DW and I filed our joint bk7 in November last year and got discharged last week. All the accounts that we owed money to are now in IIB/$0 balance status. However, there is one account on DW's report that I am not sure if it is reporting correctly. It's a 10 year old Macy's card currently in IIB/0 balance status. The balance on that account was zero at the time of bk filing; but the next statement (a few days after filing) reported a positive ($5) balance which was PIF'ed immediately.
Here is the sequence of events on this account in the last few months:
10/14/2017 - Macy's October statement cut with a balance of ~$300.
11/3 - PIF. Account balance is now zero.
11/10 - Bk7 filed. This account was NOT included in Schedule E/F since we didn't owe any money to them (done in consultation with the attorney).
11/14 - November statement cut with a balance of $5.06 (I wasn't expecting this positive balance; must have been interest charged on the carried over balance from the prior statement period).
11/15-17 - Macy's tradeline on the credit reports got updated with Closed status, $5 balance with a "Closed by credit grantor" comment.
11/17 - PIF. Account balance is now zero.
12/15 - Credit reports got updated with zero balance. Tradeline still closed but IIB status showed up in stead of "closed by credit grantor" comment in all the 3 reports.
So here are my questions -
1) Is Macy's correct in reporting this account as IIB?
2) If it's reporting incorrectly, would it be really worth disputing with Macy's and/or the CRAs? DW has 4 other tradelines that are in IIB. So, from FICO scoring perspective, would it really matter if this 5th tradeline is in IIB or not?
Thanks for reading my long post. Will appreciate any expert insights.
They closed your account and IIB because it was opened during the time you filed bankruptcy. The same thing happened to me with my Discover card. You were supposed to close it before you filed now the account is counted as a negative on your report.