Reaffirming car loan to improve credit score?

[psears123]

Hello,

I just got my Ch 7 discharge in Nov '11. Now my car loan with its perfect payment history is not listed on my credit report (we opted to keep it during the bk). It is a 6 year loan with perfect payment history, and has 1 or 2 years left on the loan. We received reaffirmation papers during the bk but I blew off filling them out (really because I didn't want to legally obligate myself to anything in case we decided to discharge it in the bk).

Would reaffirming this loan with the intent to get Santander to report the history again on my credit file help my score?

Thanks!

[NoMoreCards]

A reaffirmation is not possible on a discharged debt. Your debt was discharged when your bk was.

[psears123]

Do you mean that I would have had to complete the reaffirmation before my BK was officially discharged to do what I am proposing?

[malf1204]

Yes you had to reaffirm while the bk was still open. You could refinance with another lender but you lose the protection of a ride-through. My credit scores have rapidly improved in a few months with simply a secured credit card so in my opinoin it would not be worth it especially with Santander.

[IBroke]

Do you mean that I would have had to complete the reaffirmation before my BK was officially discharged to do what I am proposing?

Here's a thread that might be of interest to you:

http://www.bkforum.com/showthread.ph...o-build-credit

[psears123]

That's cool. I actually just applied and got approved for an unsecured Orchard Visa.

[Logan]

That's cool. I actually just applied and got approved for an unsecured Orchard Visa.

Good start. I assume there's an annual fee? Now what you want to do is make one charge a month and pay it off after the statement comes. No need to pay anyone interest but keep a balance showing on the credit report every month.

Your goal is to get rid of any cards with fees and pick up cards without fees so my suggestion is wait 3 to 6 months (the longer the better) and apply for a better card. I applied every 6 months for a new card and was never denied and I cancelled my Orchard prior to 1 year to avoid an annual fee.

Good luck,

Logan

[psears123]

Thanks for the reply. Yes, annual fee of $39 with a lowly $300 credit line. Guess I need to start somewhere!
Do you think there would be any benefit to getting a second card?