Has anyone done this?

Discussion in 'Credit Talk' started by tmitchell, Jul 12, 2001.

  1. tmitchell

    tmitchell Well-Known Member

    Hi everyone...

    I think I am taking the road less traveled here by attempting this but hey, it might be worth a shot!

    Has anyone here been able to convince a creditor whom you included in a BK to reopen the acct with both the credit line and balance equal to what was discharged in return for deletion or upgrade of reporting status?

    I ask this because I had several good cards that were never late from 1992 thru 1997 (when I filed) that I'd like to get converted to good accounts again. I see it as a win-win for all involved because creditor gets a windfall they didn't expect and debtor get a bad tradeline converted to a VERY GOOD tradeline and a new credit card account.

    Going this route basically makes the card a secured account on which you have to pay down prior to using it BUT in some cases, this may be worth it.

    The creditor is 100% protected because the amount was already written off when the BK was filed. Has anyone done this? Does anyone have any opinions on this?


  2. cable666

    cable666 Well-Known Member

    It is called reaffirmation.

    If you can manage your finances in the future, then this is a good idea. If you can't (and the BK proves that you can't at least once in your life), then it will really hurt you.

    Even if your credit report has lots of nice clean happy tradelines, that BK is going to be sitting there like a t**d in a punchbowl. Your creditors aren't going to miss it.
  3. tmitchell

    tmitchell Well-Known Member


    I know that it's a reaffirmation. However, I thought you could only do it at the time of filing. Do creditors normally do it this long after it's been discharged?

  4. cable666

    cable666 Well-Known Member

  5. tmitchell

    tmitchell Well-Known Member

    Thanks again cable....

    I know the BK will sit there. However, what I am shooting for is a higher FICO. If I can get my FICO over 550, I can get a sub-prime mortgage that I need by next summer's end (I'm about 8 points away on two of my reports).

    Also, the BK never made it onto one of my reports so that's a bonus.

  6. tmitchell

    tmitchell Well-Known Member

    Does anyone know if this would help my credit score substantially due to increase in average account age OR would it hurt it because of the increase in balance to limit ratio?


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