Reporting ? after discharge

[IBroke]

Well, then that's a shame. I wonder how many consumers are getting screwed on this. So, they can keep doing this for 7-10 years? Wow. It will be hard then to get scores above 700 then.. because the latest credit reports will always show a "derogatory account reported within the last 30 days". Such a scam.

Certainly not for 10 Years and no matter if IIB or not - the same "7 1/2 years from DOFD (Date Of First Delinquency)"-rule applies. Although I was recently discharged, my last derogatory tradeline will be gone at the beginning of 2014.
Don't be surprised if some lenders try to keep your score down by doing everything that's legal. Lower score equals higher interest. Good for them.

[CCsAreEvil]

Update: So it "appears" to be good news with my CapOne status on TU. They now changed the "Date Updated/Reported: 07/2011" to "Date Verified" to my BK date. I will see if this makes a significant change in my FAKO score next month (I can only check once every 30 days).

Now, I need to make sure CapOne stops trying to update the date reported field on TU. Also, awaiting to see what Equifax does still.

[momof3b1g]

DH just talked to Equifax and they would not do anything about the credit cards that are still reporting. They did tell him that his score was not 606 and would be suprised what it is. That she did not know if the reports are helping or hurting his score. Is it always bad for them to be reporting?

Also does any one what affect the high credit has on a credit score? They show our installments accounts of 4 and high credit $336,000. It does say 0 owed and 0 past due. But it is the same mortgage that has been sold/transferred. So each amount adds up to the $336,000. Its not mutilpe accounts/mortgages. Could this be causing a slower credit score?

[IBroke]

DH just talked to Equifax and they would not do anything about the credit cards that are still reporting. They did tell him that his score was not 606 and would be suprised what it is. That she did not know if the reports are helping or hurting his score. Is it always bad for them to be reporting?

Also does any one what affect the high credit has on a credit score? They show our installments accounts of 4 and high credit $336,000. It does say 0 owed and 0 past due. But it is the same mortgage that has been sold/transferred. So each amount adds up to the $336,000. Its not mutilpe accounts/mortgages. Could this be causing a slower credit score?

There are certain scenarios where derogatory accounts may be helpful. Another proof of how crazy this system is. For example, if your derogatory accounts are old accounts, the removal could actually hurt you. The REPORTING or monthly UPDATING itself of derogatory accounts, however, shouldn't be helpful. At least not that I can think of..

The high credit has no effect on installment loans when it comes to scoring. Only revolving accounts (like CCs) and their utilization have and even in that case, the HIGH CREDIT is only used if there is no info of the actual credit-line. Some CCs like AMEX don't have an official credit-limit so the utilization is calculated with the high credit - in other words, how your recent balance is compared to the highest balance ever reported.

[momof3b1g]

Pulled up Fico on MyFico and mine is 666, dh is 649. How close are these to the scores the lenders pull? I'm hoping these are high enough. But still trying to see what can be fixed and up it even more.

But we cannot find anything to could be corrected. We have accounts that are IIB, a Target card and Levitz account that was closed by credit grantor/paid account/zero balance, but was payed as agreed no lates. Does this kind of account help or hinder?

OH also our first mortgage does not show IIB. Should I have that changed? It was and not reaffirmed.

[CCsAreEvil]

Pulled up Fico on MyFico and mine is 666, dh is 649. How close are these to the scores the lenders pull? I'm hoping these are high enough. But still trying to see what can be fixed and up it even more.... OH also our first mortgage does not show IIB. Should I have that changed? It was and not reaffirmed.

Yes, if you pulled straight from MyFICO, those are your TRUE scores the lenders would see. And those are not excellent scores. My scores are around that range, too. You'll be paying higher interest rates on pretty much everything (assuming you get approved in the first place with said/specific loan).

There should be some indication on your first mortgage that it's IIB. There should be a $0 balance and $0 past due, too.