Help me understand credit score

[Delta98]

I am having a little problem understanding the affects the reporting of IIB's have on my FICO score. Each CRA has a little different way of reporting the accounts and I can't seem to understand. For example:

Cap1 EQ

Acct.# xxxxxxxxxxxxxxxx Current Status Included in Bankruptcy

Acct. Owner Individual Acct. High Credit (left blank)

Type of Acct. N/A Credit Limit (blank)

Term duration (blank) Term frequency (blank)

Date opened 6/2002 Balance (blank)

Date Reported 7/2010 Amount Past Due (blank)

Date of Last Payment (blank) Actual Payment Amount (blank)

Sched. Payment Amt. (blank) Date of Last Activity N/A

Date Major Del. 1st Reported 7/2008 Months reveiwed 97

Creditor Classification (blank) Activity Description Closed

Charge off amount (blank) Deferred Pymt. Start Date (blank)

Date Closed (blank) Type of loan credit card

Date of First Delinquency 9/2007

Comments- Included in Chapter 7 Bankruptcy

Account Closed at credit grantors request.

Question: Is the updated reporting of this account causing a problem on my FICO score or is the fact that this account is closed and at 0 balance rendering the monthly reporting harmless? Should the balance actually read 0 or is blank ok? Should the Date of Filing of BK7 be included in the report? (6/2008) What about the Date of Discharge? 10/2008.

same account on EX

account # xxxxxxxxxxxxxxxx Status: discharged through bk chapter7

Date Opened 6/2002 Type: revolving account Credit Limit $xxxx

Date of Status 10/2008 Terms (blank) High Balance $xxx

Reported Since 6/2002 Monthly Payment $0 Recent Balance $0

Last Report Date 7/2010 Responsibility - Individual Recent Payment $0

Credit grantor's statement : account closed at credit grantor's request

They are reporting an account history thru 3/2008 and then nothing

balance history reported thru 10/2008

Question: does the last date reported affect my score as they are reporting a separate status date? Should the balance reported stop at the date of filing or is ending at the discharge date ok?

on TU

account#xxxxxxxxxxxxxxxx

balance (blank) pay status - unrated

date verified 7/2010 account type revolving

high balance $xxx responsibility - individual

credit limit #xxxx date open 6/2002 date closed 3/2008

Loan type - credit card

remarks: chapter 7 bankruptcy

estimated date this account will be removed 8/2014

Question: should this be reported as unrated or discharged in bk7?

Is the date verified and the date reported the same thing? I have not disputed this account so I have requested no verification. As in the other bureau reports does updating an account that was discharged in BK7 negatively affect my score? Should they even be updating this information or is it a violation of the stay?

Thank you for you help.

[Denita]

The "blank" in the field is killing your score. It is supposed to be zero. If you look under the stickies and read the one regarding credit score reporting - you will see that it is in your best interest to dispute the blank field. Make the creditors report correctly.

Also the account should read as "iib" (included in bankruptcy) - not unrated. I don't know for sure, but I believe that impacts your score negatively.

[Delta98]

Thank you Denita

Do I dispute with the OC? If I dispute with the CRA they are just going to verify that the information they have receiving is being reported correctly.

[Denita]

If you have already disputed with the CRA, then send your dispute to the OC. Just like the regular dispute process.

[Delta98]

if I dispute with the CRA's will they update the bankruptcy information on the disputed accounts to make it appear more recent?

Should I specifically request no change in the status date?

I don't want to make a bad situation worse.

I disputed one account that was reporting as open and 120 days late and they changed it to IIB but now the date of bankruptcy is 10/009 when I filed in 6/2008 and they changed the verified date to 6/2010. This brought my score down.

[willingtocope]

IIB will have a negative effect on your FICO Bank Card Score (the "sucker score"). You stiffed them pretty bad (I assume) and it will be years before they forgive that. If you had a foreclosure, the same will apply to your FICO Mortgage Score...otherwise, your mortgage score will recover in 18-24 months, Your FICO New Car score probably isn't too bad...you may even be able to get a new car right after discharge...they know you can't BK again for 7 yrs...although your interest rate might be high.

[Delta98]

So is the score I get from myFICO my "sucker" score?

[willingtocope]

To the consumer, myFICO reports what they call the FICO Consumer Score which is calculated in much the same way as the FICO Bank Card Score...so, I guess you could consider either the "sucker score".

The main difference is you get a number like, 610.

The credit card companies usually get a "band". These numbers are not 100% accurate but, for example, Band A includes scores between 750 and 850...Band B is between 650 and 750...Band C is between 550 and 650...and so on. They like to issue CC to Band C people...its means, although there is a risk of default, they're likely to make money charging interest on the "high utilization" and the occasional late or over limit fees.

Band B gets lots of CC offers...low interest teaser rates...rebates...the works. The CCs are betting that a Band B consumer is just a misfortune away from slipping into the Band C...where they can rate jack them.