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Does this help rebuild?

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  • Does this help rebuild?

    We are paying our mortgage and a HEL as well as two car payments outside of the bankruptcy plan. Will these loans help in rebuilding our credit. If they are all paid on time and the mortgage and one car will be paid off before the 60 months are up. The HEL might be paid off before 60 months as well since we will put our mortgage amount into the HEL after it's paid.

    I am in no rush to get a secured credit card, we are only 6 months into our 60 month plan. We are still learning how to budget effectively and we plan to build a little savings of at least $500 for emergency use for example if an appliance breaks down or something like that.

    I just wondered if keeping our current loans up to date and as they get paid off, if that will help rebuild credit. My car (which is in my and my husband's name) won't be paid off until after discharge so we will have at least one current loan at that time. I am thinking it's best to wait on getting a secured card as long as possible if the loans keep us in the credit game. Both mortgage and HEL and one of the cars are in both my and my husband's name.

  • #2
    Hi - while you are in BK...your mortgages may show on your credit report but they will show as part of your BK. Whether it is paid in the plan or you pay it on your own (which is what I did),
    it's still going to show as part of your BK. Until you are discharged (regardless of who pays), your home and vehicle loans are part of your estate and will show as part of your bankruptcy. Paying on time is important but doesn't help rebuild your credit while in the BK.
    Filed Chapter 13 - 07/20/12
    Discharged 8/2/16

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    • #3
      One car loan will still be active after the bankruptcy is discharged. Does that mean the payments after discharge will show up as rebuilding credit? I am not interested in trying to rebuild at this point, but I know we will have to at some point and I think we could get a secured card prior to discharge? (no hurry)

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      • #4
        Well in that case...after discharge - definately!
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16

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        • #5
          Was the car loan reaffirmed? If not then anything after Bk will not be reported, good or bad. If so then your actions will be reported.

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          • #6
            Car loans aren't reaffirmed in a chapter 13. I'm not sure how they report during the BK, but I don't know why they wouldn't report after it's over. Mortgages report correctly after a 13 ends and they aren't ever reaffirmed.
            Filed Chapter 13 - 07/20/12
            Discharged 8/2/16

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