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Will this hurt my chances?

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Member

Will this hurt my chances?

Want to get a new car. Discharged CH7 back in 2012 mortgage was included that was modified but not reported to credit agencies. I do have a great payment history with credit cards. Never late and pay more than minimum but owe about 30% of credit limit and think this is keeping my scores in the high 600s. 

Will the mortgage not reporting hurt me? Looking to buy a $40000 truck and can put 25% down. 

Message 1 of 6
5 REPLIES 5
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Established Contributor

Re: Will this hurt my chances?

I think you'll find a lender without too many issues (you don't mention DTI/Income, though). I'd suggest seeking out your own financing, however. This will give you a chance to "test the waters" and see what the lenders are willing to extend (APR and amount) to you.

 

I have an auto loan through PenFed and had a great experience with them. 

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Message 2 of 6
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Member

Re: Will this hurt my chances?

DTI is 28% combined with wife and 33% if I put in my name. If they don't see the mortgage payment on credit report would that lower my dti? On paper at least? Or do I have to disclose it? Been a while since we bought a new car. 

Message 3 of 6
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Frequent Contributor

Re: Will this hurt my chances?

I agree that you should try to secure financing before you go to the dealership, that will negate the worry in your question. Any lender is going to ask the states of you home (Rent/Mortgage/Payment) regardless of what appears on the report.

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Message 4 of 6
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Regular Contributor

Re: Will this hurt my chances?


@joe4551 wrote:

Want to get a new car. Discharged CH7 back in 2012 mortgage was included that was modified but not reported to credit agencies. I do have a great payment history with credit cards. Never late and pay more than minimum but owe about 30% of credit limit and think this is keeping my scores in the high 600s. 

Will the mortgage not reporting hurt me? Looking to buy a $40000 truck and can put 25% down. 


Your CH7 from 2012 won't even show up on your credit report. It's all gone after 7 years. The only thing that remains is the public record which lasts for 10 years.

 

Check and see what your credit score is and as long as it's at least 650 or higher you won't have a problem.

Message 5 of 6
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Valued Member

Re: Will this hurt my chances?


@nycsimone wrote:

@joe4551 wrote:

Want to get a new car. Discharged CH7 back in 2012 mortgage was included that was modified but not reported to credit agencies. I do have a great payment history with credit cards. Never late and pay more than minimum but owe about 30% of credit limit and think this is keeping my scores in the high 600s. 

Will the mortgage not reporting hurt me? Looking to buy a $40000 truck and can put 25% down. 


Your CH7 from 2012 won't even show up on your credit report. It's all gone after 7 years. The only thing that remains is the public record which lasts for 10 years.

 

Check and see what your credit score is and as long as it's at least 650 or higher you won't have a problem.


Ohh cool not op but didn't know this, I had one back in sept 2012. So basically it doesn't show except for the "public record" good news for me I think 

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