Late Payments

[meshell]

From the research I have done on here and other sites, I see that late payments can be reported before your filing date of Ch 7. Is that correct? If so is it better to file before you incur late charges? By better I mean, will it be easier to rebuild your credit? Will there be like a double whammy (late payments and bankruptcy) on your credit report?

Also what is a good site to pull a tri-merge credit report? Thanks!!

[dumpinmydebt]

Can't answer your first question, but..

I pulled a tri-merge from Equifax. I think it was like $30. I'm pretty sure you can pull all 3 from any of the 3 bureaus.

[researchnerd]

I don't think it makes a huge amount of difference in rebuilding your credit. After you file, I believe each account will show on your credit report as "IIB" with a $0 balance, so your payment history disappears...I think. Someone who is post-BK would know for sure.

I hope the double whammy doesn't make it harder, because in the course of my BK I am surrendering my home and probably my car. Will I have a BK, foreclosure, and repo listed separately, even though it's all part of the BK?

Sorry, I realize I've asked more question than I've answered here!

I get all 3 reports from TrueCredit.

[tcreegan]

Hi all,

If your pre-BK credit report is worth a nickel, the Bk is worth 50 bucks. Don't make BK decisions for your credit report, it is not that important.

If you live and die by your FICO score, pull all three after your case closes and clean them up. Then do some rebuilding.

But if your FICO score is what got you into BK, remember the old saying 'Those who live by the sword....

Tom in Colo

[free2breathe]

Hi all,

But if your FICO score is what got you into BK, remember the old saying 'Those who live by the sword....

Tom in Colo

Love that!

[meshell]

I hope not...I plan on rebuilding my credit but I have heard the late payments ding your credit score on top of the bankruptcy and I know they show up if they happened before filing. Just don't know if it affects your score even worse if you have late payments and bk.

[meshell]

And of course my FICO was what got me here and student loans. I don't plan of getting back here again, just will need to sell my house and buy a smaller one in a couple years and want to rebuild for that purpose is all. So want to do the best thing to be able to rebuild the best I can if that makes sense. I have to wait to sell for 2 more years due to the first time homebuyer tax credit and have to build some equity or I would of done it before bk

[SunshineGal]

The late payments prior to the bk shouldn't make much of a difference. Now, a late payment AFTER the bk will tank your credit.

[leena]

I think all things considered, it really does not matter what shows up as "included in bankruptcy". Judgements, late pays, and these days short sales/home foreclosures are found on file for most people who have BK. Two important factors are:

1. Make sure all debts on the credit report show up as included/discharged in BK. That is a huge problem for a lot of people.

2. Totally agreed with making sure all payments on stuff are current after BK. Utilities, any credit card you might get, mortage, whatever make sure there are NO late payments.

[tcreegan]

Hi all,

Another common occurance is for there to be negative notations on accts included in the BK, charged off, closed by grantor, etc.
Work to get these removed so only the BK is notated. Also work to get any judgement off your report, get them vacated and work to get them removed. Remember that credit bureaus are very bureaucratic (imagine that!) and use letters and lots of persistence.

And seriously, your pre-BK credit history goes out the window once the BK hits. Post-BK credit is what you need to work on and cleaning your reports is the first step.

Tom in Colo