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Changes I already have noticed...

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Changes I already have noticed...

Good Morning Smiley Happy

 

So I offically filed for my bankruptcy on 12/20/2018 and have the 341 Meeting on 01/30/2018.

 

Here are some changes I noticed already and I am confused by them:

 

(1) My credit initially took a huge dive (like 80 points) but now collection agencies are removing their accounts from my credit report and it is going back up again. Will it drop again drastically or did it hit the rock bottom when my public record was reported?

(2) These collection agencies that are removing themselves from my credit report, are they going to come back and show "Included In Bankruptcy" or are they removing themselves because they got notice and was informed there was no property to pay creditors?

 

(3) I think this one confuses me the most - I am getting pre-approvals already and I have filed less than a month ago! I have gotten letters from dealerships who specialize in bankruptcy filings wanting me to buy a new car and letters from CreditOne saying I am preapproved. There is nothing I want more than to start rebuilding my credit but I feel it is way too early in the game for that! 

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Re: Changes I already have noticed...


@1_BadPanda wrote:

Good Morning Smiley Happy

 

So I offically filed for my bankruptcy on 12/20/2018 and have the 341 Meeting on 01/30/2018.

 

Here are some changes I noticed already and I am confused by them:

 

(1) My credit initially took a huge dive (like 80 points) but now collection agencies are removing their accounts from my credit report and it is going back up again. Will it drop again drastically or did it hit the rock bottom when my public record was reported? You might see flucuations in your scores over the next couple months. The biggest one is usually when the BK itself is reported in the PR section to the CRA's, and then again once the BK is "discharged", and shows the date.  

(2) These collection agencies that are removing themselves from my credit report, are they going to come back and show "Included In Bankruptcy" or are they removing themselves because they got notice and was informed there was no property to pay creditors? There's no way to know. I was always under the impression that once something is removed, it cant be re-inserted. If they were going to report correctly with the $0 bal/IIB notations, I think it would have already happened. Could also be due to a no-assest case. I distinctly remember I had two collection accts post DC, and those were removed a few months later  without me having to do anything.

 

(3) I think this one confuses me the most - I am getting pre-approvals already and I have filed less than a month ago! I have gotten letters from dealerships who specialize in bankruptcy filings wanting me to buy a new car and letters from CreditOne saying I am preapproved. There is nothing I want more than to start rebuilding my credit but I feel it is way too early in the game for that!  Im not surprised at all that you're getting that kind of stuff. Usually everyone gets them. Once you file a BK, lenders subscribe to certain service that the CRA's provide, and get notice. My advice, take it for whats its worth, but honestly I would wait till you're officially DC'ed from your BK before accepting any offers, or starting your rebuild. Things happen, not saying they will, but its always better to make sure everything is "o.k." first. Just because you filed doesnt really mean much, its the DC everyone is looking for. If at all possible, dont go with CreditOne. Wait till all your reports are reporting correctly (accounts 0/IIB, and your BK says "Discharged" and the date in PR), then check the pre-qual for Capital One instead, and Id suggest  applying for a secured card from Discover. It graduates between 5-12 months. Smiley Happy


 


My rebuild worked for me, but won't necessarily work for you!
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