Should you stop paying on credit cards before you file?

[whatamess]

Wait at least three more months...

On that BOA loan. I have the same loan, the consolidation one? I have to tell you they were the first to start the phone calls and letters. The regular BOA CC's waited two mon ths past before starting the pone calls. They are persistant, so grow thick skin very fast and dont let em get to you.

I would wait a while, at least 120 days from opening that account so you dont have an objection waiting to happen. You dont want them thinking you did this knowing you would file.
Good luck!
WAM

[DayOne]

Mine was actually a normal loan, not a consolidation loan. I had the best intentions when I applied for it but you are right, I feel like I should let it cool off for a bit before I file. I need to get my taxes in order first anyway.

I am lucky because we are moving in 30 days so no one will have the new home phone. I will have to keep that unlisted somehow. The cell phone will suffer but that is much easier to ignore.

[Vonnie]

Pretty consistently the minimums. I did do some pretty big moving of money between cards (off my wifes on to mine) in search of the almighty teaser rate.

I wondered if that would come up. One never knows. (It was never mentioned in mine.

I practically was doing the same thing, moving money around through consolidation loans and transfers of one credit to pay another (Not Only did I apply and got a credit card for $10,000 before I filed, I transferred the whole balance to pay off another cc only to wipe THAT cc out in the nick of time.

Wish I hadn't wasted my money paying on the minimums THATS for sure.

Best of Luck, CMIYC

Why is it taking so long to close?
V

[Shalynn]

Once I decided I was going to file I quit paying them. I had been current, so I received very few phone calls. The calls that I did receive I just gave them my attorney's name and number.

One thing I would do differently though is to stop payments sooner (even if it meant I received more calls), and save up more money. As it is now, I spent about the same amount in August paying the lawyer's fee as I would have spent on paying the minimums on my credit cards (of course I had all of the back to school costs too..$300 in text books!). I'm relieved that I've filed, but I wont see the full benefit for a few more month.

Good luck!

[biotechsolution]

It all depends on what your credit looks like...

If your credit is still good and you continue to make minimum payments up until the day you file your credit score will not take has huge a hit.

I believe the reason credit scores fall off in BK filings isn't so much the BK filing, it's the lates and charge offs that happen before the filing.

I was current up until the day of filing. TU has never reported my BK but is within 15 points of EQ and EX which have the filing.
They were all between 640-660 right after discharge but I was only pulling TrueCredit. I checked on MyFico 3 months post-discharge at they are all between 685-700.

I'm almost positive it's the lates and charge-offs that really tank the score.