eyeball Posted January 10, 2008 Report Share Posted January 10, 2008 What do I do if I have several accounts on my credit report that were included in my BK7, but still show as late on my credit report. I haven't gotten my discharge yet but expect it any day now. I apologize if this question has been asked before. I am trying to buy a house and those accounts have brought down my score to 560.ThanksEyeball Link to comment Share on other sites More sharing options...
lovebug5 Posted January 10, 2008 Report Share Posted January 10, 2008 What do I do if I have several accounts on my credit report that were included in my BK7, but still show as late on my credit report. I haven't gotten my discharge yet but expect it any day now. I apologize if this question has been asked before. I am trying to buy a house and those accounts have brought down my score to 560.ThanksEyeballYou can't do much of anything without your discharge paperwork from the courts. Link to comment Share on other sites More sharing options...
eyeball Posted January 10, 2008 Author Report Share Posted January 10, 2008 What happens after I get the discharge than what can I do? Link to comment Share on other sites More sharing options...
lovebug5 Posted January 10, 2008 Report Share Posted January 10, 2008 Once you are officially discharged by the courts, all of your creditors will be notified and they should update your TL's accordingly. If they do not update the TL's (which typically takes around 30 days or so), then you begin your dispute process... Link to comment Share on other sites More sharing options...
eyeball Posted January 10, 2008 Author Report Share Posted January 10, 2008 Ok thanks I was told by a mortgage officer that they should allready be removed and that she scould help me "clean up my credit"., by me giving her my BK paperwork and she would take it down to our local credit union which is affilated with TU.So you are saying that the accounts would not show"dischrged in Bk", until AFTER they get the discharge paperwork? Is that correct? Are they scamming me?Thanks so much for your help! Link to comment Share on other sites More sharing options...
lovebug5 Posted January 10, 2008 Report Share Posted January 10, 2008 A creditor is not going to report an account as "Discharged through CH7 BK" until you have officially been discharged through the courts. When you file for BK, accounts are not removed from your credit reports. Instead, upon discharge: the status of the accounts is changed to "Included in Bankruptcy" or some similar verbage, the balance should report as zero, there should be no late payment history following your discharge, etc. So basically...If you have a mortgage broker telling you that these accounts should be removed or reported as discharged without you having been formally discharged as of today, the information that they're giving you is either being misinterpreted or is false. Link to comment Share on other sites More sharing options...
jetscarbie Posted January 10, 2008 Report Share Posted January 10, 2008 It seems a little early for you to be able to get a house. It usually takes atleast 2 years AFTER discharge before you can get a mortgage. Link to comment Share on other sites More sharing options...
lovebug5 Posted January 10, 2008 Report Share Posted January 10, 2008 It seems a little early for you to be able to get a house. It usually takes atleast 2 years AFTER discharge before you can get a mortgage.I was going to say that but bit my lip...There are subprime lenders out there who go after newly discharged consumers with abnormally high rates, promising a guaranteed loan. If someone just filed for BK and isn't even discharged yet, how are they in a position to purchase a home? That's my biggest question... Link to comment Share on other sites More sharing options...
jetscarbie Posted January 10, 2008 Report Share Posted January 10, 2008 OP....Don't let yourself get suckered into a subprime. If you think going bankrupt is bad....get sucked into a terrible mortgage. Don't let that broker scam you.If you step back and work on your credit for the next couple of years (put a few positive and make on time payments, and save money) you can get a decent rate on a mortgage. Link to comment Share on other sites More sharing options...
Recommended Posts