My credit score is dropping one year into Chapter 13. One reason is amount of inactivity. I can't apply for credit so what will be credit score be at the end of 5 years? If I pay on my student loans will that be enough. The only thing we are paying through the BK is IRS and mortgage.
-
-
credit scores are dropping for just about everyone because of the tightening credit market and new methods of calculating the scores and assessing risk. hard to anticipate what your credit score will be coming out of BK years from now, but if you come out of it with no debt you can eventually build it back up, and CH 13 falls off your record faster than 7. not something you can do anything about right now, so no point in worrying about it!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! -
The thing about a 13? It makes you live within your means and not use credit. At the end of 5 years, you should be trained that you won't need a credit score. Your debts will be paid, you will be employed, and you will owe no money. Getting credit shouldn't be a problem at that time.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
-
-
I agree that I never want to get caught up in the credit card cycle again, but there are good reasons to be concerned for having a good credit score, like if you are looking for employment in an industry that runs credit checks prior to employment decisions, for one example. Or if you ever want to buy a home, qualifying for a loan and then interest rates are credit score dependent, etc. But since I can't really do anything about my credit score at the moment, with 19 or so payments left in my CH 13, doesn't mean I'm not going to try to do my best to repair my credit after i finally finish my 5 years of payments, but definitely not going to obsess over it.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!Comment
-
I have seen on this site where some have come out of bk with decent scores.
Hopefully, yours will be as well. Time heals all wounds, including the detonation of a bk.Comment
Comment