Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Bankruptcy
Profile Image

Question By
cdesigns

11 Contributions
3 People Helped
Will my Credit Score change when my CH13 changes to Discharged?
I just sent my last payment to the trustee, my scores are 700 and 698 on this site, will my score change once the CH13 shows as Discharged? or will still be the same? I need to buy a new car ASAP too, will I get a decent rate with my scores even though I have a discharged ch13 bankruptcy on my record for 2 more years?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
11 Contributions
3 People Helped

Helpful to 1 out of 1 people

The reason I ask is because I know from other people that once they get their discharge they get bombarded with credit cards applications, I have not received anything but I probably will, I by mistake applied for a credit card last month and I was denied reason= bankruptcy, I wonder if once it shows as discharged and not active that alone will raise my score and hopefully get me approve on some credit cards...... 

Top Contributor
553 Contributions
250 People Helped

Not yet.

It will take two more years before the Ch 13 bankruptcy drops off the report(s) when the scores rise because that (and nearly all of your derogatory entries) go away, but your score should be good enough to get a decent auto loan at the local credit union (or bank... but I personally prefer using a credit union.)
--

I'm waiting for September myself, when my Ch 13 dies off, and any derogs left over from that period of time will die off by December.

Top Contributor
553 Contributions
250 People Helped

Most of the applications are for "credit rebuilding" and similar, with evil-high interest rates, and demands for $250 to $500 or more in security money to open the line of credit (that is, securired credit cards). It gets even worse with the flood of mortgage lenders wanting you to run out and buy a house viz. FHA/VA (again, the interest rates suck, so always go with a reputable mortgage lender and not these solicited offers).
--

If it helps, I ignored all of them. I did get a basic Platinum credit card from CapitalOne, and they've been pretty good (it was originally for $1,000, then the limit jumped to $2,500 six months later, and now at 18 months in, it sits at $4,500 as a limit, even though I always pay the balance down to $0 each month.)

--

If it helps even further, when it comes to cars, I save up my pennies, then buy an old solid-but-ugly thing for like $2,500-$3,500 or so. They generally last from 3-5 years, are dirt-cheap to insure, and I don't have to make payments. Just be aware that you have to be mechanically inclined and know what to look for.

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.