Understanding FICO® Scoring

[Bmore41]

Hello:

I have a Chapter 13 BK that has been discharged for 3 months. In that BK I included a previous repo and also my current car loan at the time which I continued to pay on and kept the car. I am now looking to buy a new car this month and I'm wondering if either of those cars will show up in my auto credit report. If so, will it hurt me? I know the repo probably would, but what about the car I kept and made on time payments (although reduced). Or will non if that show up? Thanks!

[llecs]

You can pull your credit reports now, prior to applying, and see if these are reporting. You can get your reports for free once a year via annualcreditreport.com. If they are showing in those reports, then your lender will see it. If both car notes are reporting, the repo and the current one, then these would have a drain on your credit. The repo obviosuly because of the derog aspect, but if the current loan is listed as "included in BK", then that'll hurt too. The BK should be reporting too. It's always a Your Mileage May Vary with lenders. Definitely put down a larger down payment to improve the odds of a lower rate. 

[Bmore41]

Thanks so much for responding! I actually viewed my reports and neither show on them However, I thought the Auto Enhanced Score reports were different from the regular FICO and they could see all car related issues. Is this correct?

[pizzadude]

Your FICO® auto enhanced score uses the information on your credit report, it just weighs the auto tradelines differently. If the auto accounts aren't on your report they won't be included in any FICO® score, auto enhanced or classic.

[Bmore41]

Thank you very much. That answers my question.