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    Credit score very low

    Credit score below 500. Is 720 possible? I'm in a 60 month plan. 56 months to go.

    #2
    720 is impossible right now because you can't rebuild your credit while your in a Chap 13. But, it will be possible in the future, most likely 7 years after the date you filed BK. It could be well above 500 soon after discharge if not before, just from the passage of time since all the negative stuff on your reports.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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      #3
      tm0101, I just looked at my credit rebuilding thread and see that my Transunion FICO in June 2015, right after my discharge, was 590. It is now 686.

      I just updated the thread in case you want to see more details: http://www.bkforum.com/forum/after-t...=1477594216029

      Remember that there are a lot of factors involved in credit scoring. So, my experience could be very different than yours will be. But, it can show you one possibility.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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        #4
        Thanks for the info. I hope to be back in the black after this is all over.

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          #5
          Give it time. My middle scores were in the 800+ plus range when I did a refi of mortgage a few months ago. The 2 year mark after discharge is where my scores had a tremendous increase. As lady posted, you will probably see some slight increases while in the plan and a steady rebound once completed.
          Filed 11/10/08

          Discharged 2/18/14

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            #6
            720 isn't likely during your 13. I'm in the high 600s with a few months to go until discharge, but it's only that high because I've been paying a house payment.

            A credit score is just a number creditors developed to "grade" your ability to get in debt and stay in debt. People with balances typically have higher scores than those without balances, because creditors want us to pay interest forever. Other than financing a home (and hopefully paying it off quickly), it's my hope that I never have another credit card or loan of any kind ever again after my 13 is completed.

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              #7
              Originally posted by 159515951 View Post
              A credit score is just a number creditors developed to "grade" your ability to get in debt and stay in debt. People with balances typically have higher scores than those without balances, because creditors want us to pay interest forever. Other than financing a home (and hopefully paying it off quickly), it's my hope that I never have another credit card or loan of any kind ever again after my 13 is completed.
              Hear Hear! FWIW, having a couple of credit cards is an easy way to rebuild those numbers just in case you do need to borrow. Have 2 but I use one exclusively as I can get cash back on any amount charged. Saves me money and builds my rep. I do however can't emphasize enough that one should never carry a balance. If I can pay cash for a high ticket item and they take plastic, I'll charge it and pay it off. My philosophy since discharge is if I can't pay for it up front it don't get bought. So far, so good.
              Filed 11/10/08

              Discharged 2/18/14

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