Discharge Next Steps? (Ch7)

[MacMan313]

I received my discharge about two weeks ago. ive searched for information regarding the next steps and haven’t found anything that made me feel at ease. I requested info from my lawyer but I never seem to get a response as he is "busy." 

I am confused about what info remains on my CR.

Right now I have 62 accounts that I listed in my bankruptcy. The majority of them have been updated to reflect one of the five scenarios. I have filed disputes on some and still waiting on the results.

Scenarios:

• paid as agreed / included in bk. 70%
• balances / included in bk 10%
• missed payment history / included in bk. 10%
• late payments / balances / included in bk. 10%
• Judgement remains / no balance / included in bk (1 account)

My questions:

• Do these accounts continue to contribute to my credit report and held against my score? If so, what would one do to potentially resolve some of the blemishes.
• Can these accounts be taking into consideration when a new creditor is reviewing my report for approval?
• My lawyer told me to take out an auto loan to rebuild my credit almost right away. He said that this would be the best method. Is this true? I got approved for a auto loan from GM financial but i didn’t accept it as i felt the dealer wasn’t giving me options. (Dealer adjusting low value vehicle price to match loan)
• Can I legally resolve some of the debts later down the road? Would this have an outcome on what is listed on my CR?

Im so anxious to rebuild my credit. I fear that i may be stuck 2-3 years behind before I can even start because of these remarks. I got a capital one secured card with a 500$ limit. I know once this starts reporting it will have a small impact.

[MacMan313]

anyone have any advice?

[Anonymous]

For all of the items that are reporting as Included in BK, make sure each is reporting a $0 balance. I'm not certain but I think that anything thats IIB is not scored - others may need to chime in as to whether thats the case or not.

If you don't already have an auto loan, go ahead and take one - it is a good way to re-establish. I would go to a different dealer - sounds like that one is padding the vehicle price. I had one try to do that to me recently.

The most important part of your score is revolving credit - and you've started there already with the Cap 1 secured card. Make good use of it and pay it down to less than $50 each month well before the due date. Get a second card with a CU like SDFCU. After six months of good payment history you may be eligible for unsecured cards.

[MacMan313]

@NormanFH

The dealer was most certainly padding. The loan he proposed was through GM financial. I know that I'm not going to get the bells and whistles with a vehicle in my credit condition, but not willing to work on price so I can get a vehicle that is listed for only $800 more is absurd. I even offered to pay the difference and I was told it would disqualify me because the approval is based on a specific vehicle etc. There was no way in hell that I was leaving a GMC dealership in a 23k$ base model chevy cruze. 

This isn't my first rodeo with care dealerships. I have a great friend that was a senior advisor for ford credit and over saw the western region of dealerships. His take is that the dealer was most likely trying to meet a vehicle sales quota on a specific model in financing. Apparently, dealerships are rewarding for pushing a specific model.

What is even more alarming that the vehicle had rebates.. yet i couldn't use that to my advantage?

I still have my BMW as the cosigner took over responsbility in bankrupcy (fiance) so I will drive that for a few months and try again. 

[StartingOver10]

On the accounts that were paid as agreed, were those accounts open or closed when you filed?  You had 62 accounts open when you filed? That seems like an awful lot of accounts. Weren't any of them Paid As Agreed and closed?

If they were open, then it is right that you have them report as IIB and zero balance.

If they were closed, then for goodness sake don't have them add the IIB label. You want to leave as many 'paid as agreed' closed accounts without the IIB as possible. That will help your score. Anything with the IIB label will be removed from scoring.

If you have an account with a balance and it was open or past due or otherwise negative, then you want the IIB label added and a zero balance.

Naturally the new accounts would not have the IIB label.

As to the judgment: here is information of getting rid of it in Bk. Hopefully you had an attorney that filed your Bk and handled the judgment correctly. If not, you can reopen the case to get it properly included. http://www.nolo.com/legal-encyclopedia/getting-rid-judgment-liens-bankruptcy.html

More info on defining judgment liens: http://www.nolo.com/legal-encyclopedia/what-is-judgment-lien.html

[MacMan313]

The judgement is marked as included in bk. But it still remains on my cl in the judgement section.

Second. I just had my child support adjusted. Took a huge dip in credit today because they back dated arrears and marked it as a collection account on my credit. Even though i agreed to a payment percentage and it was acrued during a pending modification. I really don't agree that one should be penalized when they are following payments for something that is out of their control. If they were not paying, that is a different story.