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Regular Contributor
Mshamika
Posts: 125
Registered: ‎04-17-2007
0

3 Auto Loans??

At least thats the way my credit report looks now. Technically, I only have one.
 
So here's the story.
 
1st Car: Financed (Capital One) a car in January 2007, this car was totaled in January 2008. Mostly paid off by insurance company. Still waiting for GAP to cover the rest (will be sending the check out on Friday). Capital One has not updated since February 2008 (guess they want the rest of they're money, LOL)
 
2nd Car: Well of course I had to buy a car cause my first one was totaled. Financed (AmeriCredit) that car in February 2008 then refinanced in April 2008, which leads me to the 2rd car
 
3rd Car: Financed i(Wells Fargo) in April as stated above and is already showing up on all three credit reports, even though first pmt is not due until June 9th. I got a 25point drop on my Equifax score when this account posted.
 
So my question is this: Once the 1st and 2nd cars report as paid, hopefully the beginning of June, will I see a increase in my scores? Cause as it stands right now, it looks like I have over $100K of overall debt, which in actuality I only have about $36K. I also paid off a $5k Cash Call loan, that should update to paid as well.
 
What will happen to my scores? I have a Chapte7 BK discharged in January 2007. That $100K of debt includes everything on my credit reports, credit cards, cars, student loans, & cash call.
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599
Established Contributor
CreditDrama85
Posts: 1,044
Registered: ‎07-03-2007
0

Re: 3 Auto Loans??

im surprised you got a loan through wells fargo they are not BK friendly and usually will shut you down if you're a current customer and def not lend to new customers....good work. lol :smileyhappy:
Valued Contributor
1111mel
Posts: 1,060
Registered: ‎02-13-2008
0

Re: 3 Auto Loans??

I have 2 paid off car loans on my report. One was March 2006 and the other March 2007 no change in scores.....
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Regular Contributor
Mshamika
Posts: 125
Registered: ‎04-17-2007
0

Re: 3 Auto Loans??

Creditdrama85,
 
Thanks for your response.
 
Yes I was under the impression that they weren't BK friendly either. I only have about 5 bank accounts with them, no credit cards or any other type of loan, and never had one. Was always shot down by them even before my BK.
 
I was actually financed through Wells Fargo Financial, a subsidiary of Wells Fargo Bank. I guess they tend to lend to people like me. They even gave me $5000 cash with my refi, which is how I paid off my hideous CashCall loan.
 
I'm actually going to finish my application for a secured credit card through Wells Fargo Bank, so that I can get in good with them. After a year they will graduate me to unsecured. I figured that would open the door for me. The qualifications for their secured card is to not have declared BK in the last year. It's been almost 2 for me. I hope I get apprived.
 
Wish me luck..
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599
Regular Contributor
Mshamika
Posts: 125
Registered: ‎04-17-2007
0

Re: 3 Auto Loans??

1111mel,
 
yes I heard to no look for much of a change if any at all. But i'm figuring since I got a 3rd car loan acct and lost 25 points. Losing two at the same time plus another loan, I should see some kind of change. Especially since my debt will decrease dramatically.
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599

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