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Auto Financing day of Chapter 7 Discharge?

Established Member

Re: Auto Financing day of Chapter 7 Discharge?

My pre filing score was a 575. Post dc is around 560. Both Equifax. I was approved with Ally for a 2016 Spark. I put $500 down and had 20% rebate so I financed $14,300 for a $17000 car. 13.9% interest (I'll refinance in 6 mos or so with my Credit Union) payment of $350 a month.
BK7 filed 3/23/2016 DC 6/20/2016


Current Credit
Ally Auto-$17000| Credit Builder Loan-$1000| Secured Loan-$1000| Cap 1 Secured-$400| Kohl's-$300| Milestone-$300| Gettington/Webbank-$500

AU- Chase Freedom-$500| Cap 1 QS-$500| Amex-$2000| Walmart-$910| Target Card-$300| Kohl's-$300| Credit 1-$300
Message 11 of 15
Member

Re: Auto Financing day of Chapter 7 Discharge?

My score is 460 pre bk, what do you think it will do? Up or down after discharge?
Message 12 of 15
Member

Re: Auto Financing day of Chapter 7 Discharge?

Also, will my old repo matter after discharge? It was a year ago.
Message 13 of 15
Established Member

Re: Auto Financing day of Chapter 7 Discharge?

Anything included in the bankruptcy will be listed as "included in bankruptcy" they have no way of knowing if it was delinquent or a repo.
I would say it will go up, like a few points. Mine had a 4 point bump once the dc hit.
My #1 recommendation for anyone rebuilding is to find a friend or family member who will add them as an authorized user on their accounts. I was added on my husbands accounts and had an immediate 80 point bump.
Also, look into secured loans from a credit union or local bank. You can usually get these as soon as you have the 341 meeting. I got 2, a credit builder (if you haven't heard of it Google it and ask your local credit union about it, it's AWESOME for a rebuilder) for $1000 and a secured loan through my local bank for $1000.
BK7 filed 3/23/2016 DC 6/20/2016


Current Credit
Ally Auto-$17000| Credit Builder Loan-$1000| Secured Loan-$1000| Cap 1 Secured-$400| Kohl's-$300| Milestone-$300| Gettington/Webbank-$500

AU- Chase Freedom-$500| Cap 1 QS-$500| Amex-$2000| Walmart-$910| Target Card-$300| Kohl's-$300| Credit 1-$300
Message 14 of 15
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New Contributor

Re: Auto Financing day of Chapter 7 Discharge?

 
Message 15 of 15