I just pulled my FICO on EQ and it is at 594. It shows my BK I filed in July 02, but the accounts do no show " included in BK " Should I challenge? And if I dispute and they show included in BK will this lower my score more or has it been already lowered since the BK shows on the file.
Hi ebizay - welcome. Now the BK is done and behind you. It takes a while for all the bureaus to get all accts "included in BK." It took me quite a while to get some to show that designation. Your score will go up somewhat, but its not a huge gain for the first yr or so. JUST watch your reports - you may see some accts sold to new collectors; no one can touch you now nor make you repay anything. CAPital One or Amalgamated bank (www.aboc.com) would give you a secured card - new credit after the BK. Relax - now you have started rebuilding - and you'll meet some nice people too aarrff - dogman
THere are two schools of thought on this. First, get all of the "included in bk" accounts to reflect that. Your score will improve when this happens. You will then develop a plan for getting these items removed, one by one, from your report. The second school of thought is to not get them to read as "included in bk." It seems that they may be easier to delete via verification letters if it doesn't read that way. It is pretty hard to say "not mine" when it is included in a bk. Lastly, if you decide to get them all included in the bk, DO NOT send the CRA's a copy of your bk papers. That will be a kiss of death later when you try to fight them. Just my opinion.
We had the same problem with our bankruptcy not being reported as "included in bankruptcy" so we had them disputed thru each credit bureau. The main thing to remember is to pay ALL your currect lenders on time from now on. That is what majorly helped our credit rating. Our Chap 7 fell off last year and our EQ score is 700 now. I have no idea what it was after our chap 7 and a year later cause I never checked it until the last year or so. I just wanted it documented on my file so that they would fall off and not show "charged off" etc....I did have to notify a few lenders about the bankruptcy too and forward my papers to them but if I were you I would have your file report it as included so that lenders don't think you just didn't pay on-time etc.... But then again I'm no credit pro, and that's why I'm here LOL
