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Valued Contributor
Posts: 1,063
Registered: ‎05-26-2010
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Re: Not sure what to next-rebuilding after bankruptcy

[ Edited ]

Justrebuilding wrote:

This particular collection was from 2010 so I have a ways to go. i also have a  couple  from 03/04 that were included in the bk. Do you increase getting a CLI on any of my existing cards or getting new cards would help at all?


The impact of the collection will be reduced some more when it ages over three years.

 

Negative items must age off no later than seven years plus 180 days from the date of first delinquency.  That includes specific entries, so if you're saying you have lates showing from 2003/2004 they should be disputed.  Derogs prior to BK stay until they are seven years old then should be dropped.

 

The other thing to be careful of, is that everything that was IIB should show a zero balance, IIB, and be dated no later than the date of your discharge.  I had three creditors who kept re-reporting the zero bal, IIB monthly which made the derog seem more recent and kept my score down.  Be sure that isn't happening on one off your old lines.

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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Contributor
Posts: 125
Registered: ‎12-28-2012
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Re: Not sure what to next-rebuilding after bankruptcy


chasmith wrote:

Justrebuilding wrote:

This particular collection was from 2010 so I have a ways to go. i also have a  couple  from 03/04 that were included in the bk. Do you increase getting a CLI on any of my existing cards or getting new cards would help at all?


The impact of the collection will be reduced some more when it ages over three years.

 

Negative items must age off no later than seven years plus 180 days from the date of first delinquency.  That includes specific entries, so if you're saying you have lates showing from 2003/2004 they should be disputed.  Derogs prior to BK stay until they are seven years old then should be dropped.

 

The other thing to be careful of, is that everything that was IIB should show a zero balance, IIB, and be dated no later than the date of your discharge.  I had three creditors who kept re-reporting the zero bal, IIB monthly which made the derog seem more recent and kept my score down.  Be sure that isn't happening on one off your old lines.


Great info -thanks! I didn't know the impact was less over time. I know all of my negative items are reporting IIB but I will double check the dates. If the dates are incorrect, do you recommend contacting the creditor or filing a dispute online through the CRA? 



Cap 1 QS 5K, Cap 1 QS 4K, Cap 1 QS 4K, GE Care Cr 7K NFCU Cash Rewards 10K Walmart 1.3K NavCheck 5K Freedom 2.5K CSP 6K Sallie Mae 3K Arrival+ 3K Macy's 1K
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Valued Contributor
Posts: 1,063
Registered: ‎05-26-2010
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Re: Not sure what to next-rebuilding after bankruptcy

Dealing with the reporting of IIB items at later dates was a struggle.  I think it relates to some obscure coding. 

 

Just looking at the status date on a report doesn't tell you for sure, you have to look at the details - if a derogatory is showing after discharge.  That's how I identified the three problems.

 

I disputed with the CRAs and they just verified because it's all electronic.  It took 623 letters to the creditors (CMRRR), and a couple of phone calls to the number on the responses to the 623 letters to get it fixed.  In all cases the creditors said they were reporting correctly but the date creep stopped.

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
Take the FICO Fitness Challenge
Regular Contributor
Posts: 231
Registered: ‎09-04-2012
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Re: Not sure what to next-rebuilding after bankruptcy

I'm having the same problem you are having. I can't get my FICO over 657. My chapter 7 bankruptcy was discharged February 2012. It looks like you're on the right track. I would suggest the GW letters and also start knocking out that student loan debt.

 

Hang in there!

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