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Ch 13 discharge questions

Contributor

Ch 13 discharge questions

I made my last payment a couple weeks ago...huge weight off my chest.  I am currently waiting for my discharge paperwork.  Couple of questions.

 

1.  I've been an NFCU for 17 years - I haven't actively used them as a bank for 5 years because I don't have a branch within 150 miles, but my account is still active (I called and verified).  I contacted their credit card deptment about the best route to go when I get my discharge paper.  They rep said that I may want to wait for a month or so after the discharge and to apply for a unsecured card.  She said that fact that it was a CH13 (which they were not included on) and the fact that I've been with them for 17 years would go along ways and I have a very high chance of getting the unsecured card.  Does that seem like good advice?  I'd hate to apply for an unsecured, get denied, and have to apply again for the secured.  I've seen on here where some people have gotten an unsecured the day of their discharge.

 

2.  Secured loans - My general intinct is to pay things off early.  Taking out a secured loan or any loan, does paying off early hurt/help your credit scores?  I've purchased a car while in CH13 and will have it paid off 2 years early.

 

3.  Credit scores - During my BK I got permission purchase a car and get furniture  from a pay as you go (that is paid off and shows up on my CR).  I have accounts with all 3 credit bureaus.  My currents scores are eq-657, ex-709, and tr-685.  I know every case is different, but how does this stack up against others at time of discharge?

 

thanks


CH 13 filed 5/29/12 - Last payment 11/25/15 - Discharged 1/12/16 Starting EX - 707, TU - 682, EQ - 629, FICO 8 - 604--Current EX - 722, TU - 700, EQ - 713, FICO 8 - 661
5 REPLIES
Established Contributor

Re: Ch 13 discharge questions

Sounds like you will be in great shape. The reason the NCFU rep is probably telling you to wait a month is to make sure the discharge is reported on all of your reports. I have major respect for those of you who endured a Ch13. You shouldn't have any problems moving forward. Good luck!

Ch7 Discharge 3/15: Goal: 700 Current FICO:Equifax: 674(608) Tranunion: 664(585) Experian: 679(590)
Community Leader
Senior Contributor

Re: Ch 13 discharge questions

When I applied for a NFCU my BK was not reporting as discharged and they just asked me for my discharge paperwork. NFCU is very strict on not approving until BK is discharged.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Contributor

Re: Ch 13 discharge questions

Thanks for the replies.  Just trying to get my ducks in a row until the paperwork shows up.


CH 13 filed 5/29/12 - Last payment 11/25/15 - Discharged 1/12/16 Starting EX - 707, TU - 682, EQ - 629, FICO 8 - 604--Current EX - 722, TU - 700, EQ - 713, FICO 8 - 661
New Contributor

Re: Ch 13 discharge questions

I think your scores look pretty good for still being in a CH13.  If you look at mine below I have been able to raise all 3 by over 100 pts within 6 months of my discharge.  I currently have 2 unsecured CC with a $16,000 total limit and a new car loan at 2.9% for 60 months.  I'm hoping to be in the 700's within 12 months post discharge.  Good luck with your rebuild!

Discharged Chapter 13 late 5/15. Starting my rebuild:
7/28/15 Fico 8: EQ 567-Trans 534-Ex 542-----8/28/15 Fico 8: EQ 632-Trans 622-EX 625
9/25/15 Fico 8 EQ 663-Trans 634-EX 645-----12/9/15 Fico 8: EQ 673-Trans 654-EX 663
2/17/16 Fico 8: EQ 670-Trans 658-EX 676-----3/4/16 Fico 8: EQ 686-Trans 667-EX 686
Contributor

Re: Ch 13 discharge questions

Thanks!  When I filed, my lawyer told me not to wait until discharge to start rebuilding, but get trustee approval for necessities so I did get a car loan (when I filed, my truck was paid off, but had close to 200K miles) and furniture from ren to own places (nothing extravagant....but I moved and had no furniture as my last place was furnished).  Seems like that all really helped out.  Also, my wife (not tied to BK), put me as an authorized user on her home depot card and that's been reporting on my CR for 2 years.


CH 13 filed 5/29/12 - Last payment 11/25/15 - Discharged 1/12/16 Starting EX - 707, TU - 682, EQ - 629, FICO 8 - 604--Current EX - 722, TU - 700, EQ - 713, FICO 8 - 661