JTsdaddy Posted September 3, 2008 Report Share Posted September 3, 2008 Does a 13 BK discharge Raise your points at all.. I was thinking about paying off the BK .. and hopefully getting a raise in points Link to comment Share on other sites More sharing options...
Methuss Posted September 3, 2008 Report Share Posted September 3, 2008 This isn't really a bankruptcy question so much as a credit score question.The answer is no. The score model considers the age of you records. A bankruptcy is a bankruptcy as far as scoring is concerned. A chapter 13 will generally come off in 7 years though. I think Experian keeps a 13 on for 10 but the other two drop it in 7. Link to comment Share on other sites More sharing options...
JTsdaddy Posted September 3, 2008 Author Report Share Posted September 3, 2008 But wouldnt a Discharged (paid as agreed) BK look better that one that is still active Link to comment Share on other sites More sharing options...
willingtocope Posted September 3, 2008 Report Share Posted September 3, 2008 But wouldnt a Discharged (paid as agreed) BK look better that one that is still activeOh, absolutely. The problem is that no "unsecured" creditor is going to take a chance on you again until the BK disappears. You might be able to get a mortgage, or a new car, but CCs are probably out of reach for at least a couple of years. Link to comment Share on other sites More sharing options...
jq26 Posted September 3, 2008 Report Share Posted September 3, 2008 If you can rebuild post-discharge, you can get unsecured credit. I received a discharge on a BK7 late in 2004. Aside from secured installment loans, student loans, and a mortgage in the low 6s, I've managed to open: American Pacific $300 secured Juniper 9.9% fixed Platinum $1000Capital One $2000Circuit City $2000Target Card $300 -> Target Visa $1500HSBC Orchard Bank $300 -> $400Providian Platinum $3000Patelco Platinum 1% rebate card $3500National City Platinum $6000Starbucks Visa $6000Home Depot $775Lowe's $775Wal-Mart $850To be honest, there are quite a few more but I can't remember the stack of unused cards that sits in my safe. The majority of these were opened before the two year mark. And NO, I did not manage to get my bankruptcy public record deleted. I just followed the steps laid out on this website. Link to comment Share on other sites More sharing options...
Methuss Posted September 4, 2008 Report Share Posted September 4, 2008 But wouldnt a Discharged (paid as agreed) BK look better that one that is still activeI have to disagree. When you receive your discharge after the end of the payment plan any remaining balance is wiped out. If that amount is even $1 less than what the creditor would have gotten outside of the bankruptcy then they will list the tradeline as "included in bankrupty," with a $0 balance not as "paid as agreed." This is really not a whole lot different than saying they charged off some part of the balance. Paid or not, an IIB will ding your score in a major way.It is debatable if a fully paid creditor under a chapter 13 plan that got every penny they would have gotten outside a bankruptcy order can list an item as "paid as agreed" or not. I think most will say not for two reasons: First, so they don't run afoul of the bankruptcy injunction; and second, so they can punish you a little for filing bankruptcy (even though they got paid). Link to comment Share on other sites More sharing options...
JTsdaddy Posted September 4, 2008 Author Report Share Posted September 4, 2008 I have to disagree. When you receive your discharge after the end of the payment plan any remaining balance is wiped out.I am doing a 100% repayment BK 13... Link to comment Share on other sites More sharing options...
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