@CreditBob wrote:Unfortunately due to cut hours from work I have to file a chapter 7 bankruptcy. Here is my question. How will a reaffirmed auto loan show up on the credit report with the folliwing information? My Iaon is paid ahead until the end of June. So everything will be current with no lates or delinquencies.
Based upon what I've read in this forum, I don't believe there is a way to predict how any given lender will react; said another way, some will report, others will be flagged as IIB and stop reporting.
In my case the auto loan I reafirmed was through a credit union. They simply stopped reporting and I continued to make payments. It then disappeared from my report a year later when I traded that vehicle in.
@CreditBob wrote:Unfortunately due to cut hours from work I have to file a chapter 7 bankruptcy. Here is my question. How will a reaffirmed auto loan show up on the credit report with the folliwing information? My Iaon is paid ahead until the end of June. So everything will be current with no lates or delinquencies.
I reaffirmed my auto loan which was through a CU and nothing changed. I was never late on it prior to filing, so it was always a positive trade line on my reports. There are a couple of months that show as 'no data' during the BK filing even though I was still making the payments, but as soon as I was discharged, it picked right back up and is reporting positively monthly.
All you can do is get hold of the lender and see what they say.
My BK7 was discharged a couple of weeks ago. I noticed after I filed both my mortgage and car loan appeared as "Included in Bankruptcy" on the reports. Both were current and I reaffirmed them both however the auto-pay I had set up cancelled on both of them by the lender and I had to make my monthly payments manually on the website (I was able to log in though so I wasn't locked out of the website).
Currently the car loan isn't showing on any bureau even as closed. It's completely vanished.
The mortgage is showing three different things.
- Equifax shows paid as agreed with NR November to March. Last reporting 11/23.
- TU shows paid as agreed with OK until February and NR in March. Last reporting 2/24.
- Experian shows ChargeOff for Dec-Feb then OK for March. Last reporting 3/24.
I'm going to file a dispute with Experian to get the three ChargeOff months removed from the payment history as I've never been late. I'll also call the car loan bank and make sure they start reporting again. I figure it'll be another month or two for it to fix itself an my scores to stabilize from "Pinball mode".
Rebuild Started March 2024
@CaptainConcorde wrote:My BK7 was discharged a couple of weeks ago. I noticed after I filed both my mortgage and car loan appeared as "Included in Bankruptcy" on the reports. Both were current and I reaffirmed them both however the auto-pay I had set up cancelled on both of them by the lender and I had to make my monthly payments manually on the website (I was able to log in though so I wasn't locked out of the website).
Currently the car loan isn't showing on any bureau even as closed. It's completely vanished.
The mortgage is showing three different things.
- Equifax shows paid as agreed with NR November to March. Last reporting 11/23.
- TU shows paid as agreed with OK until February and NR in March. Last reporting 2/24.
- Experian shows ChargeOff for Dec-Feb then OK for March. Last reporting 3/24.
I'm going to file a dispute with Experian to get the three ChargeOff months removed from the payment history as I've never been late. I'll also call the car loan bank and make sure they start reporting again. I figure it'll be another month or two for it to fix itself an my scores to stabilize from "Pinball mode".
I don't believe disputing the notation will help. During and after my Chapter 13 my wife's car loan showed up on my credit reports as IIB and late (dated back to when I filed); I considered disputing it as there A) had never been a late payment, and B) the car had long since been paid off before my discharge came through. Even still, it continued to show on my reports, and oddly enough, when it finally aged off seven years after the inital late notation, my scores dropped. In your shoes, I'd refrain from poking the bear, the notation isn't hurting your scores as the public record of your Chapter 7 trumps all other negative items.
I'm not sure. Would charge off change anything?
@CaptainConcorde wrote:I'm not sure. Would charge off change anything?
If by that you mean if you are successful (doubtful) in getting the notation removed, will anything change in your score? No. Like I wrote above, the notation of your bankruptcy trumps all other derogatory comments until it falls off. If after the bankruptcy falls off the account still reports a charge off, then it is worth disputing.