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Due to bad luck, bad choices and a bad divorce I filed for Chapter 13 in April of 2010. I burnt just about everyone imaginable but finally got it together and successfully complete a 5 year plan, the discharge came thru in May 2015. I am here today to report that my credit has finally recovered!!!!
There is no way I could have done it without this board. To give back, inform and hopefully inspire (like so many did for me) here are my milestones:
Day of discharge: EQ 581
Discharge + 3 days – EQ 581 – Heavy use, paid weekly and ran at about 11% utilization
Discharge + 3 to 4 months – EQ 664 - Heavy use, paid weekly and ran at about 11% utilization
Discharge +6 months – EQ 704 - Heavy use, paid weekly and ran at about 4% utilization
Discharge + 8 months – EQ 722 - About 9% utilization
Discharge + 12 month – EQ 745 - No change in spending/utilization patterns
Discharge + 16 months – EQ 738 - About 4% utilization
Discharge + 19 months- EQ 731
Discharge + 20 months - EQ 736 –Still using cards heavily but keeping utilization around 1%
Discharge + 21 months – EQ 807
My advice to anyone starting out… DO NOT GIVE UP. Chapter 13 can be brutal at times so focus on the long term, take little wins where you can and stick to the plan (ie don’t piss of the trustee). You can recover and maybe even come thru stronger/more financially stable than before. Read the posts on this board, search for answers and soak up knowledge. Feel welcome here, others wouldn’t be reading unless they are in the same boat as you.
SUPER DUPER!!
My 21 months will be June 2018. Seems like a LIFETIME away. I am slowly making progress. I'd be app'ing CLI/HP'ing right now if I could, but I am in middle of new build/mortgage so I am on lockdown.
Thanks for your data!
Thanks, kgotcha! We are nearing the end of our 5-year chapter 13. I really don't want to play the credit game any more but I know we will need to replace one or both cars before the end of the year and we will not be able to save very much by then. So, one or two car loans (hopefully one!) in the next 6 - 9 months. I wish I could say we'd be able to save what we were paying the trustee when we get our discharge but I anticipate my student loan payments pretty much taking that payment's place. Sigh.
@Math_Rocks wrote:Thanks, kgotcha! We are nearing the end of our 5-year chapter 13. I really don't want to play the credit game any more but I know we will need to replace one or both cars before the end of the year and we will not be able to save very much by then. So, one or two car loans (hopefully one!) in the next 6 - 9 months. I wish I could say we'd be able to save what we were paying the trustee when we get our discharge but I anticipate my student loan payments pretty much taking that payment's place. Sigh.
You didnt include your student loans to be paid through the trustee during the 5 years? How did you get around that? And why would you exclude them?
Good job resisting temptation, willpower has not been my strong suite of late.
I plan to refinance my mortgage as soon as I am eligible for a great loan. Big regrets on 2 of my last 3 new accounts because of the refi, they surely set me back. Mortgage scores are much lower than FICO 8, hoping to see a jump in the next few months when a bunch of inquiries drop off: EX 775, TU 766, EQ 704.
@Anonymous wrote:SUPER DUPER!!
My 21 months will be June 2018. Seems like a LIFETIME away. I am slowly making progress. I'd be app'ing CLI/HP'ing right now if I could, but I am in middle of new build/mortgage so I am on lockdown.
Thanks for your data!
Opps I posted that that comment incorrectly. Should have quoted juniebrunner like i did here.
Good job resisting temptation, willpower has not been my strong suite of late.
I will refinance my mortgage as soon as I am eligible for a great loan. Big regrets on 2 of my last 3 new accounts because of the refi, they surely set me back. Mortgage scores are much lower than FICO 8, hoping to see a jump in the next few months when a bunch of inquiries drop off: EX 775, TU 766, EQ 704.
Wow!! What an inspiration - thanks for sharing your story!
My CH13 discharged in August 2016 and I didn't think I would see 700 scores until the bankruptcy dropped off completely. But based on your journey, it is possible for 700 scores while the bankruptcy is still showing. Bravo!!
@juniebrunner, you are correct that student loans cannot be excluded. Our trustee has been making (small) payments for a couple years now, after priority debts were paid off. However, those payments only made a little dent since I had about $75K in student loans when we filed. Depending on how those payments were credited, I will have somewhere from 50K - 60K still to pay after we get our discharge.