Rebuild Question

[Anonymous]

Hey Guys,

   I'm new posting here but basically in June 2014 I applied for Ch 7 bankruptcy and in October 2014 I was discharged. I didn't start my rebuild process until February of this year when I found this forum and learned alot. I started out with 2 capital one cards one Quiksilver one and one Platinum each with a $500 balance and also a Credit one card with a $500 balance. On other news, I just got my 3rd statement and had a $0 balance on both cards and did the CLI and jumped up to $1500 on both cards then PC'd the platinum to a quiksilver card. 

I need your help.

I have been disputing stuff on my report to get it report correctly and recently saw a drop in my TU and had a question for you. I have 3 accounts under TU that under payment status says unknown, it's closed and a $0 balance but in the remarks/comments field it says ch 7 bankruptcy. Before I did the dispute, under payment status it said ch 7 bankruptcy. Whenever I call TU they tell me it shows up as it's supposed to as closed with a $0 balance and included in bankruptcy? Is it correct that that should only show up in the remarks comments field or does it need to say that in payment status? 

Next question, I have one account on Experian that says included in bankruptcy and closed with a $0 balance and it was a utility account that was only open for one month but it shows red for every month from the month I opened the account until the month I filed for bankruptcy? Shouldn't only the month I filed bankruptcy be in red for the late payment history? I also have some accounts that show up as late but closed with a $0 balance and included in bankruptcy should that show up as late as well?

Additional information, my experian shows the bankruptcies correct under payment account status included in bankruptcy and my experian score is the highest at 636, TU is lowest at 573 and was just 590 before it changed the bankruptcy status and Equifax is 589.

Thanks for any feedback you can provide.

[RonM21]

I'm not really in the know on how BK's work, but no one has replied yet so I'm hoping my response will bump this up so someone who really knows about this stuff can help.

[Anonymous]

Yes noone has replied here or in the bankruptcy forum. I'm just wanting to know if included in bankruptcy needs to be in the payment account status row or is it the same if it only appears in the remarks comments section. I also want to know if anyone knows what credit cards pull from what bureaus when applying. I'm wondering about Chase, Discover, US Bank and Citi.

[Anonymous]

OK I am not sure of the answers I am giving here, but I think this this is how it works (I went through Bankruptcy in 2005).

I think the trade lines are being reported accurately.

FTC OSC section 607, item 6 states: “A consumer report may include an account that was discharged in bankruptcy (as well as the bankruptcy itself), as long as it reports a zero balance due to reflect the fact that the consumer is no longer liable for the discharged debt."

So, I think this means bankruptcy discharge will not erase discharged creditors or your prebankruptcy payment history.  Accurate history is still being reported.

As for CC's to try to get. after mine, I got a ton of bad CC offers in the mail. I mean we will giver you 500CL but there is about 200 in fees before you start using a card.

Try Capital One. I think they will Prequal you. They did me and I was surprised I got two (QS and Plat)

[RobertEG]

BK provides a comment notification of how the debt was discharged.

It is not per se an additional delinquency/payment rating status.

Its payment history prior to the discharge of the debt remains.

If the credit report is showing $0 balance, debt discharged by BK, and no additional delinquencies were added after the BK, I see nothing inaccurate.