Will it go up ever?

[mountanddo]

Is there anything that will raise your credit score when you are in a chapter 13 or do you have to wait until you are discharged to see any increase in your score?

My credit karma score was 585 before I filed. It went down to 576 in November when I filed, went up to 602 in January when my plan was confirmed and the accounts started showing IIB on my report. Will it just sit now at 602 or will it slowly go up during my 3 year chapter 13? There will be nothing reporting now to my credit as I don't have a auto loan or home mortgage. Is there anything I can do between now and discharge to help raise that up?

It's too bad they don't report your chapter 13 payments on your credit report.

[lrprn]

Why are you worrying about your credit score now midstream in your 13? Time and making ontime payments for utilities (some of them report to the credit bureaus) for the duration of your 13 will help your score more than anything.

Once your 13 is done, then getting at least one reportable loan that you pay on time without fail will help. So will getting just *one* credit card that reports to the credit bureaus that you pay off every month.

Despite the advertising and subtle financial fearmongering to the contrary, our worth as persons is *not* defined by our credit scores!

[mountanddo]

I'm worried about it because I am. I think I'm allowed to ask questions without being chastised for worrying about it. I am going to need a car as soon as I am finished with my chapter 13 as it's 15 years old now. I'd like to be in the best position when I am finished to be able to do that. Better to worry about it now and plan for it don't you think rather than to just hope for the best? My utilities don't report to the credit bureaus. My worth as a person certainly doesn't define me however my credit score does affect my ability to get a car loan.

[andy158]

Out of curiosoity I would like to check our score after passing the half way point in our 13. I can't find any place to get a free "score" without buying something else. I already got the free credit report from Trans Union, but it doesn't give an actual score.

Where do you guys get free credit score info?

[neck2navel]

I'm a lurker - but just sent my last 5-year chapter 13 payment. Here's what I did - the first year was an adjustment period for me. Then I opened a savings account at a local bank and started regular deposits through payroll deduction. After 2 years in I applied for a secured credit card attached to the savings account - the credit line was for the total amount in my savings - 4500.00. Then, I set up all my utility bills to be autopayed on this credit card - gas/electric/water/cable/phone - and PIF every month (with another autopay). Yeah - there were times when I added to the utilities - airline tickets - rental car - stuff like that - but I paid "emergencies" out of my checking account to avoid racking up a huge credit card bill. While in the chapter 13 I got the usual crappy credit card offers but trashed them. My FICO scores are in the low 700's. I also made a mortgage payment. I'm kinda in the same boat as the OP. My reliable Honda that has 288,000 miles on it will need to be replaced and I'm working towards getting that score in a tier 1 category or at least tier 2 to get the best possible interest rate. As an aside, I spoke with the bank where I have the secured card and told them that I will need to cash out my savings (need it for down payment on the vehicle) and they switched it to unsecured status (which is how I found out about my FICO scores) with an 8000.00 CL.
I remember precisely what the personal banker said when I applied for the secured card (in person) - "first - let's see how you've managed your accounts with us". This is important and I think people underestimate the true value of managing your piddly checking and savings accounts. No overdrafts. No fees. Timely deposits. All of this matters when you're trying to stabilize and improve your financial situation. Hope this helps OP.

[fiteorflight]

HI all,
I'm a newbie but i agree with mountanndo about how he Should NOT have to justify why he is worried about his credit score, and the fact that he WAS chastised and ( given that i found this great site, and that users share their insight, knowledge, and give support to others is so teriffic! BUt, I would have been totally put off by a response " why are you asking that question now?" that i might not return to this BK forum for fear of "asking ( in someones opinion) possibly a stupid question or a questionable question! I would think mountanddo's question was very pertinent to this forum and certainly of interest to many others, surely in same boat here . Anyway just my opinion and you know what ppl say about them (opinions) LOL sorry just had to add my thoughts

[fiteorflight]

I used creditscore.com $14.95 for 7 day trial on my debit card then i printed it all up, gives all reporting 3 Agencies and your # scores, very thourough, just keep track of day u ordered it and make sure to write down cancellation ph #s or they will auto deduct every month for their services! Once u cancel preferably before 7 day trial is up, it comes right back as a credit to your debit card

[mountanddo]

HI all,
I'm a newbie but i agree with mountanndo about how he Should NOT have to justify why he is worried about his credit score, and the fact that he WAS chastised and ( given that i found this great site, and that users share their insight, knowledge, and give support to others is so teriffic! BUt, I would have been totally put off by a response " why are you asking that question now?" that i might not return to this BK forum for fear of "asking ( in someones opinion) possibly a stupid question or a questionable question! I would think mountanddo's question was very pertinent to this forum and certainly of interest to many others, surely in same boat here . Anyway just my opinion and you know what ppl say about them (opinions) LOL sorry just had to add my thoughts

Thanks for the nice thoughts. I'm a girl though

[lrprn]

Apologies, mountanddo....I can see that what I wrote could be interpreted as something negative. That wasn't my intent though. I was just asking a honest question, not being critical of you.

Our forum members who have reported they've worked hard to improve their credit scores during their 13s often find that whatever changes they get the credit bureaus to make to improve their credit scores often end up having to be redone over and over again over the years because the red flags on the reports all too often magically pop up again in several months.

That's why here in the forums what's usually recommended is to start serious credit clean-up about 6 months to a year before discharge. That's plenty of time to get your reports cleaned up and that way there's not as much time for the baddies to keep reappearing as well.

[fiteorflight]

sorry mountanddo. please forgive my assumption ( and u know what they say about them)!

[Flamingo]

The reality is, after my experience in going through a Chapter 13 and being as prudent as possible with credit and on time with every payment on everything since we filed and to the present, during your Chapter 13, and even thereafter, no matter what your credit score is you just may not be offerred credit if you apply just due to the bankruptcy itself. In a Chapter 13, just be on time with your plan payments, all your utilities and any car or mortgage payments - do not be late with anything. Your score will gradually rise over the years and after discharge but nothing happens overnight after a bankrupty filing. It can take quite a while to rebound successfully and remember the bankruptcy never really ever goes away as I am finding out. If anyone read of my recent new car purchase in December, that explains it all with a credit score going in of 836 over 5 years after discharge. One bank denied us credit as we discharged a bank they took over in our chapter 13. The credit score didn't matter.

[slim]

As far as free scores: creditkarma.com and creditsesame.com give them to you free. One is directly from one of the free bureaus so pretty accurate. As far as improving your score, it lowers the cost of many things such as insurance so the effort is justified.

[andy158]

Thanks slim. Thats what I was looking for.

[LadyInTheRed]

I joined CreditKarma last year, more out of a curiousity than a concern about my score. My Fico was in the mid 700s before I filed In April 2010. When I joined CreditKarma last January, my Transrisk score was 686. It went down to 682 in February. When I checked again in April it was at 686. It stayed there until November when it went up to 688 where it stayed in December. I checked a week ago and it had fallen back down to 684. That was the first time I actually looked at the details to try to figure out what changed. The only difference that CreditKarma shows is that the number of accounts reporting (closed and open) decreased by 1.

My VantageScore has steadily increased from 713 to 762.

I've thought about paying for a Fico score just to see how it compares to the Transrisk and Vantage Scores. But, so far I've decided not to waste my money. With more than 3 years to go in my 13, my score is completely unimportant aside from an intellectual curiosity.

ETA: Anyone who signs up for a trial at CreditScore.com should keep a close eye on their statements after they cancel. When I joined for a couple of months before filing BK, they charged my debit card after I cancelled and I had to call them to get them to issue a credit.

[kornellred]

Getting credit after bankruptcy is stupefyingly easy. How do I know? I am finishing up my 2nd bankruptcy in 6 months. Two of my sons were driving brand new vehicles within a couple of months after their own Chapter 7 discharges.
You are not going to get anything close to a fair interest rate no matter what your credit score is, so there is no point in agonizing about ways to improve it. You will survive.