Mar
26
Do I need to inform potential creditors about a repossession?
By
I filed a chapter 7 bankruptcy that was discharged over 3 years ago. Before I filed for bankruptcy, I had a car repossessed. I am now thinking about buying a new car, and aside from the bankruptcy, my credit is really good (731 FICO score). The repossession was included in the bankruptcy, and it doesn’t appear on my credit report from any of the 3 bureaus. But I know when you fill out an application for credit, they ask if you have any repossessions. Do I need to tell them about the repossession, or am I not obligated to disclose it because it was included in the bankruptcy? Also, can I qualify for those 0% offers that say your credit score has to be 720 or above, or would I not qualify because of the bankruptcy?
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5 Comments
March 27th, 2009 at 10:08 am
If the application asks about repo’s, you should answer yes it was included in your bankruptcy. The bankruptcy is going to show on your credit report anyway. If you lie and the repo shows up, you’ll get turned down.
Car loans get a different version of your credit report. That repo just might show on that version.
March 27th, 2009 at 3:28 pm
When I’ve applied for auto loans, there were no such questions asked.
Toyota financing straight out just pulled my credit numbers (to verify that one was above the 750 needed for their best rate), and my primary bank never asks me anything (I’ve done business with them for 8 years, so they assess my credit based on my performance with them).
You should qualify if that is your credit score (to me that’s amazing that your score is so good w/ the bankruptcy — but since the bankruptcy is already factored into the score, that’s all that should really matter). The other question I’d wonder about is what they are with each of the agencies (in my case Toyota pulled all 3 … I had about a 40 point spread on my numbers, and they just look at the highest one, where some other places might just look at one of the scores or average them or take just the lowest score).
March 28th, 2009 at 7:28 pm
My opinion is that your life is simpler if you just tell the truth. I would not like to worry about being “found out” because I tried to obscure and fudge the facts.
March 30th, 2009 at 12:24 pm
For fear of burning in hell eternity for telling a fib on a credit application….I guess you better tell them everything.
But that will most likely kill your chance of getting the loan.
If it were me, I’d risk it. It’s not being reported on your credit, and it’s not likely they will go through a lot if investigation. The bankruptcy is already sticking out like a sore thumb…I wouldn’t worry about it.
April 1st, 2009 at 1:32 pm
all credit bureaus will find this out on their
own; don’t volunteer anything.
and for my peers who are unaware of this–
credit bureaus violate with inpunity, the
laws about credit bureaus. The bureaus
do not correct data if they choose not to.
I sent proof and they said “we are not interested
in changing anything.”
also, their credit scores are secrative thus
they have no meaning.
WE all get perfect scores after we pay
all debts perfectly for 5 yrs.