Need opinions...

[AAAArt]

I need your opinions and even more if anyone knows for "fairly" sure on a question.
We reaffirmed 2 cars and said that we were planning on reaffirming a motorcycle. Here is my concern...I couled either have my disability income (not social security) cut from 24k per year to 16k...or it may even stop completely.
I have a job in the pipeline, but won't know about it until after my discharge date (Feb. 6th).
The question is...How much affect will it have on my Credit Reports if I just make payments on the motorcycle and don't reaffirm it?
I know that you will all want to give advice on the risk involved in reaffirming, and I will gladly listen to those thoughts, but my question is reeally ablut my credit score.
Thanks so much for always being here.
Art

[bkfiler]

ok not sure im in sink with you here.

why care about your credit scores?

bk is going to screw that anyways. and building credit will be faster with 3 credit cards. remember that the mororcycle loan does allow you to pay off and use again, pay off and use again. so its not as good as a credit card will be in 1 year and then 2 years of payment history imo.

even if you do have years of history with the motorcycle, why pay for it again? pesonal choice i guess.

but to have the otpion of keeping it and getting rid of it whenver you want verses reaffirming it and then having to keep paying it when you are have job issues and payments from disability cut.

unless im missing something here, which is entirely possible, i wouldnt reaffirm a damn thing. id keep myself save as possible and to me that means no payments need to to be made if things get worse.

hey art, glad to see you back again! you need to come back more often! i crashed the damn buggy and spilled the beer lol. oh well! sh*t always happens haha

[StaciMM]

I don't think it will make a difference. If you don't reaffirm, the account will not report your credit history. It will be a derogatory, as an 'included in bankruptcy' but assuming you have other accounts in the same status 1 won't really make a difference in my opinion.

And, if you did reaffirm 2 vehicles, those should keep reporting so you'll have 2 loans on your credit. From all I've heard, it is good to have variety so it IS good to have installment loans, but I don't think that having 3 would do more good than having only 2.

I'm not gonna lecture you about reaffirming, LOL. You've been around these boards long enough to have a pretty good idea of what you're doing! The only thing I WILL say is 1. make sure your attorney files the reaffirmations w/ the court if he hasn't already and 2. if you change your mind about the reaffirmation(s), I think you have up to 60 days after discharge OR 60 days after the reaffirmation was filed to cancel.

While I don't think there is a magic # of credit cards to build the best score, it is pretty certain that some credit cards are needed. Visa/mastercard type cards have more impact than any other kind of (positive) account. I'd think as long as you had some of those, in addition to some other type of credit then you'll be in good shape.

[AAAArt]

Tanks Staci, I had completely forgotten about the 60 day thing.
I have reaffirmed both vehicles (one in my name and one in DW's name) so I really don't have two loans showing as reaffirmed. I did these because of interest rates, loan balances near FMV and length of loans (both nearing the
2 1/2 year mark).
The motorcycle is not quite a year, but also w/ a good int. rate and is theough a CU which reports to all 3 CRA's. Art