Question for those who have paid off CP

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Wetcoaster

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Question for those who have paid off CP
« on: October 30, 2017, 05:50:15 PM »
I was just wondering.....what does it show on your credit report?

 Do your accounts show derogatory still or R7 ?

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fireguy233

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Re: Question for those who have paid off CP
« Reply #1 on: November 03, 2017, 10:48:44 PM »
My Proposal just shows up under public records and other information, with information regarding date filed/completed etc.... 

As for the accounts they show derogatory however in the note section it states "included in consumer proposal" all balances being zero except high credit amount.

Hope this helps I tried to post pictures but I cant seem to get it to work.

Best of Luck

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CP_2_be_BetteR

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Re: Question for those who have paid off CP
« Reply #2 on: November 09, 2017, 03:48:06 PM »
My Proposal just shows up under public records and other information, with information regarding date filed/completed etc.... 

As for the accounts they show derogatory however in the note section it states "included in consumer proposal" all balances being zero except high credit amount.

Hope this helps I tried to post pictures but I cant seem to get it to work.

Best of Luck

Yep, what he said :)

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Wetcoaster

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Re: Question for those who have paid off CP
« Reply #3 on: November 09, 2017, 10:10:23 PM »
That is what ours show also.

Equifax is still showing the cards in our proposal as open....meaning it is showing we have available credit of $90,000.

I am still trying to get that corrected after all this time.

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fireguy233

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Re: Question for those who have paid off CP
« Reply #4 on: November 12, 2017, 01:55:35 AM »
Wetcoaster.

Just be sure that when you close or shut down accounts that they are not your oldest accounts as this will reduce your credit score.

Also be sure that your revolving credit usage remains low by having those amounts removed as it may throw you over the 30 percent threshold everyone talks about.

Its best to have really old and established credit lines and very low utilization on your revolving lines. so be careful.

Take care

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Wetcoaster

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Re: Question for those who have paid off CP
« Reply #5 on: November 15, 2017, 05:37:19 PM »
We only have 1 credit card each which we use never use over 30% in a month and pay them off each month.

All the other accounts were part of the CP and should have been closed by the credit card companies. 

Hence it shows I have $100,000 in available credit which is not good.

 

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