I have 10 months left and I just checked my credit score

[James H]

I thought it was going to be about a 100 but was surprised to see it was 652... just outside of "average" I'm not sure how that is even possible? Does the score really mean anything when you're in a 13?

It seems like it can only go up in the next 10 months as long as I don't do anything stupid, and I'm not going to. So does this mean I'll be able to get a decent credit card to start rebuilding my credit when I'm done with this bankruptcy?

[justbroke]

Most people who exit a Chapter 13, after 3-5 years, will have credit scores near 700 (680+). That's just a fact of having no credit cards and having no debt! Did you know that a huge chunk of your credit score is for utilization (% credit used) and the debt to credit ratio? According to Fair Isaac (maker of FICO scoring model), "debt" (utilization and balances) is worth 30% of the score!

Almost all Chapter 13 debtors are able to get relatively decent credit offers within 6 months after discharge of their case. Unless you "messed" up during the Chapter 13, you could even get a mortgage on a home.

[James H]

That is great news. I thought I was going to be in trouble for years until the bankruptcy was off my report.

Does anybody know if when they run your credit (say for a car loan) do they just check your score or do they dig through deeper?

I'm in a much better (way way better) financial situation now and I'd have no problem affording a new car when I'm done if I'm able to get a loan, but if i'm going to have to pay 20% interest I'll just wait.

[justbroke]

Most just check your score, but many will get back a "bankruptcy" or "public record" indication. Some banks will reject you solely on the public bankruptcy record. Most, though, just go by the score and lack of "frequent" and recent inquiries.