? on not paying CC now (pre-BK) and credit score & auto credit score???

[basketsbears]

After reading some posts I am a little confused. We stopped paying CC in mid November with the anticipation that we would be filing BK. We won't be able to file for a few months so as far as our credit report now I'm sure it is bad. We had been in a debt repayment plan thru a consumer credit agency for about 2 years prior - never late. Mortgage is always on time (well, my husband's that we are letting go back is very late).

Our auto loans have never been late. I've read on here that there is a separate "auto" score??? If so, does that help obtain financing after BK. Does that help our credit score maybe not drop so far that we have been current on those things?

Is it best to have a car payment after BK to build score? I'm not reaffirming our house or cars, but will stay and pay for a while anyway. I will have student loans that come due 1/2014 - so I assume they will help rebuild credit.

I hope this makes sense. Thanks for any help!

[buffetbuster]

Prior to filing CH7, we quit paying on our CC's about 5 months before our actual filing date. Our scores did take a big hit. We went from about 650 to 550. Our mortgage was current through the whole process, so that wasn't affected. We both do have student loans as well and having them on your credit report, being reported as paid, along with the mortgage has helped our scores since our discharge in September. Our scores have gradually gone up. Not by much, but just a little is a good sign that the rebuilding process has begun. As far as the auto score, I'm not an expert at this and speaking from what I've seen and heard, there is a score that auto lenders use, seperate from your credit score and they can also factor in whether or not you've had a vehicle repo'd or you've paid off a vehicle. Hope this helps. Again, I'm just speaking from experience. Our experience may be no where near someone else's, but that's what is great about this forum. You get perspectives from all sorts of experiences.

Good Luck!

[Logan]

I was never late on any payments right up to filing and it did help my score rebound quickly. I was in a position that I could afford to make my minimum payments and had created a personal business plan to get back on my feet quickly and that included getting my credit score up. I would not recommend this for everyone..If I had a family or did not have a job I would have made different choices since credit scores should be the least of your worries until you at least exit BK.

Logan