Discussion in 'Credit Talk' started by donna8284, Sep 24, 2001.

  1. donna8284

    donna8284 Well-Known Member

    When an account that is included in bankruptcy is reported should it just say "included in bankruptcy" or "included in bankruptcy/account charged off"?

    Does it make a difference?
  2. newstdt

    newstdt Well-Known Member

    I've read before that it really doesn't matter as it was "included in Bankruptcy" and probably was charged off. Pretty much people concur that the bankruptcy by itself is about as bad as it can get, so it really isn't terribly detrimental to your report. If anyone knows anything contrary to this, by all means, please advise.

    Mine only stated "Included in Bankruptcy" but I'm giong to keep checking on them.

    It should also show a zero balance.

    GEORGE Well-Known Member

    as bad as it can get,

    CCCS was BADDER THAN BAD for some people...couldn't even get a 100% secured credit card 2 years after PAID IN FULL WITH CCCS.

    Others have been able to get a MORTGAGE and UNSECURED cards 2 years after BK.

  4. dlo64

    dlo64 Well-Known Member

    Your report should say included in bankruptcy and should not indicated charged off. A charge off notation along with a bankruptcy notation is worse than just the BK by itself. If the debt was listed in the BK petition and discharged, then there should not be a charge off notation. Believe me you will get questioned by potential lenders in the future if an account is noted as a "included in bankruptcy/charged off." They will want to know if the account was discharged or charged off. If I am not mistaken it cannot be both.

    You might be able to get an unsecured Cap 1, Household, or Providian within a year after filing a BK. The only catch is that on average you will pay a higher interest rate; anywhere from 18.9% to 23.99% and annual fees from $49 to $59 on average. Been there and have been able to do that.

    Also, make sure that the creditor is showing the correct Chapter Bankruptcy you filed. I have three showing the wrong Chapter. They have been disputed and have come back verified so now I am fighting with the creditor to correct this. Look at your schedules and compare it to your credit report and make sure that each account in your bankruptcy petition is showing discharged in bankruptcy. I am making the assumption that we are talking about a chapter 7. I have FUSA showing that my BK is still open on my old account with them and that I filed my petition in 2/01; my BK was discharged in 11/00.

    Hope this helps.
  5. newstdt

    newstdt Well-Known Member

    FUSA is the thorn in my side also. Ugh...
  6. donna8284

    donna8284 Well-Known Member

    Okay heres the deal my Bk was discharged in 7/98.
    Ford motor credit is reporting -discharged through BK chapter 7/repossesion

    all of the credit cards on my husbands report except one are listed as:

    either included or discharged through bankruptcy/and either account charged off or collection account
    they all have $0 balance

    My husbands Transunion reports all as included in bankruptcy - unrated
    On 2 sears accounts reports as
    in prior 2 months from date closed never late(they were and are showing in BK)
    but they keep verifying Ford motor credit as a repossesion and not included in Bk

    Do negatives fall of 7 years from the date of last activity?
  7. Maer

    Maer Well-Known Member

    Mine reported that way as well.. I simply disputed them as never having been charged off. Several were removed, the rest were changed to only "included in bankruptcy".
    This reminds me, I need to finish disputing the rest (I only do a few at a time)
  8. donna8284

    donna8284 Well-Known Member

    I have a collection account (medical) that was included in the BK.It is only reported on Equifax.It was reported as collection status:unpaid balance $121 with a note under it saying account included in bankruptcy.I disputed it and it came back as collection status:CHECKED balance $121 with a note under it saying Status Date: 09/2001 Note: ACCOUNT INCLUDED IN BANKRUPTCY

    shouldn't it be zero balance?
    What next?

    Just a FYI:My Fico dropped 30 points after my disputes were finished.Everything remained the same except the CA account above and (5)30 day &(1) 60 day late were deleted from one account.
  9. newstdt

    newstdt Well-Known Member


    Are you disputing with the CRA's or the creditor?? I have Discover stating "Discharged in BK/Account Charged Off" on my Exp. Also, Citibank states "Discharged in Bankruptcy/Collection Account"

    This is after the first round of disputes. Who should I go after here?

  10. Quixote

    Quixote Well-Known Member

    I disagree. The Lovely Mrs. Quixote and I completed CCCS and one month later got a Citi MC (no annual fee, 16.9%, 1000 limit) through a special program they have with CCCS. I will agree that while you are in the middle of the Debt Repayment Program, they won't even pass you the ketchup, much less approve a new loan. That said, when my van broke down for the fourth and final time, I talked to my counselor, we reviewed our account, budget, etc, and CCCS gave us a waiver letter that we could show at several dealerships. Some dealers will specifically work with CCCS people if they've been making their payments and get the waiver letter. Boy do they charge, though (something like 23%). But compared to not having a car, or throwing good money after bad into a '89 Caravan with nearly 300,000 miles, well...

    The one situation where I can imagine being as bad r worse than a BK is if you sign up with CCCS and then don't finish. I would guess that they'd toast you.

    I'm also guessing that since nearly all of the negatives on our CR's have been paid in full, the difficulty in getting them deleted through disputing is lowered. I've gotten over 40 items deleted or changed to R1 between The Lovely Mrs. Quixote & I. Some, notably Cap One and Chevron, are particularly stubborn.

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