11-17-2012 05:37 AM
I was hoping anyone could help me on this..I have completed my chapter 13 on 11 15. 2012...nice finally.! I have a capitol one auto loan that was included in my bk.. and with a agreement to finish paying capitol one my remaining payments after my discharge..approx 6000 dollars..Now during the 5 year period, cap one has been reporting .. including in bk.. now my question is since i am paying the remaining payments.. how does capitol one list my acct.. it is not in bk anymore..but back to my original contract.. does the reporting agency have to list it as just a reg installment loan.. ? not included in bk? cause the acct is not in bk anymore after 11 15 2012.. anyone answer that for me..?and all the payments i made since my filing date. .not missing a one. does that now come up as current payments for the last five years? thanks.
11-19-2012 07:32 AM
It is completely up to the creditor. At this point they don't want to do you any favors, so I would reach out to them over the phone and in writng to see if they are willing to change how it is being reported. Stay on top of them if you really want to have it changed. Going to the CRA's is not going to do you any good.
11-19-2012 07:54 AM
I am not sure if its the same with CH13 but I filed a CH7 and reaffirmed my car payment with Chase. They had to wait 60 days from discharge because that is how long you have to change your mind on the reaffirmation. Once that time period has expired then they will begin reporting properly on your report. On my report it now appears as "pays as agreed" and "Reaffirmation of Debt". Definitely check with your creditor to see how they handle it.
11-19-2012 09:51 AM
I agree, it is a different ballgame in Ch. 13
11-19-2012 09:58 PM
Here's my opinion, which may be different than most of the more experienced posters, but it worked great for me. I had a Chapter 13 that was dismissed (not discharged). The reason for this was that I only took a BK to save my house, but I got to the point where it made more sense to let it go. No payments were made towards my car loan with Capital One over 18 months. By ridding myself of my house payment, I was able to get caught up with Capital One in about six months. In fact, I was ahead six payments when I refi'd my car through another lender. Capital One was reporting "charge off, now pays as agreed" It was the only negative account I had open. I didn't feel comfortable with the advice I was getting on the forum so I went with my gut. I had 70% equity in my car and owed.$5600. I could've paid the car off in six months, but installment debt is the best debt you can have. So I refi'd, got a lower rate, took a 24 month amortization. The reason is that credit scoring focuses on how you managed over the last 24 months. My payments are lower by $100. The amount of interest over 24 months on a $5600 loan is about $400. I don't mind paying the interest to get the benefit of an installment account in good standing and closing a negative account. My scores went up by 25 points in each bureau. I have been paying aggressively towards this and the balance is at $4900 after 45 days. I am frustrated with Capital One and file a claim with the BBB. They believe they are reporting accurately, but all three credit bureaus were showing that I had a recent late payment, when I hadn't been late in over two years. I believe it is the way it is being coded in the data that goes to the credit bureaus. I think they are showing a rolling 90 because of how it came out of BK. I am hoping they will fix it before I got to the FTC.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.