post BK - does the number of IIB aacounts affect your credit score?

[jeffeverde]

After a bankruptcy, does the number of IIB accounts affect your credit score?  After filing bankruptcy 3 years ago, a friend has only now gotten to a place where she can cope with looking at her credit report (she lost almost $300k in hard money when she walked away from her house). 

An attorney handled her BK, and included everything on her CR in the BK.  But looking at her report today, there are several entries that are definitely wrong  (collection account for HOA fees after the house became the bank's property, and a notation on the mortgage that says "Beginning Foreclosure", med bill from a Dentist she's never heard of, etc).

Before she start's battling with the CRA's and the CA's -- Does it matter?.    When you have a BK on your record, does FairIsaac simply say "Filed for Bankruptcy  -- minus 500 points"?  Or is there a seperate ding for each IIB account?  If the individual entries don't have individual effect on her score, she'd just as soon forget it and move on.  But if they do have individual effect, then it's time to get to work and start writing letters.

[RBFool]

Bump.

I'd like to know this as well. I have 2 that the company refuses to let report as IIB, so I'd like to know how much I have to fight them

[0REDSOX7]

Yes - each account listed as IIB is considered negative and impacts your score - that is why you see the points drop as accounts are updated - but then rebound when the balance shows zero and payment history is deleted.

This impact supposedly wears off as they age - but I am only six months post discharge.

[pisspoorcredit]

This is correct! I'm 3 yrs post discharge. Most of my IIB accounts have fallen off. But at least a yr or 2 after the discharge my score began to bounce back on its own. So dont get discouraged. PLEASE also use this time to build positive tradelines(secured credit cards, etc). But with time, your score will gradually bounce back on its own.

[jetsfan2013]

I am 2 1/2 years post discharge and just peeked at one of my reports today. I still have half of the accts that were included in the BK still reflecting. As it's been said, your score will improve. Control the things you can control, which are to rebuild credit, make every payment on time, and keep util low on new credit.

[pizza1]

I have 22 accounts that show IIB, and are all due to fall off in 2019. Sure hoping they fall of sooner by a grace of God or something. Have heard that sometimes around the 3rd yr post bk, that most if not all accounts that were IIB tend to just disappear off the reports. When that happens, the only negative thing ill have is the BK itself in PR.

[StartingOver10]

You know, I'm not sure that the number of iib accounts affects your score as much as the BK notation on your report.

I discharged a lot (just under $1M) and was just over 700 exactly 2 years from discharge. The most valuable thing is TIME other than having open accounts with small utilization.

My individual accounts are still on my report and will be there until 2016

I guess then I will be able to answer the question of what happens when the TL's drop off....but in the meantime, the best thing is low utilization and proper use of credit. I'm not waiting until 2016.

[TRC_WA]

I'm knocking on the 700 door with 20 months till everything falls off in Apr 2016.

I've made a couple big 0% purchases which is why my util is higher than I want it to be but I do have 7 of 9 CC accounts at a $0 balance.

Just gonna keep doing what I'm doing...

[sebonne1]

For some reason TU counted my last baddie heavily against me as once that dropped off I went from 672 to 732 (as of yesterday).  Time does seem to make a bigger difference since the biggest score changes were with dropping utilization below 10%, and not as much when individual accounts fell off.  As each of the last 2 accounts dropped off there were big score increases in all 3 bureaus.  BK was 7 yrs ago

[TRC_WA]

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@sebonne1 wrote:

For some reason TU counted my last baddie heavily against me as once that dropped off I went from 672 to 732 (as of yesterday).  Time does seem to make a bigger difference since the biggest score changes were with dropping utilization below 10%, and not as much when individual accounts fell off.  As each of the last 2 accounts dropped off there were big score increases in all 3 bureaus.  BK was 7 yrs ago

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Yep... I've gotten solid score increases as I pay down balances.  To update my reply from 4 months ago I did hit 700 with EQ... not there with EX presumably due to payment history still reporting... and not there with TU because all my creditors pull TU and that report is being weighted down with a dozen INQ's from 2013.

All my reports are the same accounts... the only differences between the 3 is the number of INQ's on each.   I have seen a 4 and 5 point gain with TU the last couple months so maybe the INQ's are impacting my score less now that they are a year old.  I've been gardening pretty much the whole year and have kept my 2014 INQ's to a minimum... and plan the same for 2015.

At any rate, everything IIB and the BK13 is set to fall off in April 2016... but I'm going to push for early deletion later in 2015.  I've heard a lot of success stories so I'm gonna try it... and I should be well into the 700's when everything is clear of BR stuff and I have minimal INQ's on my reports.