topic Re: Disputed Items Falling Off in Bankruptcy

Disputed Items Falling Off

CostantinoA — Wed, 21 Aug 2019 06:51:40 GMT

I am currently in a Chapter 7 BK. It is scheduled to be DC next month. There was 3 items on my credit report that I disputed due to it not reflecting that it was included in BK and was showing a balance. All the other accounts reflected this already. I disputed it to reflect that it is included in BK filing and to remove the balances. Instead of updating the report, they removed them from my report. I am not complaining but just shocked. I saw a 5 point score increase as well.

Re: Disputed Items Falling Off

Jnbmom — Wed, 21 Aug 2019 07:25:19 GMT

@CostantinoA wrote:
I am currently in a Chapter 7 BK. It is scheduled to be DC next month. There was 3 items on my credit report that I disputed due to it not reflecting that it was included in BK and was showing a balance. All the other accounts reflected this already. I disputed it to reflect that it is included in BK filing and to remove the balances. Instead of updating the report, they removed them from my report. I am not complaining but just shocked. I saw a 5 point score increase as well.

You really shouldn't be disputing anything until your BK is discharged and closed, then wait until your creditors have time to update.

Your BK is not discharged yet so they are not required to update until then. It is not reporting incorrectly as your debts haven't been discharged yet.

Re: Disputed Items Falling Off

FireMedic1 — Wed, 21 Aug 2019 07:46:06 GMT

+1 Dont be surprised when they show up again. If anything that isnt correct at least 30 days after DC then dispute. Plus you might see a score boost then. Chill for a while. And wait until after DC to apply for credit. Its a litle scarey your rushing it. Let things play out in their own time. Dont force it. Good Luck!

Re: Disputed Items Falling Off

CostantinoA — Wed, 21 Aug 2019 07:46:36 GMT

I spoke with my attorney about it. He said they have to report that a BK is filed. It can not keep reporting that the accounts are late and they balances need to be reported as zero. I had 54 accounts included and 51 reported this way. I disputed the others at his direction and they were removed. They were reporting inaccurate information so I don't see why I shouldn't dispute to reflect what the others were doing.

On side note, I had a friend that deleted all 8 credit cards that were included on her BK during her filing and all 8 were removed. After the DC, only 2 showed up again. This was over a year ago it was DC for her.

Re: Disputed Items Falling Off

CostantinoA — Wed, 21 Aug 2019 07:50:53 GMT

@FireMedic1 wrote:
+1 Dont be surprised when they show up again. If anything that isnt correct at least 30 days after DC then dispute. Plus you might see a score boost then. Chill for a while. And wait until after DC to apply for credit. Its a litle scarey your rushing it. Let things play out in their own time. Dont force it. Good Luck!

I do not like to wait for things to play out. I have a friend that did BK 7 and had over 80 accounts included. Before the BK, started applying and did other things we can't talk about on this board and now has over 30 accounts, about 65k in limits and scores of low 700 in a year.

I have noticed on here, some people are saying I won't get approved with open BK and well, I am 4 for 4 applying with open BK so IDK what is going on, but seems to be working for me. If I can get a jump start on credit rebuilding and I am getting approvals, then why not?

Re: Disputed Items Falling Off

FireMedic1 — Wed, 21 Aug 2019 08:08:22 GMT

As I posted. Once everything updates mostly everyone gets a score boost. Why? Because your legally out of debt. Many of us have seen it before countless times. I had a feeling as I said I felt you were going to get credit before DC. I hit "post". And you already have. So for a better term. I was correct. You just BK'ed 54 accounts with 21 inq's on 1 CRA. Dude, that's scarey stuff. Dont put yourself back to where you just got out of. Either way congrats on your BK. Good Luck on your rebuild.

Re: Disputed Items Falling Off

CostantinoA — Wed, 21 Aug 2019 08:07:23 GMT

I totally understand. I made way more money back then. I was making about 350k per year and now making around 160k per year. There was a period between I was making 0 for about 6 months so that hurt. We could not keep up with the lifestyle anymore and the CC payments were too much. I want to rebuild quickly to live the lifestyle that supports 160k per year. If I was still making 350k per year, we wouldn't have needed to BK. I was able to keep making payments for about a 1.5 years after I stopped making the money and then I couldn't do it anymore.

We have cut back our lifestyle big time now. Car payments cut in half and other things. I just want to get back on track quickly. When I was making the larger money, I had no problem paying the bills. I budgeted. I am doing that now but on a smaller scale.

Re: Disputed Items Falling Off

FireMedic1 — Wed, 21 Aug 2019 08:15:47 GMT

Thats fine and dandy. Now that you have a BK on your file. You'll max at 740's, maybe a 750 until the BK falls off. I'm stuck and I didnt burn 1 credit card. As we say here its a marathon not a sprint. I was 540-550's after DC. Took 4 yrs to get what I have below. Good Luck on your rebuild.

Re: Disputed Items Falling Off

CostantinoA — Wed, 21 Aug 2019 08:18:35 GMT

I understand totally. I believe my scores will be higher at DC. We will see. DC is scheduled for next month.

Re: Disputed Items Falling Off

CreditGuy03 — Wed, 21 Aug 2019 15:06:11 GMT

@CostantinoA wrote:
I totally understand. I made way more money back then. I was making about 350k per year and now making around 160k per year. There was a period between I was making 0 for about 6 months so that hurt. We could not keep up with the lifestyle anymore and the CC payments were too much. I want to rebuild quickly to live the lifestyle that supports 160k per year. If I was still making 350k per year, we wouldn't have needed to BK. I was able to keep making payments for about a 1.5 years after I stopped making the money and then I couldn't do it anymore.

We have cut back our lifestyle big time now. Car payments cut in half and other things. I just want to get back on track quickly. When I was making the larger money, I had no problem paying the bills. I budgeted. I am doing that now but on a smaller scale.

IM curious

How were you able to file chapter 7 making 160k per year? Do you have alot of kids?

Re: Disputed Items Falling Off

CH-7-Mission-Accomplished — Wed, 21 Aug 2019 22:46:15 GMT

Back when I filed I expected to get a FICO score increase upon discharge but I didn't. Apparently it was the filing that moved things and in my case my scores increased upon filing. Suddenly my cards weren't 100% maxed out and I wasn't 100K in debt.

I disputed some cards that were not showing IIB before discharge the creditors updated them to show IIB. Most of my creditors updaged to IIB after filing but before discharge.

I would encourage you to dispute accounts that were IIB on a regular basis after discharge. I got rid of about half my IIB accounts, including AMEX, Barclay's, Amazon, Dell -- and others I no longer recall.

It is a waste of time to write a lender and ask for a goodwill deletion. They will never do it. They want you to suffer as long as possible. I can't say I really blame them.

The only credit I applied for before discharge was a shared secured loan with my credit union. Since I had zero open accounts at that point my score actually jumped a lot -- I think like 30 points. My scores upon filing were very low 500s.

Good luck on your rebuild. I see nothing wrong with getting a head start but don't go too crazy. You can get stuck with a bunch of low limit accounts and then the good lenders won't lend to you because you have too many inquiries and too many new ($500 limit) accounts.