Credit Report Gurus...Looking for help (1 Viewer)

[pizzatyme]

My brother had a joint credit card with his wife who filed bankruptcy. They secured the debt together before marriage, she filed post-marriage.

Since then, he has had the balance owed on his credit report and has been making payments.

Last month he noticed on creditkarma that the account was closed and is no longer showing on his report. He checked on the credit card company's website and it still shows his balance.

He wants to stop paying and thinks he can do so without repercussion since it's no longer on his report. I think he'd likely get sued for the balance, but since it's under $5000, it would be in small claims court. They may not mess with it.

The question is, if it's closed on his report, can they re-open it? Can they or would they sue him?

Any help appreciated. TIA

 

[jon_mx]

If it is a legitimate debt and has his name tied to it, of course they can screw with his credit.

 

[pizzatyme]

If it is a legitimate debt and has his name tied to it, of course they can screw with his credit.

I understand if it were still open. I'm just wondering if they can do that after they've already closed it on his report? Fair enough if you think they can.

 

[Pigskin Fanatic]

If it is a legitimate debt and has his name tied to it, of course they can screw with his credit.

I understand if it were still open. I'm just wondering if they can do that after they've already closed it on his report? Fair enough if you think they can.

at the very least the credit card company will send it to its collection arm and the collection activities will definitely end up on his credit report.

 

[pizzatyme]

If it is a legitimate debt and has his name tied to it, of course they can screw with his credit.

I understand if it were still open. I'm just wondering if they can do that after they've already closed it on his report? Fair enough if you think they can.

at the very least the credit card company will send it to its collection arm and the collection activities will definitely end up on his credit report.

That makes sense.

 

[jon_mx]

If it is a legitimate debt and has his name tied to it, of course they can screw with his credit.

I understand if it were still open. I'm just wondering if they can do that after they've already closed it on his report? Fair enough if you think they can.

But it is still open according to the debt holder. What currently on some report doesn't mean squat. They can report it next month if they want to.

 

[SacramentoBob]

The length of time a bad debt can stay on your credit report is not the same as the length of time they have to sue you for it. Generally the latter is a shorter time frame, but there are exceptions state by state.

 

[SacramentoBob]

Since he's still been paying on it, that changes a lot though. I'd advise he keep paying.

 

[SacramentoBob]

If it is a legitimate debt and has his name tied to it, of course they can screw with his credit.

I understand if it were still open. I'm just wondering if they can do that after they've already closed it on his report? Fair enough if you think they can.

But it is still open according to the debt holder. What currently on some report doesn't mean squat. They can report it next month if they want to.

Not necessarily.

 

[Dragons]

I can understand why he wants this to go away, but taking credit karma's report vs that of the actual debt holder is insane.

 

[Prince Myshkin]

so what was the purpose in filing bankruptcy? (serious question...i'm completely ignorant on most financial topics)

 

[pizzatyme]

She had a bad investment home from a previous marriage. (Think Money Pit).

 

[Prince Myshkin]

She had a bad investment home from a previous marriage. (Think Money Pit).

OK, so she had a ton of debt and filed bankruptcy for that but that debt didn't involve him. This debt is a different debt that they incurred together after the first one...gotcha (I think)

 

[Slapdash]

Quit paying the credit card, invest in weed stocks and Twitter

 

[SacramentoBob]

This guy in jail yet?

 

[Dickie Dunn]

Had a bank's mortgage person run two credit checks on my wife and I over a period of less than six weeks (we met in March to discuss loan options, but we don't even have a pre-qual letter from them at this point). Now these are showing up as inquiries on our credit reports and both of us have seen our scores drop.

1. She claims she's only running "soft checks" and can't understand why our scores are dropping. I've had other people tell us there really is no such thing as a "soft check."

2. What possible reason could she have to run the second check when the first one should have been valid for 90 days?

 

[SacramentoBob]

1. Most people who run your credit have no idea what they're talking about. Yes there are such things as soft checks. It's possible they don't know how to code them correctly.

2. I dunno, that might be their policy or they might not know what they're doing.

 

[Raider Nation]

Tell "your brother" I said good luck.

 

[pizzatyme]

Tell "your brother" I said good luck.

"thanks"