does discharge make a difference?

[itcaughtup]

Hi all, my last day fro creditor objections was 8/11/08, i spoke with the bk court clerks office and the gentlemen said i can expect a discharge notice by the end of the week. With that said, today I applied for a auto loan from roadloans, cap one and wells fargo and was denied by all 3. I have a middle fico of 603 and had great credit prior to bk (got very stretched out and had to file 7). My question is does it mater that I haven't been discharged yet and will that help me get approved once I am discharged?Thanks again guys/gals for the help..

[HopeFaith]

Makes all the difference. Try again about 90 days after discharge - and once all your reports are "cleaned up".

FYI - I went to a commercial Chevy dealership and got financing about a month before discharge, the rate was 20.99% though... :-(. Wouldn't recommend it unless you're in despair... and even then, be cautious!

[itcaughtup]

ohhh, thats good news, thanks.. Would you tell me what you mean by cleaned up, i've read that here a few times..

[HHM]

Yes, discharge makes all the difference.

Technically, aside from a 722 Redemption loan, no one is to lend you money with a pending BK.

As for credit report clean-up. It can often times take several months to make sure your various trade-lines (i.e. credit cards etc) are reporting their accounts properly.

With credit cards, they need to report that you have 0 balance owed and that the account was included/discharged in BK.

[itcaughtup]

Yes, discharge makes all the difference.

Technically, aside from a 722 Redemption loan, no one is to lend you money with a pending BK.

As for credit report clean-up. It can often times take several months to make sure your various trade-lines (i.e. credit cards etc) are reporting their accounts properly.

With credit cards, they need to report that you have 0 balance owed and that the account was included/discharged in BK.

Thanks alot for the input, thats a big relief. Once I am discharged (anyday) will my credit report reflect that, i have been checking all three reports regularly and all my accounts say IIB, will that change to discharged in bk?

[sharksfan]

Thanks alot for the input, thats a big relief. Once I am discharged (anyday) will my credit report reflect that, i have been checking all three reports regularly and all my accounts say IIB, will that change to discharged in bk?

All my TLs have remainded as IIB. What will change is the status if your public record. It will say "discharged" and give the date of the disposition.