after Chapter 13 discharge how many points can I expect gain on credit scores

[wendlan]

Chapter 13 bankruptcy paid off in Jan., final course completed. Lawyer filed for discharge March. Still no discharge paper received and no discharge date on pacer. We are looking at buying a house in the near future,credit scores in high 500s,I have disputed incorrect information. How much of a point increase can I expect after the discharge comes through and posts to my credit reports?

[justbroke]

I don't know why your score is low. Your score should have improved to within these ranges, but I can't give you specifics. There are too many dependencies on what's in your credit profile and whether things are reported correctly. You should get a small bump at the discharge.

I would have thought that there was no incorrect information this late. A lot of how that information is reported is very important to your score. For example, if you just fixed something that should had been corrected 5 years ago, were the correct dates for "date" of latest delinquency and how the major delinquency is reported! If those dates are recent (they used the date that you filed the disputes) then they have more affect on your score.

You'll probably need to do some more cleaning. Your score should be above 620 at discharge.

[wendlan]

I don't know why it is so low either, I used no credit since 2010. Two of my credit cards included in bankruptcy were reporting amounts still past due as well as my mortgage that went to forclosure reporting I owe money. I disputed those. I have two small credit cards now I pay monthly. I have 2 medical bills that went to collections that I didn't know about. I disputed they kept them on said validated but the agency won't send me a bill.

[justbroke]

Well, those issues would certainly impact your credit score. If those medical bills were post-petition (after you filed), then that will be an issue since they were not discharged. If they were pre-petition (before filing) try disputing on paper with a copy of your notice of bankruptcy (or later with your discharge order).

[mynameainttracy]

I was discharged almost 2 years ago and only recently did I notice both my 2nd mortgage that was foreclosed on and a random acct both showed past due amounts and balances. Disputing without any documentation did nothing but when I attached my case number and discharge paper everything was fixed. Any wording of my foreclosure (that was on IIB accounts) was even removed from all 3 CRA's. It took some persistence but they eventually got all the wording as I requested. TU and EX were pretty easy to deal with but EQ is the worst.

[wendlan]

Wow you really need to keep at it. I did not look at my credit report for three years after my filing. It is just in the last 6 months and after completing my program that I looked because we want to buy a house.

[papie]

I don't know why it is so low either, I used no credit since 2010. Two of my credit cards included in bankruptcy were reporting amounts still past due as well as my mortgage that went to forclosure reporting I owe money. I disputed those. I have two small credit cards now I pay monthly. I have 2 medical bills that went to collections that I didn't know about. I disputed they kept them on said validated but the agency won't send me a bill.

Depending on the agency, they may remove those two medical bills if you pay them off. But it doesn't do any good to dispute something that you actually owe, they're not going to remove something just because you don't want it there. Use your payment as a bargaining tool, and if it still shows up after it's paid off, dispute it with something like "customer service rep agreed to remove account from report after paid in full."

[Scott50]

Chapter 13 bankruptcy paid off in Jan., final course completed. Lawyer filed for discharge March. Still no discharge paper received and no discharge date on pacer. We are looking at buying a house in the near future,credit scores in high 500s,I have disputed incorrect information. How much of a point increase can I expect after the discharge comes through and posts to my credit reports?

you'll most likely need to wait two years post discharge to obtain a new mortgage.

[df04527]

Ch 13 bankruptcies stay on credit report for 7 years from the filing date. I also am not sure if paid off makes a difference on a public record. If it does improve the score, it would probably be slight.

[BNKRPTinNC]

you'll most likely need to wait two years post discharge to obtain a new mortgage.

Like Scott said, there will probably be a bit of a wait. I inquired about a refinance, right after discharge, and was told it would be at least a year. Current score is 715.

[woeisme]

I'm also waiting it out, just a few more months for me since we filed in Sept of 07, so our CH 13 should come off in ~4 months. Right now I'm in the mid 600's due to the CH 13. I bought my house in 2004 at a terribly high interest rate, so hope to do a little clean-up in the months after the 13 should come off and then try to refinance. Since I'm 10 years in I'm hoping I can get the interest rate down so that I can do a 15 year loan to replace the remaining 20 on my 30-year mortgage without upping the payments much.