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Score Increase after Chapter 13 or 7 is removed?

Community Leader
Valued Contributor

Re: Score Increase after Chapter 13 or 7 is removed?

Mine was a Chapter 13 which is why I'm close to having it removed. Because it's a repayment plan, the CRA's remove them at 7 years.


EQ 679 EXP 700 TU 763
Message 11 of 19
New Member

Re: Score Increase after Chapter 13 or 7 is removed?

Oh, got it! Thanks medicgrrl Smiley Happy

Message 12 of 19
New Member

Re: Score Increase after Chapter 13 or 7 is removed?

Thank you @ scupra 

Message 13 of 19

Re: Score Increase after Chapter 13 or 7 is removed?

Waiting patiently (not reallySmiley Indifferent) for that day as well!  Discharged Oct 2009!!!!

Starting Score: 689
Current Score: 689
Goal Score: 760


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Message 14 of 19
Member

Re: Score Increase after Chapter 13 or 7 is removed?

My Chapter 7 was due to come off end of July. I requested that it be removed early.
Experian removed it and my score with them went up from 671 to 721. It was the lowest of all three. The other two are already above 700. Can’t wait to see what those do when it is removed from there.
Message 15 of 19
New Member

Re: Score Increase after Chapter 13 or 7 is removed?

Sorry, I can't answer, not there yet.  But I am curious if once discharged did your score improve?  We are being discharged any day now and it is the only negative thing on my report, everything else is in the green, but credit score is still in the fair range.  I'm anxious if the score will improve once it reflects discharge, even though we have another year before it drops off.  (we are at 6 yrs from filing date)

Message 16 of 19
Contributor

Re: Score Increase after Chapter 13 or 7 is removed?

rjc0704, 

 

I don't recall there being any significant change in score at that point. But in a way, it's just a moment in time, like high school graduation. The status change allows for doors to open up and changes can happen more quickly when you take advantage of those new opportunities , considering the relatively clean slate you should have. 

 

I don't remember specifics, but I think my scores increased about 5 points in the month following my discharge. And by following basic rules of rebuilding, I saw an increase of about 150 points in the following 6 months. Ymmv, of course. 

Began 5/17/17
EQ 621
TU 577
EX 608

Current FICO 8
EQ 763
TU 777
EX 683
Message 17 of 19
Established Contributor

Re: Score Increase after Chapter 13 or 7 is removed?

I saw a score jump after my BK was removed- an average of about 80 points for each credit report.  I was also quite persistent in my request for EE. Experian and Transunion were easy, I had to ask Equifax a few times before they finally gave in.

 

To everyone waiting, that day will be here before you know it. It seems like an eternity waiting but I learnt to enjoy the process and learned a lot about myself (and my credit) while I waited.


BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 827 Transunion 828-- Feb 2018
Message 18 of 19
Member

Re: Score Increase after Chapter 13 or 7 is removed?

My scores went up bit by bit as I re-established my credit with new cards and a car loan, but after the BK and late payments fell off it jumped by around a 100 pts in each agency. 

 

I am not sure of my exact score right after BK, I think it was in the low 600s. It's now in the 800s for each agency. The last negative came off yesterday for TU-- increase for that alone was 91 pts.

Message 19 of 19