Advice on adding car loan to mix post BK discharge...thoughts????

[pizza1]

I sure have posted a lot today, but I had a lot on my mind that I need some help with!!

Ok so current situation....
My BK was DC'ed on 8/19/13. I have a car loan thru Santander Consumer, USA that I've had for 14 months, with a whopping 22% interest!! My payments are only $275 a month, have never been late, and owe about 9,800 left. Here's the problem....when filed for bK in May, Santander removed my loan off all 3 reports, so all my good history with the loan is GONE!!! My Attny advised me to not reaffirm the debt, since I was current and the car is worth more than owed in it, too just keep making the payments.
Fast forward to last week.... BK final , and I contacted Santander to ask them to put my acct back on the CRA's and they refused cause I didn't reaffirm!! (Sighs)...

So, do I try and get a refi for car somewhere else so it can report to all 3 CRA's again??? I currently have 2 federal student loans reporting current and good, one small and one larger. Would trying to obtain a car refi be worth it and help my scores or should I leave it alone ?? Please anyone give me your 2 cents on this!!!! Thank you

[ezdriver]

My auto loan that I kept, and reaffirmed, is not being reported to any credit bureau. They are not obligated to report so you cannot force them to do it. The reason that your attorney advised you to not reaffirm the loan was to protect you from liability for the loan should you have to give up the car for any reason. The car cannot be repo'd just as long as you are current with loan payments. That advice makes sense. Research reaffirmation if you want to better undertand the reasoning behind the attorney's advice.

Forget about the auto loan and get yourself a couple of credit cards and one small secured installment loan. That would be more than enough tradelines and mix to rebuild your credit.

[pizza1]

Ezdriver- thanks for the response!! Appreciate it I have 2 separate federal student loans and was under the impression that they were labeled as installment loans. I did get a secured visa thru my bank for $500 last month but it has not shown yet on any CRA hopefully soon

[Scupra]

I would first rebuild and then try to refinance the loan. If you try to now fresh out of BK you will pay more in interest. Read every single page of this thread and then read it 998667357 more times haha! Really though, it is a great plan and a perfect place to start.

http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-...

Happy rebuilding