Chapter 13 Discharge and Credit Score

[krielly]

How does a discharge of your Chapter 13 affect your credit score, or does it at all.

I'm not referring to the affect filing itself has on your score, but just how specifically a discharge affects your score, if at all.

For example, if you are in the middle of your Chapt 13, and have a credit score of 680, will your score go up at all once the discharge goes through - or is there simply no impact based on the discharge order?

Thanks
K

[chloe0724]

If you complete your plan and it's discharged, it should go up.

[rrockinggramma]

actually my fear is that it will go down. I filed in 05. It has been sitting dormant on my credit report now for 3 1/2 years. When it is updated as discharged, the status date will change to current. The fico computers will interpret that as a "new" derog. Hopefully it won't tank the score too much!!!

[Flamingo]

How does a discharge of your Chapter 13 affect your credit score, or does it at all.

I'm not referring to the affect filing itself has on your score, but just how specifically a discharge affects your score, if at all.

For example, if you are in the middle of your Chapt 13, and have a credit score of 680, will your score go up at all once the discharge goes through - or is there simply no impact based on the discharge order?

Thanks
K

The Chapter 13 will hurt you as long as it is on your credit reports; how you offset that is by being absolutely pristine with every payment you have during your Plan and afterwards and I mean on utilities, mortgage, any credit card you may obtain, etc. That and time will improve your score.

[jodi]

It will have a bad effect on your credit report. You have to wait 5 years before this will be deleted.

[Ron55]

it takes 8 years on a chapter 13 and ten on a 7 to be deleted not five