topic Re: BK7 - My plan, a few questions, & suggestions are desired. :) in Bankruptcy

BK7 - My plan, a few questions, & suggestions are desired. :)

hunni1121 — Fri, 25 Jan 2013 01:06:54 GMT

Hello everyone and thanks all the wealth of knowledge! I am grateful for this forum and every single spirit connected to it.

ANXIOUS, RELIEVED, AND READY TO REBUILD!!!!

My story.... I messed up in 2009 tried to fix myself, but couldn't and so I came here and learned some things... Tried again to repair but still not getting the results I needed to make a full recovery. So... Filed BK 7 12/21/12 ... 341 Mtg 01/18/13 and discharge should be 03/19/13.

Issues: I had to close all my positive TLs and that was devastating to me, but I understand why. I also did not reaffirm my auto loan with Cap One Auto Financing (horrible loan and terms), but I am need of a vehicle before they come gets this one. I need help securing a loan ... Nothing too big I've found a car through a small dealership, but I don't have all the funds to buy cash so I need a loan for 1. New installment account 2. Make up the difference to the cash I have to put down. HELP ME PLEASE BEFORE CapOne comes and takes my car.

Plan: After discharge I plan to open a Secured CC with Navy Federal $1000 by way of another brilliant spirit on this forum (cannot remember their name) through the secured credit line program and I also plan to get a secured card with another Credit Union that offers the exact same system so that I can have 2 TLs with the $2000 out of pocket and $4000 in total TLs. I hope I wrote that correctly. This will be rather quickly after discharge. Than 6 months out I will try for CapOne Unsecured line. Than 1 yr out (mini app spree) I will apply for Barclay Apple, Priceline CC, and USAA Rewards MasterCard. Than gardening until time to purchase home which my goal is NLT 12/2014. After home purchase I will attempt to get a Prime Card with Wells Fargo or Bank Of America and a few other Credit Unions in my area (mini app spree no more than 5). My goal is to have 6 Strong TLs for 5 years so come 2016 early 2017 all baddies except BK7 will be the only negative on reports.

Questions: Anyone know of a Auto Loan company that works with small loans or Credit Unions that will work with a small loan... Down payment of $1500-2000 Car Loan no more than $7500. Can anyone shine some light on what I should see son my CRs after discharge? I have seen some posts but it is not clear if all accounts included should read IIB even if it was prior COs.

Suggestions are welcomed! Please!!!

I'm looking forward to completing the 2013 Fico Challenge!

New Year... New Goals... New Blessings!!!!

(sorry about any typos... Siri and me have a relationship that's love and hate)

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

MovingForward_2012 — Fri, 25 Jan 2013 23:50:10 GMT

Contact Prestige Financial. Their website is www.gopfs.com They provide loans to people who recently filed bankruptcy like yourself. It even says who their target audience is on their website. The auto loans require ZERO down...that is on their website as well. And they reduce your rate every 6 months when you have paid on time. There is no grace period so put it on autopay. They were the only lender that would finance me after Ch 13 BK. I got a really reliable late model family sedan. Price was $16,000 and I paid $400 a month. I traded it in last Nov for a lease on a brand new Acura. So they helped me rebuild my credit a lot. I think they require your BK to be discharged...most any lender requires that so you may have to wait a little longer but I doubt they will come and get your car in that timeframe. Things move very slowly after BK. good luck to you and I know it will turn out ok for you.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

shols44 — Sat, 26 Jan 2013 00:43:00 GMT

hunni1121 wrote:
Hello everyone and thanks all the wealth of knowledge! I am grateful for this forum and every single spirit connected to it.

ANXIOUS, RELIEVED, AND READY TO REBUILD!!!!

My story.... I messed up in 2009 tried to fix myself, but couldn't and so I came here and learned some things... Tried again to repair but still not getting the results I needed to make a full recovery. So... Filed BK 7 12/21/12 ... 341 Mtg 01/18/13 and discharge should be 03/19/13.

Issues: I had to close all my positive TLs and that was devastating to me, but I understand why. I also did not reaffirm my auto loan with Cap One Auto Financing (horrible loan and terms), but I am need of a vehicle before they come gets this one. I need help securing a loan ... Nothing too big I've found a car through a small dealership, but I don't have all the funds to buy cash so I need a loan for 1. New installment account 2. Make up the difference to the cash I have to put down. HELP ME PLEASE BEFORE CapOne comes and takes my car.

Plan: After discharge I plan to open a Secured CC with Navy Federal $1000 by way of another brilliant spirit on this forum (cannot remember their name) through the secured credit line program and I also plan to get a secured card with another Credit Union that offers the exact same system so that I can have 2 TLs with the $2000 out of pocket and $4000 in total TLs. I hope I wrote that correctly. This will be rather quickly after discharge. Than 6 months out I will try for CapOne Unsecured line. Than 1 yr out (mini app spree) I will apply for Barclay Apple, Priceline CC, and USAA Rewards MasterCard. Than gardening until time to purchase home which my goal is NLT 12/2014. After home purchase I will attempt to get a Prime Card with Wells Fargo or Bank Of America and a few other Credit Unions in my area (mini app spree no more than 5). My goal is to have 6 Strong TLs for 5 years so come 2016 early 2017 all baddies except BK7 will be the only negative on reports.

Questions: Anyone know of a Auto Loan company that works with small loans or Credit Unions that will work with a small loan... Down payment of $1500-2000 Car Loan no more than $7500. Can anyone shine some light on what I should see son my CRs after discharge? I have seen some posts but it is not clear if all accounts included should read IIB even if it was prior COs.

Suggestions are welcomed! Please!!!

I'm looking forward to completing the 2013 Fico Challenge!

New Year... New Goals... New Blessings!!!!

(sorry about any typos... Siri and me have a relationship that's love and hate)

Congrats and welcome. I hope your discharge process goes smoothly. I got an autoloan 3 days after discharge through a pretty sleezey dealership. I knew their reputation, but I also knew they got results. 1hr after small talk, I walked out with GM financial at 16.9%. A pretty **bleep** rate, but meh I ran with it.

Your plan is quite good. Sounds pretty feasible and seems like it could go very very well. I do have a few suggestions. USAA, BOA and Wells Fargo are not BK friendly. One year out is way too soon to app with these lenders. They are likely to deny you and cost your an INQ. I would suggest apping for a new NFCU card at your 1 year mark instead. In addition to your 2 secured cards (which could unsecure), capone and an auto loan, that's more than enough lines to get your credit life back.

At the very begining, capone, and credit one have pretty good immediate rebuilders. Although, if you have the dough, your secured plan trumps capone and creditone. The other cards to probably consider after your initial rebuild period could be a GE back card, discover and another barclays product. YMMV with discover and GE but Barclays is surely fair game at about 6 months, and certainly at 1 year.

I think your plan is pretty great though and glad you've thought it through. Goodluck with whatever you decide and let us know how it goes.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

hunni1121 — Sun, 27 Jan 2013 06:09:55 GMT

MovingForward_2012

Thanks for the advice. I will just hold on for the discharge to worry about getting financed. hopefully ... It goes smooth.

I will keep My thread updated with the process.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

hunni1121 — Sun, 27 Jan 2013 06:20:42 GMT

Shols44

thanks for the advice, and I will definitely hold back from usaa until maybe they solicit me for their produWilliam am not sure if they would let me get a secured card after BK 7 if you know of anyone that has gotten even a secured with them than that will be good enough for me to app. I had a secured before BK that I closed before bk filling to so they would not freak out.

i will look into CreditOne and CapOne for rebuilder cards after 6 months or a year with secured cards so I get a decent credit line for my first unsecured which is the goal. I don't want tiny lines messing up my average credit line limits.

I will definitely keep you all updated on my process, and I pray it goes smoothly.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

starry1 — Mon, 28 Jan 2013 03:50:56 GMT

Prestige Financial financed me 2 weeks after I filed, so no, you don't have to wait until discharge if you really need transpo.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

MovingForward_2012 — Mon, 28 Jan 2013 06:09:54 GMT

Thanks Starry for your input from your experience. I saw on their website that they require a discharge but it appears they operate outside those bounds so OP you can give it shot now if you like. YMMV

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

hunni1121 — Tue, 29 Jan 2013 01:58:09 GMT

Thanks for everyone's suggestion on the auto loan. I decided I would do a cash car because the money they would charge me in interest is money I could use toward my CLI for my secured cards which I plan on having soon after vehicle purchase.

Good news I have received a few updates IIB SW but the interesting thing about it ....ALL updates say "Close By Consumer, Paid As Agreed $0 Bal H/C reported as CL" all Derog reporting removed from those already updated. I am a little shocked, but nonetheless... I am HAPPY! I have received a little bump in Fico (approx 10pts EQ SW Alerts). I cannot wait for more to updates. I hope they all update the same way.

I would love feedback, suggestions, or experiences with this or if someone has seen the same thing happen to them.

I am only 10 days out of 341 Meeting and my discharge is not expected until March. I hope I don't have to do any fixes afterwards ... It would be a blessing to a have the CRAs report quickly and accurately for a change.

Until next post... Thanks again for ALL your support, warm welcome, and advice.

Blessings

Hunni :smileyhappy:

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

hunni1121 — Fri, 15 Mar 2013 07:30:21 GMT

Update

A little wavering action over the last couple of weeks. Nothing too exciting or devastating, but looking forward to discharge. I know it's not likely to be any significant score bump... I need one though. I have to buy a car within the next 3 months. My car was included and I am afraid after discharge Capital One will be calling to make arrangements and I am not ready to part due to need.

With discharge nearing... Any recommendations? Should I go ahead and get a secure card with Navy FCU $1000 CL or apply forever a Capital One unsecured and check my odds? I really want to get a secured loan and use that to furnish my Secure card to add 2 positive TLs with Navy FCU. Dying to hear everyone's opinions or experiences.

Thanks

On the road... Waiting semi-patiently.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

Countingpennies — Fri, 15 Mar 2013 14:43:18 GMT

I don't have the experience to comment on most of your questions, however, Cap1 approved me for unsecured MC two months from discharge, and I've read of others being approved sooner. Make sure you app for the MC not the Visa (stricter requirments.) and there will be hard pulls on all 3 CRs.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

tayra03 — Fri, 15 Mar 2013 16:27:18 GMT

space coast credit union. I had a bk in 2010 they preapproved me w 25K for a car in march 2012.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

hunni1121 — Wed, 27 Mar 2013 21:02:42 GMT

prestige financial declined me. Said on the letter because bk. Even more ironic... preBK I had perfect payment record on auto loan up until discharge date. I need a car before they come and take this one. Anyone know how long it normally takes before that happens?

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

shols44 — Wed, 27 Mar 2013 21:33:07 GMT

At this point It might be better to find a dealer that specializes in post-BK or 2nd chance financing. They will likely have a better chance getting you approved. Interest rate might be high though. Depending on your current score, Toyota financial approved hrguy at Tier1 post discharge. I got approved day 1 after discharge with GM financial. They don't do customer initiated financing unfortunately. My interest was high, but I will refinance any day now.

If you go with a dealer, do you best they don't rate shop you or submit one million apps. Even though apps will count as 1 for fico scoring purposes, manual reviews will just see 30 inqs.

I can't think of anyone left that will approve you on your own at this point. If you have an NFCU-in, try it though.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

Scupra — Thu, 28 Mar 2013 17:02:43 GMT

Do not apply for any NFCU products until you're discharged. If your report does not read "discharged" they will ask for your papers, and if you are not discharged they will auto decline. Dont waste the HP :)

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

mja — Fri, 29 Mar 2013 02:47:22 GMT

I had a recent BK7 discharge. Don't worry almost immediately after discharge you will get a ton of mail offers for auto loans. Prestige does require a discharge before they will approve. I was approved by them and Cap One, along with some local dealership financing within a couple of days after BK. Had a new car 2 weeks after discharge. My credit scores were about the same as yours but 6 months out of BK, I am just a few points from 600. So stick to your plan, I did something similar.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

starry1 — Fri, 29 Mar 2013 03:24:39 GMT

Prestige does not require a discharge. They financed me two weekends after I filed. Ymmv, of course.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

hunni1121 — Fri, 29 Mar 2013 05:47:50 GMT

Thanks everyone.

Update... I have received a lot of mailers for loans some directly from dealerships others from financing companies, but I'm afraid to inquiry because I don't know if they are legit or waste of time. Also, Capital One hasn't came to get my car yet, gratefully.

I just received NFCU secured card $1000 and I have the Finger Hut financing program which will turn into a revolving credit card in a few payments.

I already have too many inquiries and I'm afraid if I go to the dealership if they will inquiry with a gazillion companies leading to more inquiries.

I did apply for prestige before BK Discharge. Should I relax until I actually need the car. Right now, I'm driving my car IIB so I don't have a need for a new one & cannot really afford one on my current salary just yet... Bittersweet that Capital One hasn't came to get it yet (knock on wood)

Thanks again! Any other suggestions or comments are welcomed.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

starry1 — Fri, 29 Mar 2013 15:55:59 GMT

My post should say two weeks, not two weekends. Dang autocorrect.:womanembarrassed:

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

MzKitty — Fri, 29 Mar 2013 23:58:57 GMT

Hello All:catvery-happy: im looking to reestablish some credit and have no Idea how to start. Just discharged my chapter7 3/26/2013 I'm so happy its done.

Re: BK7 - My plan, a few questions, & suggestions are desired. :)

shols44 — Sat, 30 Mar 2013 00:55:15 GMT

I just posted this in another thread but I think it will apply to you as well...so forgive my copy and paste. Also search soulmaster and hrguy. They both have excellent plans.

Congrats on your discharge. Glad you found us!

First off, the rebuild process should start immediately after your receive your discharge. I'm assuming you filed a Chap 7. 6 months to a year is way way to late.

Now step 1 is reviewing all three reports as has already been mentioned. Make sure everything is reported correctly, dispute items that are not updated.

Step two, Apply for a Capital One product. You could try for the secured card or one of the lower end unsecured products. Unlike many folks here I would also suggest adding Creditone. They have a $75 AF and should be cancelled in your 11th month.

Visit your local credit union and meet a loan rep. Ask specifically about their BK policies. Don't join a CU that specifically prohibits post-BK lending for an extended period of time.

Once you find a CU, open a credit builder or secured loan. At the same time you can take the secured loan money and fund another secured card.

Assuming you've played this right, you should now have 3-4 credit lines.

Once you hit about 5-6 mos of new credit activity, apply for a barclays product. You might have to recon but will be likely approved if you followed above instructions.

Do not waste any apps on primes. Citi/Amex/BOA will all deny you swiftly. Stay away from them. You can try for GE at about 6 mos as well.

Also direct future posts to the BK forum. Lots of good recent and old experienced folks there.