is a major KD. I would definitely try and get those off.
Oh , by the way , what is KD :-) ? .I know it's something bad :-)
KD = Key Derogatory. This includes the CO, 30, 60, 90 lates,, etc. And yes I think you will see a bump if they are keyed right to the CRA.
@Shogun wrote:KD = Key Derogatory. This includes the CO, 30, 60, 90 lates,, etc. And yes I think you will see a bump if they are keyed right to the CRA.
Thanks again! Any idea if anniversary of BK helps too ?
I've never dealt with BK so I'm unsure of it's affects on your CR. Generally on your CR time heals all wounds but something heal faster than others.
op not trying to burst your bubble here but with a recent bk and being so new dont pay any attention to your scores. you might as well throw them out the window cause they dont mean anything with a bk reporting. save yourself some time and visit the cc section and do a search of bk friendly cards and go from there
OP, an IIB comment is scored as a negative. I don't know if it's more or less than a CO comment, so any guess would be just that. If the TL had not updated in a long time (years), then there's a chance of seeing a score drop once the TL changes. Something to consider. YMMV on your credit.
@rootpooty wrote:op not trying to burst your bubble here but with a recent bk and being so new dont pay any attention to your scores. you might as well throw them out the window cause they dont mean anything with a bk reporting. save yourself some time and visit the cc section and do a search of bk friendly cards and go from there
Thanks for bursting my bubble ! :-) I don't rely solely on this issue. It looked to me like an important detail in my report that is not so hard to fix.
Do I hope that by fixing this my scores will be over 700 ? No. But if it will help me to get 10-20 points I will be very happy.
And I DO pay attention to my scores even after BK , and my plan is to apply for Merrick Card after my Cap1 and BK will be 1 year old. And hoping to get Barclays sometime next year , depending what my scores will be by then.