01-11-2012 04:44 PM
So, it's been a loooooong few years but I paid my last payment on my Chap 13 Bankruptcy.. I received my trustee overpayment refund yesterday and after logging in and looking at Pacer, I see that the judge sent the final letter to my creditors that they have 21 days to object my request for a discharge :-).. With that being said, I've been combing these forums as I'm in need of a car... My current car has 191K miles on it and It's about to die... I pulled my FICO on this site and saw that it was a 590... There are a few accounts that need to be updated to show that they were included in my BK one of which was my previous auto loan.... The car started giving me problems in the middle of my BK and me and my lawyer decided that it was better to surrender the car than to pay the almost 4K to get it fixed... Anywho... I have been reading and I see that some people have a lot of luck with capital one... I currently make 42K per year and outside of my BK don't have may bills.. How do you guys think my chances will be to get an Auto Loan?
01-13-2012 11:31 AM
I was in your exact situation when I was discharged in Jan 2009.
Surrendered vehicle and recent BK (6 days).
I bought a beater and drove that for 2 yrs until I could afford a decent vehicle (used) with a good interest rate. My rate is 7.14% which is higher than if I didn't have the BK but not as bad as the Cap One rates.
IMO, this is the time to be very careful about picking up debt. It is too easy to fall back into the debt trap. Take advantage of your new found discharge by getting something cheap for cash while you plan your next vehicle purchase in a year or two. The worst mistake is to run out and get high payments - and they will be high because you have just come through a BK. Re-establish your credit first, then get a vehicle on payments if that is what you really want to do. I have to admit, driving a car without payments is a real pleasure.
01-13-2012 11:41 AM
Thanks... I know it's very easy to slip back into the dark hole I was in.. A lot of things have changed since then... I have grown older and matured... I was really young when I filed BK... 21<... I'm married now and have really learned a lot.. I'm ready to start rebuilding so I can get me a secured credit card and a few other tradelines so I can start my rebuilding process... I can't wait.. This feels better than Graduation ;-)
06-23-2012 11:32 PM
Cap1 isn't bad at all! I got approved for 2.82% interest rate and I love my Toyota Corolla! And I got $100 back from going to a Preferred dealer.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.