topic Re: Ford Motor Credit in Bankruptcy

Ford Motor Credit

Comet21 — Sun, 26 Aug 2012 19:33:06 GMT

Just wanted to report if it had not been reported already that Ford Motor Credit is BK friendly. I was discharged in June but I was able to qualify for 3.9% financing! You can see my scores from below but they reported my EX at 692!!! I will take it.

Re: Ford Motor Credit

Poorboi — Sun, 26 Aug 2012 21:11:40 GMT

Please? I need more info? What did you do in between time. Any secured cards? Etc. what was on your reports after the discharge

Re: Ford Motor Credit

Comet21 — Sun, 26 Aug 2012 22:24:25 GMT

No secured cards. Not that they are not good, I just never looked into them. Credit report was wiped clean with $0 Balances. I had to dispute a few accounts to be IIB. Plus the judgement that lead me to BK was still reporting . I disputed it and it was removed off of my report but not my DW. I have applied and received Cap1 Platinum and Credit 1. My wife has applied and received Cap 1 Platinum and Rewards, Credit 1, First Premier, and Valero Gas Card. We also reaffirmed our mortgage and auto loan.

Re: Ford Motor Credit

Scupra — Mon, 27 Aug 2012 02:45:32 GMT

Awesome to hear! Congrats on that awesome rate

Re: Ford Motor Credit

hawaii12 — Mon, 27 Aug 2012 06:29:08 GMT

wow that awesome i just in box you

Re: Ford Motor Credit

Comet21 — Mon, 27 Aug 2012 16:47:11 GMT

@Hawaii I just responded

Re: Ford Motor Credit

indecison — Mon, 27 Aug 2012 19:47:22 GMT

I can say from experience they are BK friendly as well. 2 Years post BK 7 I got a truck at 6.9% and then 6 months later got a flex at 1.9%. It helped that I had bought many vehicles from them and never defaulted on those.

Re: Ford Motor Credit

VegasTeo702 — Mon, 27 Aug 2012 20:46:27 GMT

You guys are providing false information. They may have been BK friently to YOU. That does not mean they are to anyone else. You may have had a good down payment or decent amount of income to assist you in obtaining the loan. I was denied credit 6 months out of my BK. For everyone else considering Ford, Id say stay away...

Re: Ford Motor Credit

indecison — Mon, 27 Aug 2012 22:00:17 GMT

Vegas how far past BK are you? Have you established credit at all since BK like a Credit Card or anything? You are correct that income can play as a factor as well as down payment. When I bought my Fords I had income but I only put $500 down in both instances.

Re: Ford Motor Credit

Scupra — Tue, 28 Aug 2012 01:17:28 GMT

Everyones situation is different after BK and just because someone gets approved after a BK doesnt mean everyone will. Cap 1 is a bank we all consider BK friendly but not everyone will get approved for an unsecured card right out of BK.. Vegas, I think it is wrong to say he is providing "wrong information" Indecision was approved one month out of BK, I would say that is pretty friendly, wouldn't you? Like mentioned it has a lot to do with what you do with your credit after the BK and income definitely plays a part. Congrats again and thank you for the info

Re: Ford Motor Credit

Comet21 — Tue, 28 Aug 2012 16:31:11 GMT

I agree, "BK Friendly" is one of those YMMV situation. I consider a creditor "BK Friendly" if they will approve anybody that has filed for BK BUT it does not guarentee approval.

Re: Ford Motor Credit

zan987 — Wed, 29 Aug 2012 02:32:39 GMT

+ 1

Re: Ford Motor Credit

VegasTeo702 — Thu, 30 Aug 2012 01:04:25 GMT

" Indecision was approved one month out of BK, I would say that is pretty friendly, wouldn't you?" No, I would not say thats friendly. His BK was TWO years ago, gimmie a break dude. Had he been approved for that loan less than a year out of BK I would agree but anyone can pretty much obtain an auto loan 2 years post BK. To the member that asked about my BK, I have been out of it for 6 months with 2 credit cards currently paid off each month. My credit score initially went up after the BK but being denied auto loans has dropped my score approx 100 points and the inquiries are hurting me.

Re: Ford Motor Credit

Scupra — Thu, 30 Aug 2012 01:11:30 GMT

VegasTeo702 wrote:
" Indecision was approved one month out of BK, I would say that is pretty friendly, wouldn't you?" No, I would not say thats friendly. His BK was TWO years ago, gimmie a break dude. Had he been approved for that loan less than a year out of BK I would agree but anyone can pretty much obtain an auto loan 2 years post BK. To the member that asked about my BK, I have been out of it for 6 months with 2 credit cards currently paid off each month. My credit score initially went up after the BK but being denied auto loans has dropped my score approx 100 points and the inquiries are hurting me.

"Just wanted to report if it had not been reported already that Ford Motor Credit is BK friendly. I was discharged in June but I was able to qualify for 3.9% financing! You can see my scores from below but they reported my EX at 692!!! I will take it."

When he said "discharged in June" I guess I made a mistake thinking June as in two months ago?? Break given if I was wrong...

Re: Ford Motor Credit

Comet21 — Thu, 30 Aug 2012 02:24:58 GMT

Yes, I was discharged June 2012

Re: Ford Motor Credit

Comet21 — Thu, 30 Aug 2012 02:28:10 GMT

I also find it hard for your scores to drop 100 points with Inquires. You would have to app a lot to do that. It is my understanding that FICO scoring takes account when you have multiple auto Inq in the same time period. You are not dinged for each pull.

Re: Ford Motor Credit

Scupra — Thu, 30 Aug 2012 05:00:09 GMT

Comet21 wrote:
I also find it hard for your scores to drop 100 points with Inquires. You would have to app a lot to do that. It is my understanding that FICO scoring takes account when you have multiple auto Inq in the same time period. You are not dinged for each pull.

look period allows 30 days I belive