Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Credit change as a result of CH 13 coming off credit reports

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  • Credit change as a result of CH 13 coming off credit reports

    I mentioned a while back that I was waiting until my CH 13 came off my credit reports so I could refinance my house. Someone asked me to post how the CH 13 coming off impacted my credit score, so here's my story.

    I don't know what my credit score was after I first got discharged, but it was in the low 600's through most of my CH 13. It had bounced up to ~680 in the past year or so. My 7 years just expired a few weeks ago, and my three scores are now 729 (Equifax), 705 (Experian) and 704 (Transunion). It was 683 on Transunion immediately before the CH 13 dropped off (I get that report for free from my Capital One credit card) so it looks like losing the "derogatory" on my report is responsible for about a 20-point increase.

    Better news, I started the refinance paperwork. I had a horrible loan, 7.770%, taken out in 2004 when my finances were a total mess. In the 10 years I had been paying on the mortgage, I ended up paying ~55K in interest and only 10K in principle due to that horrible interest rate. I'm refinancing the remaining 20 years of my original loan as a 15-year mortgage, and at 3.99% interest will only be paying ~24K in interest and ~70K in principle. Oh, and my payment actually dropped about $20/month in addition to the 5 year quicker payoff. I am so happy I got my financial house in order, even though those long years in the CH 13 seemed like they'd never be over. For those of you still in the process, there is light at the end of the tunnel!
    Filed CH 13 September 17, 2007
    Plan Modified July 8, 2009 from $1100/month to $400/month due to change in income, finally discharged in July of 2013!

  • #2
    We are doing the same thing, BUT we are still in ch13 under HARP it can be done.

    Going from a 30 yr to 15 yr at 3.99 saving us 6 years Not done yet ,But have all the paper in the works.

    Using Quicken loans . I think you need a low score of 620 New payment will be $15.00 less WE'LL SEE


    • #3
      Hi Woe!!! So glad to hear you are doing great and it worked out!!!!!!! Xoxo
      Discharge date: October 2017 (will it ever get here?)


      • #4
        Thanks, woeisme - I was the one who asked you about the effect of the 7 year dropoff of the derogatory caused by Chapter 13 in another thread. A 20 point boost in credit score following the dropoff of the public record does not sound like all that much. My 7 year anniversary of Chapter 7 filing will occur in March 2015. I guess the best way to augment the credit score boost would be to get a secure credit card and start to actually use credit again.


        • #5
          I think it didn't go up much because I already had started rebuilding credit for the couple years out of BK, so having the CH 13 drop off didn't boost it too much since it'd already climbed some 50+ points since discharge. I was hoping for a better than 20 point jump, to be honest, but since I am able to refinance at a much lower rate, I'm still happy with it. I am doing mine through HARP, just couldn't get anyone to offer me a good rate, mavric. My original lender was willing to do it, but with just 1% drop in rate, so wasn't really worth all the closing fees.
          Filed CH 13 September 17, 2007
          Plan Modified July 8, 2009 from $1100/month to $400/month due to change in income, finally discharged in July of 2013!


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