Should I be concern...

[ddamage]

Hello fam. I pray all of you are well. I have a question or two and could use some advice but before that let me give a quick bio. I'm a 100% disabled veteran/ssd (no taxable income)who filed Ch 7 twice with one coming off Feb 2024 (will ask for early deletion later in 2023) and my latest was recently CH 7 DC April 2022. Hasn't been a good 10 yrs for me but I'm praying things turn around. My current FICO Scores are currently EQ-640, TU 627, EX 636. I have a total of 4 credit cards with 27% UTI QuickSilver 3000 limit, Mission Lane 2500 limit, and just got yesterday Savor One 3000 limit, and Ally 1500 limit and thats all I need as far as CC. Also have 6000 in student loans that have been in some covid forebearce. Ok so heres the thing. My mortgage is showing closed and not reporting anymore and I just noticed my 2022 Kia from Santander which I got before the CH 7 has never reported not once. I know I had a meeting with my lawyer and the judge about the car but cant recall if I affirmed or not.  So I have my two biggest bills not reporting.

Should I be concerned or could it be a good thing?  The thing is I would like to sell my current house when Im able to use my VA home loan again in May 2024 since I have to wait 2 yrs. I've been told I could possibly make a small profit around 15-30k (only been in my home 3 yrs).  If I do sell my home and attempt to buy another home with the car not showing up wouldnt that help my DTI or should I call Santander and see if they can report it? Thanks in advance. 

[Guyatthebeach]

ddamage,

Welcome back! 

I have one question regarding your mortgage and car loan. Do either have any late payments on them? 

If they do, I would personally not pursue having them report to your CR's. Any late payments, even if they are older than 2 years will have a minor impact on your FICO score if a loan officer uses a FICO model that emphasizes payment history. Also they will impact your DTI. I'd personally leave them off and focus on getting your credit card debt under 10%. I know it's going to be a challenge with only SSI, but I know you can do it.

Hope this helps!

Guyatthebeach

[ddamage]

Never late on my home and the car I was for about two months but current and again the car has never been reported on FICO. Thank you for taking the time.

[FireMedic1]

Usually if you reaffirm it wont report again until DC. No reaffirmation. No more reporting. You quit paying the auto loan and they repo it. No balance owed due to being DC. Same with mortgage. Most lenders will stop such reporting to credit reporting agencies once a bankruptcy is filed, even if the homeowner continues to make monthly payments, a process commonly referred to as retain and pay. So it appears no reaffirmation was completed.

[ddamage]

Ok thank you Firemedic.

[hackersmovie]

I was DC CH7 3/22. We reaffirmed the mortgage and the Judge imposed a CHIM order for the auto loan. NEITHER WILL EVER REPORT AGAIN.

I just learned this about a month ago. Had I known it would have drastically changed my decision on bankruptcy as we are only 5 years in on a 30 year mortgage with 3.2% APR fixed. Refi is not an option for a long time so my only other option is to move. Don't want to do either but, that stings to not have the postive payments reporting.

We've since sold the vehicle and took the cash and bought a car outright. Don't need any car payments.

[ddamage]

Thank you for the response. I have never heard of CHIM and not sure if I got that or not. I wish you all the best. 

[CornChipPaws]

Just FYI before bankruptcy Santander reported almost instantly to my credit. I refinanced with capital one though and then did ch7 

[ddamage]

Interesting. I got my car with Santander like two months prior to my CH 7 and not once have they reported. 

[FireMedic1]

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@hackersmovie wrote:

I was DC CH7 3/22. We reaffirmed the mortgage and the Judge imposed a CHIM order for the auto loan. NEITHER WILL EVER REPORT AGAIN.

I just learned this about a month ago. Had I known it would have drastically changed my decision on bankruptcy as we are only 5 years in on a 30 year mortgage with 3.2% APR fixed. Refi is not an option for a long time so my only other option is to move. Don't want to do either but, that stings to not have the postive payments reporting.

We've since sold the vehicle and took the cash and bought a car outright. Don't need any car payments.

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@hackersmovieYou still have your mortgage reporting. A Chim order basically denies the reaffirmation agreement but allows the debtor to keep the car and make payments. You sold the car and got a payment free vehicle. Thats a win.