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Contributor
Posts: 89
Registered: ‎06-02-2012
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Charge off vs BK.I was stupid not paying attention!

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.

AMEX BCE 10K; BARCLAYS REWARDS 10K; CITI ANYWHERE 8K; DISCOVER 7,5K;CAP ONE VENTURE 9K;MERRICK BANK 2,3K; MACY'S 1,2K; WALMART-SYNCRONY 450$.
BK7 DISCHARGED IN 2011. FICO 8 NOW IN LOW 700S.
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Posts: 14,122
Registered: ‎04-15-2011
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Re: Charge off vs BK.I was stupid not paying attention!

A CO is a major KD.  I would definitely try and get those off.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Contributor
Posts: 89
Registered: ‎06-02-2012
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Re: Charge off vs BK.I was stupid not paying attention!

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? 

AMEX BCE 10K; BARCLAYS REWARDS 10K; CITI ANYWHERE 8K; DISCOVER 7,5K;CAP ONE VENTURE 9K;MERRICK BANK 2,3K; MACY'S 1,2K; WALMART-SYNCRONY 450$.
BK7 DISCHARGED IN 2011. FICO 8 NOW IN LOW 700S.
Contributor
Posts: 89
Registered: ‎06-02-2012
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Re: Charge off vs BK.I was stupid not paying attention!


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 :-) 

AMEX BCE 10K; BARCLAYS REWARDS 10K; CITI ANYWHERE 8K; DISCOVER 7,5K;CAP ONE VENTURE 9K;MERRICK BANK 2,3K; MACY'S 1,2K; WALMART-SYNCRONY 450$.
BK7 DISCHARGED IN 2011. FICO 8 NOW IN LOW 700S.
Moderator Emeritus
Posts: 14,122
Registered: ‎04-15-2011
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Re: Charge off vs BK.I was stupid not paying attention!

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.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Contributor
Posts: 89
Registered: ‎06-02-2012
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Re: Charge off vs BK.I was stupid not paying attention!


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 ?

AMEX BCE 10K; BARCLAYS REWARDS 10K; CITI ANYWHERE 8K; DISCOVER 7,5K;CAP ONE VENTURE 9K;MERRICK BANK 2,3K; MACY'S 1,2K; WALMART-SYNCRONY 450$.
BK7 DISCHARGED IN 2011. FICO 8 NOW IN LOW 700S.
Moderator Emeritus
Posts: 14,122
Registered: ‎04-15-2011
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Re: Charge off vs BK.I was stupid not paying attention!

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. 

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
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Re: Charge off vs BK.I was stupid not paying attention!

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

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
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Re: Charge off vs BK.I was stupid not paying attention!

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.

Contributor
Posts: 89
Registered: ‎06-02-2012
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Re: Charge off vs BK.I was stupid not paying attention!


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.

 

AMEX BCE 10K; BARCLAYS REWARDS 10K; CITI ANYWHERE 8K; DISCOVER 7,5K;CAP ONE VENTURE 9K;MERRICK BANK 2,3K; MACY'S 1,2K; WALMART-SYNCRONY 450$.
BK7 DISCHARGED IN 2011. FICO 8 NOW IN LOW 700S.

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