To close or not to close accounts... that is the question.

[Anonymous]

As with anything in BK7, check with your attorney. Mine advised me to not do anything as the trustee can get a bit nervous about this, view it as fraud and it may cause issues. Another, YMMV.

[Scupra]

---

@Anonymous wrote:
As with anything in BK7, check with your attorney. Mine advised me to not do anything as the trustee can get a bit nervous about this, view it as fraud and it may cause issues. Another, YMMV.

---

Your lawyer thinks closing accounts is going to make the trustee nervous? Sounds like s/he was making a blanket statement. There is absolutely some things that would cause concern but closing accounts is not one of them.

[Anonymous]

---

@Scupra wrote:

---

@Anonymous wrote:

---

@Scupra wrote:

---

@Anonymous wrote:

I think it's:

Closed by creditor during BK = removes account history from Fico score calculation

Closed by consumer = continues factoring positive history and AAoA into Fico score

Perhaps another member here can confirm that for me.

---

This exactly.. If the card is closed by you, the payment history will continue to report. If the creditor closes it due to BK, the payment history will be wiped.

---

TU shows my payment history as wiped, according to my free annual credit report, but EQ and EX both show lates in the months leading up to my filing when I look on Credit Check Total. Do I need to try to get these removed?

---

Oh no, EX is the only CRA that left all my payment history on accounts. TU and EQ just deleted everything it seems like. Any lates reporting prior to your filing date will remain unfortunately.

---

Ok, well the onlly lates showing are the ones in the 3-4 months before I filed. JUst took another look at my 3 bureau report from last week at CCT and EQ has removed the lates - payment history is all green, but the payment status shows it as late, and payment details says "included in BK"

[Anonymous]

I was told by my lawyer that I didn't have to list them. I only had 2 with a 0 balance. I kept them open to see if they would make it thru my chapter 7. They both made it thru and I charged 20.00 on each of them after my discharge. The charges went thru and I paid them immediately. I won't be using them again. I just wanted to insure they would stay open so I would have a few long lived credit cards. They are both store cards.

[Anonymous]

---

@Anonymous wrote:
I was told by my lawyer that I didn't have to list them. I only had 2 with a 0 balance. I kept them open to see if they would make it thru my chapter 7. They both made it thru and I charged 20.00 on each of them after my discharge. The charges went thru and I paid them immediately. I won't be using them again. I just wanted to insure they would stay open so I would have a few long lived credit cards. They are both store cards.

---

Danm, I could have kept my overstock.com card....

[Anonymous]

I would not close the zero balance cards, I'd take my chances that a couple may survive. Closed by creditor does not affect your score on a positive account.

[Scupra]

---

@Anonymous wrote:

I would not close the zero balance cards, I'd take my chances that a couple may survive. Closed by creditor does not affect your score on a positive account.

---

Losing what could possibly be years of on time payment history would lower a score

[Scupra]

---

@Anonymous wrote:

---

@Anonymous wrote:
I was told by my lawyer that I didn't have to list them. I only had 2 with a 0 balance. I kept them open to see if they would make it thru my chapter 7. They both made it thru and I charged 20.00 on each of them after my discharge. The charges went thru and I paid them immediately. I won't be using them again. I just wanted to insure they would stay open so I would have a few long lived credit cards. They are both store cards.

---

Danm, I could have kept my overstock.com card....

---

Comenity is known to shut down cards when a BK is reported. 99.9% sure it wouldn't have survived. Don't feel bad

[Anonymous]

---

@Scupra wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:
I was told by my lawyer that I didn't have to list them. I only had 2 with a 0 balance. I kept them open to see if they would make it thru my chapter 7. They both made it thru and I charged 20.00 on each of them after my discharge. The charges went thru and I paid them immediately. I won't be using them again. I just wanted to insure they would stay open so I would have a few long lived credit cards. They are both store cards.

---

Danm, I could have kept my overstock.com card....

---

Comenity is known to shut down cards when a BK is reported. 99.9% sure it wouldn't have survived. Don't feel bad

---

Well, that makes me feel better, sorta. /

[Anonymous]

---

@Scupra wrote:

---

@Anonymous wrote:

I would not close the zero balance cards, I'd take my chances that a couple may survive. Closed by creditor does not affect your score on a positive account.

---

Losing what could possibly be years of on time payment history would lower a score

---

I'm not sure how much Fico counts positive history on closed accounts. The reason I say this is because I constantly get the reason that I have "too few accounts paid as agreed" as a reason for a lower score, even though I have many closed accounts paid as agreed. It's like Fico is just ignoring them.