Ride-Throughs - Will they ever report again?

[FakeName]

I'm a little confused by something so I'm hoping those who have been there can help me understand...

I was discharged back in early-November and closed this week. I've started looking at my credit reports to clean things up and everything looks pretty good with the "IIB" as expected.

So here's my question...

I did a ride-through on my 1st and 2nd mortgages and two vehicle payments. Am I correct that even though I'm making payments on time that they will never be reported to the credit bureaus? Never, ever?

I'm wondering what impact this will have on my re-building credit. I figured on-time mortgage and car payments for a couple years would help boost my score back to an acceptable range, but if they don't get reported, how will that happen?

I'm sure a re-affirmation would get them to report, but I've been advised against doing that. Plus, I'm discharged and closed so I'm sure it's too late to do that anyway.

Just looking for some advice from those who have been there.

Thanks in advance and TGIF!

[rjones04]

yes, unfortunately riding a loan through in BK will result in no positive credit history reflected. If you ride the loan through, technically its "included in BK" although u are making payments. At any time, if you stop making payments, legally the company reflects the loss. I know if you re-affirm the loan, i have heard companies will reflect "pays as agrees" although u filed BK because the loan was reaffirmed.

[jribe]

any debt that is not re-affirmed (thus a "ride through") will not report to a credit bureau because you are not legally obligated to continue paying them. If you wake up one morning - and decide to let it all go- you walk away- with no consequences.

If you reaffirm the debt- they will report to the credit bureaus.

So in answer to the question- none of these payments will rebuild your credit whatsoever.

I'm a little confused by something so I'm hoping those who have been there can help me understand...

I was discharged back in early-November and closed this week. I've started looking at my credit reports to clean things up and everything looks pretty good with the "IIB" as expected.

So here's my question...

I did a ride-through on my 1st and 2nd mortgages and two vehicle payments. Am I correct that even though I'm making payments on time that they will never be reported to the credit bureaus? Never, ever?

I'm wondering what impact this will have on my re-building credit. I figured on-time mortgage and car payments for a couple years would help boost my score back to an acceptable range, but if they don't get reported, how will that happen?

I'm sure a re-affirmation would get them to report, but I've been advised against doing that. Plus, I'm discharged and closed so I'm sure it's too late to do that anyway.

Just looking for some advice from those who have been there.

Thanks in advance and TGIF!

[FakeName]

So in answer to the question- none of these payments will rebuild your credit whatsoever.

Swell. And, obviously, just what I was hoping to hear...



Since I can't get pre-qualified for Cap One and couldn't get an Orchards card (even though I was pre-qualified...) I'm going to do the Orchards Secured card.

I have no intention of using it for actual "credit" -- that's what got me into this mess -- but I need something to use for booking some upcoming travel and to start rebuilding credit.

[krielly]

I would disagree that no creditor will report on-time payments with a ride through. I have two that do. While they are not required to, and may stop, it doesn't hurt to request that they begin reporting payments. The worst they will say is no..........

[jribe]

they are the exception- not the rule..

I would disagree that no creditor will report on-time payments with a ride through. I have two that do. While they are not required to, and may stop, it doesn't hurt to request that they begin reporting payments. The worst they will say is no..........

[willbfree]

I second kreilly. Wells Fargo reports our primary mortgage payments every month to the credit agencies. Now our second mortgage hasn't reported a payment since the bk was filed. We can't even get that bank to send out statements like WF. WF just adds something like "this is not a bill" and then they report every month that payments are on time and are current.

[krielly]

Yes, they are the exception, but I wanted folks to know there ARE exceptions. To say "NONE" of your payments will be reported and "NO" creditor will report that way is not necessarily accurate. Doesn't hurt to try....nothing to lose.

We all need SOME hope in this sometimes dark world of BK, LOL

[CCCrazy]

I second kreilly. Wells Fargo reports our primary mortgage payments every month to the credit agencies. Now our second mortgage hasn't reported a payment since the bk was filed. We can't even get that bank to send out statements like WF. WF just adds something like "this is not a bill" and then they report every month that payments are on time and are current.

You didn't reaffirm your 1st mortgage and WR is reporting it to the credit agencies? They should not be doing that, but hey if it helps your credit score - more power to ya, I guess.

[kw1025]

Hopefully this is not to dated. I was expecting a re-aff agreement on six accounts i have with Bank of America, they never came, so i called after discharge and they said they "don't do" re-affs. They said that it is all in the original mortgage docs, and to just keep paying on time. They also said the WILL report everything to credit after 90 days after discharge. Seems to me that this is a no-brainer for me the consumer. How can this be a bad thing if you keep your property, but don't re-affirm?