hi all,

My wife and I had our bankruptcy discharged in march of this year, and we
got our credit reports today. my question is this, before we even filed for
BK we had paid off some credit cards directly with the collection agency,
most of these cards are bieng reported in the reports as included in chapter
7 bankruptcy. does this make a difference to our score? is this something I
should dispute? also my fico scores are as follows...540, 579, and 548 is
this normal after a BK? thanks to all for your assistance.

TIA
MS

I didn't get any repilies today, but I really hope you were all just busy.
my wife and I are really stuck and don't know what to do, please help

TIA
MS

"Michael and Amanda Shenouda" <twoshenoudas@adelphia.net> wrote in message
news:UrErb.450$xc7.640239@news3.news.adelphia.net. .. hi all, My wife and I had our bankruptcy discharged in march of this year, and we got our credit reports today. my question is this, before we even filed
for BK we had paid off some credit cards directly with the collection agency, most of these cards are bieng reported in the reports as included in
chapter 7 bankruptcy. does this make a difference to our score? is this something
I should dispute? also my fico scores are as follows...540, 579, and 548 is this normal after a BK? thanks to all for your assistance. TIA MS

Please go to this site: http://www.creditboards.com/phpBB2/index.php
The folks there are very well versed in credit report disputes, how
items should be reported after a BK etc. They have helped us raise
our scores from 20 to 40 points in a few months just following their
suggestions. Just introduce yourself as a newbie and you will
probably receive a lot of replies and suggestions.

Were these cards listed on your list of BK creditors? Also, yes, your
scores post BK are pretty typical but you can get them into the 600s
fairly quickly. Do ask over at creditboards; you will probably find a
ton of useful info on other any other concerns you might have as well.

Good luck.


"Michael and Amanda Shenouda" <twoshenoudas@adelphia.net> wrote in message news:<cqZrb.553$xc7.799329@news3.news.adelphia.net>... I didn't get any repilies today, but I really hope you were all just busy. my wife and I are really stuck and don't know what to do, please help TIA MS "Michael and Amanda Shenouda" <twoshenoudas@adelphia.net> wrote in message news:UrErb.450$xc7.640239@news3.news.adelphia.net. .. hi all, My wife and I had our bankruptcy discharged in march of this year, and we got our credit reports today. my question is this, before we even filed for BK we had paid off some credit cards directly with the collection agency, most of these cards are bieng reported in the reports as included in chapter 7 bankruptcy. does this make a difference to our score? is this something I should dispute? also my fico scores are as follows...540, 579, and 548 is this normal after a BK? thanks to all for your assistance. TIA MS

"Michael and Amanda Shenouda" <twoshenoudas@adelphia.net> wrote in message
news:UrErb.450$xc7.640239@news3.news.adelphia.net. .. hi all, My wife and I had our bankruptcy discharged in march of this year, and we got our credit reports today. my question is this, before we even filed
for BK we had paid off some credit cards directly with the collection agency, most of these cards are bieng reported in the reports as included in
chapter 7 bankruptcy. does this make a difference to our score? is this something
I should dispute? also my fico scores are as follows...540, 579, and 548 is this normal after a BK? thanks to all for your assistance.

Do the incorrectly reported accounts make a difference in your score, a mere
8 months after discharge of BK7? Probably not. What WILL make a difference
are accounts that SHOULD appear as "DISCHARGED IN BK7, UNRATED" which are
reporting multiple consecutive 30+, 60+, 120+ or 150+ lates AFTER discharge.

I had one of those show up on my TransUnion report -- it was Providian, of
course -- and recently disputed it successfully. That ONE incorrect
tradeline was the difference between a 551 FICO score and a 633 FICO score
(no other corrections made).

As to your FICOs of 540/579/548, they're not great, but they're not terrible
for someone eight months out of BK. My wife and I, at 10 months post-BK,
had scores of 574/584/589 (me) and 525/579/581 (her). I'm not certain what
her current scores are, but mine, with only a car note, student loans, and
two unsecured bank credit cards (paid religiously and kept at a very low
balance), are now 621(Experian)/633(Transunion)/669(Equifax).

These scores aren't great, but for someone less than two years out of BK,
they're pretty good. Hell, we're going to be closing on a subprime mortgage
note in January, and have been informed that our rate should be at or near
7% for a 30yr fixed. That's not at the historically low rates offered to
those with prime credit, but it is still, all things considered, pretty
damned good. When we last considered purchasing a home, A-paper mortgages
were at 8+ percent and subprime lenders were charging 12-14%, even WITH 20%
down. Scary.

-P