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I purchased a car and it was repo back in 2004. I ran my report with "annualcreditreport" and didn't see it listed at all. My credit had improved but I think Equifax still have the bankruptcy listed. Equifax: 0 (didn't buy), Experian: 641, and I believe TU: 671.
I know I have to find the bank who I owe (this is going to take years). Most banks filed bankruptcy and are not listed on the credit report; just the court info. I did make payments on the account in 2011. I know it will bounce back on my credit report and I probably could ask to work out a deal.
Anyway... I have been looking for a house for 2 years now and finally decided that I am ready to buy one. I have been pre-approved as a first time home buyer and I know the lender (underwriters) will pick up on the bankruptcy.
Any suggestions on what I could do? I really want to purchase this vacant lot and rebuild on it. I want to put an offer in ASAP. This might be the only best opportunity at this time. The price is low and I am building a modular home of my choice.
Any suggestions? Thanks
Hi jackies351 - Welcome to the forums!
I'll try to respond to part of this and others will likely chime in as well.
@Anonymous wrote:I purchased a car and it was repo back in 2004. I ran my report with "annualcreditreport" and didn't see it listed at all. That was 7-8 years ago. Other folks more knowledgeable about how long repo's will report will chime in with some info for you. My credit had improved but I think Equifax still have the bankruptcy listed. From your subject line, I take it that you filed in 2004 and it was dismissed. EXperian and TransUnion will report dismissed CH 13 BK's for 7 years, but EQuifax will report them for ten. So it's likely to stay on the EQuifax report for another two years. That Equifax: 0 (didn't buy), Experian: 641, and I believe TU: 671. It looks like you purchased some non-FICO "credit' scores from other websites. Unfortunately, these will be different than your true FICO scores - which are the scores your mortgage company will use. You'll want to know your FICO scores as you move forward.
I know I have to find the bank who I owe (this is going to take years). Most banks filed bankruptcy and are not listed on the credit report; just the court info. I did make payments on the account in 2011. I know it will bounce back on my credit report and I probably could ask to work out a deal.
Anyway... I have been looking for a house for 2 years now and finally decided that I am ready to buy one. I have been pre-approved as a first time home buyer and I know the lender (underwriters) will pick up on the bankruptcy. If you have been pre-approved, they likely pulled all 3 credit reports. If so, they are aware of the BK. An "aged" BK is not a deal breaker for getting a mortgage. You also might want to check with them and see if they will let you see or have a copy of your credit reports, along with your FICO scores.
Any suggestions on what I could do? I really want to purchase this vacant lot and rebuild on it. I want to put an offer in ASAP. This might be the only best opportunity at this time. The price is low and I am building a modular home of my choice.
Any suggestions? Thanks
Well - that's a start. Hope it was a little helpful. I'm sure someone else will chime in on the repo reporting, as well.