topic Re: As a reminder in Bankruptcy

As a reminder

CreditBob — Sun, 10 Feb 2008 15:08:41 GMT

As a reminder for those that forgot or are new members I wanted to pass something important on to you. If you are going to file for bankruptcy keep at least one major credit card and do not use it until the bankruptcy is finalized. By keeping one revolving account your score will not be as low as if you cancelled all of them. Make sure that the revolving account is not a dept. Store or gas station card. A major credit card will have more of a positive impact on the score. So by the time your bankruptcy falls off the credit report you can easily have a fico score in the area of 760 to the 800's. But if you start all over again then it will take that much longer. So please keep at least one card account open. On another note if you are going to file for bankruptcy do not use any credit cards within six months of filing.

Re: As a reminder

granny031350 — Sun, 10 Feb 2008 20:49:31 GMT

hopefully the unused card will survive the BK. Some have had it happen in the past. However many times, even if you have a zero balance on the card and it is not listed, the lender will shut it down automatically once that public record is recorded on your cra. However, any loan, mortgage or car that survives and is reaffirmed and paid on time will also help your credit if you can get the lender to report your on time payments.

Re: As a reminder

Anonymous — Mon, 11 Feb 2008 01:12:23 GMT

granny031350 wrote:
hopefully the unused card will survive the BK. Some have had it happen in the past. However many times, even if you have a zero balance on the card and it is not listed, the lender will shut it down automatically once that public record is recorded on your cra. However, any loan, mortgage or car that survives and is reaffirmed and paid on time will also help your credit if you can get the lender to report your on time payments.

I kept a (1) vehicle payment. House, cards and everything else went in a BK 5 years ago. I'm at 672 average FICO now and heading up.

Re: As a reminder

Anonymous — Wed, 13 Feb 2008 03:01:55 GMT

i wasnt able to keep in i wish i would have but such is life

Re: As a reminder

Anonymous — Mon, 18 Feb 2008 06:07:56 GMT

I am getting close to file for BK and this was something i was planning on doing. I was planning on keeping my cap on card open. It's my smallest line ($500) so i figured it would be a good idea to keep it, use it, and pay it off every month if i could. Does anyone know if cap one is one of the creditors who will for sure cancel it once the BK reports? I also have a household card that has a $2000 credit line that i could keep open if it has a better chance of not getting canceled.

Also, if i have used my cards in the past 90 days what happens? I have read in numerous places that something bad happens if that were the case. I can afford to wait 90 days to file but just wanted to know what were the consequences?

Re: As a reminder

granny031350 — Mon, 18 Feb 2008 18:21:48 GMT

If the cards have a zero balance, then do do not have to be listed in your BK. But that is no guarantee that they won't be closed by the credit lender. It is a crap shoot what stays open and what doesn't

Re: As a reminder

Anonymous — Mon, 18 Feb 2008 18:41:24 GMT

Does it look worse on your CR if it was closed by the creditor or closed due to BK?

Re: As a reminder

granny031350 — Mon, 18 Feb 2008 18:53:42 GMT

closed by credit grantor is not as great as closed by consumer but with a BK I don't think it will matter either way.

Re: As a reminder

Anonymous — Sun, 24 Feb 2008 06:40:05 GMT

most creditors will close that acct for you.

Re: As a reminder

Anonymous — Sun, 24 Feb 2008 06:41:06 GMT

thats almost the same thing

Re: As a reminder

Anonymous — Thu, 28 Feb 2008 14:09:28 GMT

I filed Chap 7 in July 07 It was discharged in 10/07. I reaffirmed two cars, a house, a second mortgage. All CC's were included in BK except a store card that had a zero balance. But it has no available credit showing now. Will these reaffirmed accounts help my credit scores?

Re: As a reminder

Anonymous — Tue, 04 Mar 2008 01:44:13 GMT

I had a HSBC and Capital One card with a ZERO balance before filing. Took them about 30 days and they both cancelled the cards without even a notice. As a matter of fact, I had overpaid Capital one by 1.56 and they sent me a check in the mail and cancelled the card. I thought it was odd they sent me the overpayment so I tried using the card at gas pump and was denied. Sure enough went online and found they had cancelled card as well as card with HSBC bank. Also, every retail card, ie Pennys cancelled me as well without even a notice.

Hope this helps. Best of Luck and think very very very very very long and hard before you file BK. 10 years is a very long time and most credit card collection is erased in 4-5 years on credit report.

Bill

Re: As a reminder

Anonymous — Tue, 04 Mar 2008 19:13:31 GMT

I filed BK in 2005 and was able to keep a JC Penny's card with a $0 balance at the time through the BK - they never closed it. I just started using it again and it works with the same 400 limit I had at the time (hoping for an increase in a few months now that I've reactivated the card).

Re: As a reminder

TigerCat — Thu, 06 Mar 2008 03:20:11 GMT

I had a macy's card with a zero balance when I filed 2 years ago and they never closed on me. In fact, they even increased my cl to $1000 after I filed! I have used it every few months, and have pretty much pif'd each time. I guess it depends on your situation, unless the major cc's (Visa, MC, etc.) will close on you automatically.

Re: As a reminder

Anonymous — Mon, 17 Mar 2008 06:39:44 GMT

My Bank of America cards closed on me automatically...they sent me a not nice letter demanding I cut up the card and send it back to them. Discover actually sent me a new card a few months after discharge with a $4000 limit...I feel like they were thanking me for paying them and not including it in the bankruptcy..lol. I just got increased to $4800 too but I did the math to make sure I use less than 30% of my available credit My FICO score is 702 15 months after discharge and I'm trying to get it up around 720 by the new year so I can buy a house...

Re: As a reminder

Anonymous — Mon, 17 Mar 2008 16:18:34 GMT

We reaffirmed a car and wanted to keep paying on it, but somehow it was included (of course). We conitinued paying on it and paid it off, but it didn't help us. The company said they would put Paid as Agreed, but didn't. Anything we can do about that?