Credit Score - Five Years after Discharge....

[Flamingo]

We were discharged from our Chapter 13 late August 2006. Today, we purchased our second new vehicle since filing (last one purchased 4/06 and paid off 6/10). Our credit scores were 809. They fell all over us to sell us that car and we got the deal we wanted. With those scores it was easy.

Since discharge, we have not been late with one payment, have been prudent with credit and learned not to go overboard and save. We have only 4 credit cards (one Mastercard, one Visa, and two department store credit cards). That is really more than we need and all have zero balances. We use them now and then and either pay off the balances in chunks or in full way prior to due dates.

Everyone can be in the same position several years after discharge...avoid too much credit, be prudent with credit you do obtain, never be late with any single payment for anything and realize time is your friend after discharge - nothing happens overnight...

[Nicollette]

That's great news to hear Congrats on your new vehicle purchase

[df04527]

Congrats! That is thee best way to get your scores back up towards the prime range!! Awesome!

[mountanddo]

Wow, 809! What is the maximum?

[Flamingo]

Wow, 809! What is the maximum?

The FICO credit score ranges between 300 and 850.

[Amy26]

Grats Flamingo! I am trying really hard to get there too at 5 years...that would be nice. I just passed the 700 mark at 2 years post... so outlook is promising!

[trying_to_fix]

Wow in the 800s with the BK still showing on the public record? That's amazing!

I'm about 2 1/2 years past discharge and in the high 600s for my scores. Granted I've just added a couple of credit lines so I think I took a hit but I'm on the upward trajectory!

Congrats!

[Flamingo]

Wow in the 800s with the BK still showing on the public record? That's amazing!

I'm about 2 1/2 years past discharge and in the high 600s for my scores. Granted I've just added a couple of credit lines so I think I took a hit but I'm on the upward trajectory!

Congrats!

In a chapter 13 the Bk is removed seven years from the filing date. We filed (see my signature below) in 4/02. All BK information was removed from our credit reports in 4/09. We pulled them in 5/09 and all was fine - however, what we ran into after that was having little or no credit as all accounts were removed except for our mortgage, vehicle loans and past paid vehicle loans. Very few former accounts were there that were paid off or closed prior to our filing date.

That is fantastic that you are on the move upwards....thoroughly clean out your credit reports and watch them periodically because past information has a tendency to creep back in for some reason and you can be a year or so past discharge and find previous removed information back in there. Something like that could be working against you....

[tobee43]

A shining example of what someone can accomplish with a "new" start to life!!


congrats on making it into the 800s!!!!!!!!!!!

[HHM]

Nice...800+

I will generally set an expectation that most people will never see 800+ after a BK, but all you need is 740 or better to be solidly a prime lending candidate. Nice to see an 800+ possible.

The reason it is difficult to get 800+ after BK has more to do with credit history longevity than the BK itself. But in any event, good to know and way to go.

Don't worry, I won't do my rant on new car buying

[Logan]

Nice...800+

I will generally set an expectation that most people will never see 800+ after a BK, but all you need is 740 or better to be solidly a prime lending candidate. Nice to see an 800+ possible.

The reason it is difficult to get 800+ after BK has more to do with credit history longevity than the BK itself. But in any event, good to know and way to go.

Don't worry, I won't do my rant on new car buying

My wife has been in the US for about 15 years and had credit for a little over ten and has a FICO of 798. I thought that was pretty high considering the relatively short amount of time she's been in the country.


Logan

[jetsfan2010]

Congrats, love to read stories like this!!

[Flamingo]

Interesting addition to this topic....in the mail yesterday we received notifications from a former lender that was included in our Chapter 13. Apparently when the credit aps were run by the car dealership, they were sent out to several lenders as is usually done to get the best deal. Anyway, this lender denied extending us credit due to "Previous bank loss with applicant." Goes to show everyone that no matter how far you are past discharge or how high your credit score may be, there are lenders that will not lend to you if you included them in your filing. Here is proof positive of that.

Too bad anyway - someone else got our business.

[budgetgal]

Thanks so much for sharing this!! I am just starting to rebuild, so seeing this post is very heartening! I'm hoping to buy a new or newer car in a couple of years.

[Logan]

Interesting addition to this topic....in the mail yesterday we received notifications from a former lender that was included in our Chapter 13. Apparently when the credit aps were run by the car dealership, they were sent out to several lenders as is usually done to get the best deal. Anyway, this lender denied extending us credit due to "Previous bank loss with applicant." Goes to show everyone that no matter how far you are past discharge or how high your credit score may be, there are lenders that will not lend to you if you included them in your filing. Here is proof positive of that.

Too bad anyway - someone else got our business.

That's exactly right---someone else got your business and someone else was willing to work with you. You will always get the credit you need but it might not be from the first lender you ask. Their loss.