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AFTER FILING BANKRUPTCY CHAPTER 7, TRADELINE CONFUSION

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AFTER FILING BANKRUPTCY CHAPTER 7, TRADELINE CONFUSION

I filed Bankruptcy on Oct 12, 2016. On October 17, there were multiple updates on my credit profile. Most of them said included in bankruptcy with a zero balance and closed. Capital One updated their tradeline 4 times with included in bankruptcy and a zero balance and closed. Then on December 10th I get a notification from Equifax that Capital One has changed their tradeline to $422 and included in bankruptcy and closed by the credit grantor. My issue is this account was never closed by the credit grantor before bankruptcy and even 60 days or two months after the filing and the automatic stay order. I need some ideas how to deal with this because Capital One is the Antichrist and they tell me that this is the true status of the account. Oh by the way Capital One stated in the conversation which was recorded that they updated to closed by credit grantor on November 22nd or roughly 45 days after filing. Looking forward to something or some kind of information. Thanks all and I love this forum!
Message 1 of 25
24 REPLIES 24
Frequent Contributor

Re: AFTER FILING BANKRUPTCY CHAPTER 7, TRADELINE CONFUSION

All of my accounts were closed by the credit grantor when I filed.  I even had an account that I had never used that had a zero balance and it was closed.

Message 2 of 25
Moderator Emerita

Re: AFTER FILING BANKRUPTCY CHAPTER 7, TRADELINE CONFUSION


@Em71 wrote:

All of my accounts were closed by the credit grantor when I filed.  I even had an account that I had never used that had a zero balance and it was closed.


^^^this is exactly why I usually suggest closing any zero balance accounts before filing Bk. If you close them before you file, then the notation reads "closed by consumer, " and all the positive payment history is retained. If zero balance accounts are closed prior to filing, then those zero balance cc's don't get the IIB notation.  After you are discharged it will make a difference because you have a series of good (but closed) accounts showing as well as the IIB accounts. 

Message 3 of 25
Frequent Contributor

Re: AFTER FILING BANKRUPTCY CHAPTER 7, TRADELINE CONFUSION


@StartingOver10 wrote:

@Em71 wrote:

All of my accounts were closed by the credit grantor when I filed.  I even had an account that I had never used that had a zero balance and it was closed.


^^^this is exactly why I usually suggest closing any zero balance accounts before filing Bk. If you close them before you file, then the notation reads "closed by consumer, " and all the positive payment history is retained. If zero balance accounts are closed prior to filing, then those zero balance cc's don't get the IIB notation.  After you are discharged it will make a difference because you have a series of good (but closed) accounts showing as well as the IIB accounts. 


That makes so much sense now.  I wish I had read this before I filed.

Message 4 of 25
Member

Re: AFTER FILING BANKRUPTCY CHAPTER 7, TRADELINE CONFUSION

I am confused. You are commenting on a series of events that have nothing to do with me. I am asking about changing history from closed to closed by credit grantor after filing.
Message 5 of 25
Moderator Emerita

Re: AFTER FILING BANKRUPTCY CHAPTER 7, TRADELINE CONFUSION


@Wegmanarts wrote:
I am confused. You are commenting on a series of events that have nothing to do with me. I am asking about changing history from closed to closed by credit grantor after filing.

Yes, you filed Bk and as a result, the creditor closed your account.

 

This is what happens when you file Bk. Even when the TL is at a zero balance at the time of filing.  Some accounts slip through but the vast majority are closed by the credit grantor when you file Bk.  To prevent that notation, you would have had to close the account before you filed. You mention it changed from closed to "closed by credit grantor" during your bk.  How many months prior to the bk did you close it?

Message 6 of 25
Highlighted
Member

Re: AFTER FILING BANKRUPTCY CHAPTER 7, TRADELINE CONFUSION

No. "Closed by Credit Grantor" has not been the norm on my credit profile. I never closed any accounts. The FRCA states that only "closed" should appear, not charge off, not closed by Credit Grantor after BK was filed.
Message 7 of 25
Member

Re: AFTER FILING BANKRUPTCY CHAPTER 7, TRADELINE CONFUSION

There is caselaw on this.
Message 8 of 25
Super Contributor

Re: AFTER FILING BANKRUPTCY CHAPTER 7, TRADELINE CONFUSION


@Wegmanarts wrote:
No. "Closed by Credit Grantor" has not been the norm on my credit profile. I never closed any accounts. The FRCA states that only "closed" should appear, not charge off, not closed by Credit Grantor after BK was filed.

"closed by credit grantor" does not mean closed by you, it means Cap1 closed the account.

 

edit: Also, can I ask where you are getting updates from?

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
740 EQ FICO 06/2018
750 TU FICO 06/2018
741 EX FICO 06/2018
$24k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 9 of 25
Member

Re: AFTER FILING BANKRUPTCY CHAPTER 7, TRADELINE CONFUSION

Hi Scupra, I am getting them on line. Right now I am getting a ton of comments that contradict. I'm almost ready to throw in the towel
Message 10 of 25
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