Credit Score Post BK

[sampsta]

So our attorneys have filed the motion for discharge...waiting for trustee to finalize thier paperwork...my question is after the offical discharge...does anyone see an increase in your score...if so how small??

just curious...were looking to refi but needed to wait till chap 13 was done

[drew999999]

Our final discharge was in April. We had a school loan and mortgage that we are still paying. Our credit reports no longer have the mortgage information, nor our car loans that we paid off during the plan. We were told by our lenders that during a bankruptcy, they do not report payment history (good or bad) to the credit bureaus to prevent legal issues. We were also told by our mortgage lender that within the next month or so, they will begin reporting again. This has caused our scores to remain flat with what they were during BK with no change. In an effort to kickstart a recovery of my credit score, I picked up a small credit card and have been using it for miscellaneous purchases like gas, and paying the entire balance when due. I haven't had it long enough to be reported yet. I'm in the same boat where I'd like to refi my mortgage to a lower rate, but don't have the score to get it done yet. Since the credit scoring system is such a fuzzy formula, it's anybody's guess what to expect.

[wellspring]

Not to discourage anyone, but my bk was discharged in 2007, my credit score after a lot of hard work is now 755. yay! However, there are still times when applying for things that the bk rears it's ugly head as it's on that credit report for 10 years for a chapter 7 and I believe 7 years for a chapter 13. I recently applied for car insurance through esurance for different quotes. A few weeks later, I received a letter in the mail from Allstate, saying they could not offer me insurance because of the bankruptcy on my credit report. Not that I cared, I would not have picked them anyway. The same when I bought my car 3 years ago, the finance guy at the auto place could not give me a lower rate because of it. ( I did still get 6 percent, not the 4) I guess what I am saying, no matter how high your credit score is, they will still hold that bk against you until that is finally off the report.

[spidge]

I believe you are correct about 7 years for the 13 filer, but a little important tidbit is that the clock starts at filing rather than discharge. So if you completed a five year plan you would only have two years to wait.
When the mortgage lender starts reporting do they add in the back history or just start from discharge and report going forward?

[papie]

Our Chapter 13 was discharged 5/20/14. Our credit scores are still just over 500. Everything is displaying correctly. We took out a car loan in 11/2012 and it's been on time every month. The house that we surrendered in the Chapter 13 STILL hasn't been foreclosed though, so it's showing on our report as in default. I think that's what's holding it back.

[dmc-2008]

My score is 650 and I am 20 payments into my 60 month plan!

[mynameainttracy]

We are 2 years post discharge and hovering around 680 based on lender pulls. My Fico, credit karma and others show us anywhere between 626-656.

[BNKRPTinNC]

Mine was in the 670 range while in 13. After discharge it jumped to 715.

[woeisme]

Mine is in the 650-680 range a year out of CH 13, waiting until we hit the 7 year mark in September to start disputing any negatives and giving it a few more months to be sure it's totally clean, then going to try to refinance. Hoping the interest rates don't jump too much in the meantime.