Discharged yesterday. When will it show on my Credit Report?

[sah2]

I have my paperwork. Need to apply for a car loan. I know that I can bring this paperwork to a dealer, but I was hoping to apply for a loan online and if they are pulling my credit report I want it to show as discharged!

[justbroke]

It can take up to 30 days. Mine appeared about 2 days after the discharge was entered, on Equifax.

[JSFleischman]

Wait ... be careful about the whole "getting a car loan" thing. Think this one through; you filed for bankruptcy because of debt. Why walk back into the snake pit? Your interest rate will be very high coming out of bankruptcy, and you'll be on the hook for the total sum no matter what happens.

Why not tough it out for 6 months, save up some money (like the amount you'd be paying for the car) and consider buying a cheapo car for cash (or nearly all cash) later on down the road?

Don't fall back into the trap. Please.

[justbroke]

Excellent advice Jay.

[sah2]

Thanks for the advice, but unfortunately I absolutely need to buy a car. Am looking for a cheap, used one but still need a loan. Just checked Experian and the discharge is listed. And my credit score jumped up 60 points from yesterday. Different website I used (for free report) but since the discharge is there, it must be current.

[ohiogal]

Sah, which credit score are you using? There are several credit score companies out there and the numbers can vary widely. I believe FICO is the only one most loan companies look at.

Congratulations on your discharge. Good luck!

[JSFleischman]

Sah, what were you doing for transportation during the 4 months your bankruptcy case was winding through the court?

What do you NEED the car for? To get to the train? To drive to and from work? How many miles will you put on it per month or year?

Spend as little as humanly possible on a car. Don't get sucked in.

Please - put my entire industry out of business due to lack of need.

[2manybills]

I bet you can find some pretty good deals out there because of all of the repos that re going on.

Shortly after we were discharged, we made the last payment on my husband's truck. First time in our married life (22 years) that we owned a car free and clear. It's Toyota truck with only 55K miles on it. It will go forever. We were able to pay cash for new tires and have it fully serviced. I agree with Jay and JB, it's a great feeling to not have to pay that bill every month.

Look for repos, and resales on Craigslist if you are able. Reliable and safe are the most important things. The cars depreciate so much when you drive them off the lot.

Congratulations on your discharge. Our discharge showed up about a month after we discharged. Our credit score is at 690, but truthfully, I'm not too concerned about credit score anymore, but rather enjoying life without having to figure out how to steal from Peter to pay Paul.

[sah2]

I had a leased car in my husband's name. My husband did not declare BK but is considering it now, so he is not prepared to apply for a loan, plus his credit is shot, worse than mine now. We turned the lease in the other day. I am renting a car now. There is no reliable public transportation to my job (8 miles from home), plus I need a car to shuttle my kids around (baseball, soccer, school, etc are all in neighboring towns) and get to the supermarket (a mile away), etc. A car is an absolute necessity in my area unfortunately.

[2manybills]

I can understand that. We live in So. Cal. It's not too easy to move around here.

[sah2]

I used Identity Guard 30 day trial yesterday, which pulled all 3 reports. It showed my scores as 590, 616 and 587 (CreditKarma said 706- ha!). Today I signed up for Quizzle's free report. It pulled Experian report- yesterday's discharge including case number was on there, so I know it is current. Said my score was 679 (had been 616 according to Identity Guard yesterday). I am not bothering with the FICO score I just want to make sure discharge shows on credit report. I guess I will wait a couple days and try to go on annualcreditreport.com.

[SMinGA]

sah2, the discharge reports pretty quickly and if you're seeing it thru the monitoring services - then it is there.

But don't get sucked into worrying about those scores. They mean nothing. Unless some lender uses them to make a credit granting decision, they are for entertainment purposes only. Kind of like monopoly money. You can collect all you want, but it only has a benefit in that particular game.

Instead concentrate on fixing any errors, not applying for credit randomly (inquiries do hurt your credit-worthiness) and when you venture back out into the world of credit & debt do so VERY carefully.

[mrskal]

Yes, those scores can vary up to and over 100 points, not even worth looking at in my honest opinion. The only real score is the FICO, that is the one a car lender or mortgage lender are going to look at. That has been my experience anyway. Glad your disharge came through already. That is the most imprtant thing.

I agree with the whole "don't get back in to debt" thing, but sometimes that is just not going to work for some people, it would be nice, but sometimes not doable. There are also many people who had to file, at no fault of their own as we have read (medical, divorce etc...). You just never know. All you need to do, is make sure you make your payment on time. It will be good for rebuilding your credit, if you make a wise choice on a cheaper car, with reasonable payments. Hope you can find a car that meets your needs, and is not to much $$$$$!