Ugh...just checked credit scores post filing.

[momindebt]

I shouldn't have but HAD to check my credit scores....and I wasn't dissapointed.

One of ours was 565 and one was 535. Ugh. Our scores 3 months before bankruptcy were high 600's/mid 700's. I wish I'd checked right before filing just to know exactly what they were.

In a chapter 13, what do credit scores do post comfirmation hearing, and then each progressive year of 5-year plan? Will we see any increase or not until it is over? Just curious. Will it help us at all that prior to this bankruptcy filing our credit scores were very solid or will it not matter at all the prior 20 years? I would guess not but was curious...

[chicagoed195]

Everyone is different. My scores were in the low 700's 9 months before filing and had dipped down to the high 500's by the time I filed. About 3 months after filing they had increased to 660. For the past 12 months they have stayed the same, primarily because there has been no activity negative or positive. The main reason for the increase was that my utilization ratio had decreased tremendously. I have two open ended lines of credit that did not have a balance when I filed and they have not canceled. As a practical matter, I suspect if I actually tried to use these lines I might end up having them canceled in which case my numbers would probably decrease.

There are many factors that are used to determine your credit score. The length of time accounts have been open, the payment history, the types of credit accounts you have, the ratio of your utilization to your available credit, etc.

It is only my opinion, but I wouldn't spend a lot of time worring about your actual scores right now. At some point in the future you can take actions to improve your credit position through secured credit cards or secured loans. Really, though, the question you have to ask yourself is why do I need a lot of credit instead of how do I get more. I have been on a cash and carry budget for over a year now and haven't had an overwhelming need for a credit card at all. Actually, quite refreshing.