Cap1 refi tricks?

[Doodles]

Hi all,

Had a BK Ch7 discharged about 14 months ago.  Landed a substantial auto loan with C1 Auto Finance at an even more substantial rate (16%).

I am a USAA member and I've tried to refi twice without luck.  I haven't missed a payment in the 14 months since my discharge.  I am not eligible for NFCU (we got into USAA due to my father-in-law.)  Can someone help with a few lenders that might get me into the single digits?  I've been paying $1k per month on my loan so there is some decent equity in the car now, remaining balance is $24k.

Thanks!

Doodles

[CH-7-Mission-Accomplished]

A question first:  Your scores should be higher by now.  My BK7 was filed 8/2013 and discharged 11/13, so just a little behind you, and my scores are 680, 685 and 692 (all FICO 08 scores).  Is your utilization higher than 1%?  Just trying to figure out your scores.

That said, I would go on the credit union finder website and make a list of 10 CU's in your area that you can join.  Print out your FICO scores as of the day you visit them and then go see at least 5 of them.  You never know if it is the smaller one (in terms of assets) or the larger ones (in terms of assets) who can cut you a break.

You show them your three real FICO scores that date, tell the BK filing and discharge dates, and see assuming you can confirm these FICO scores, would you refinance my car?  Also bring data on the loan balance and the bluebook or NADA value for your car.

12 months after discharge with a good payment history and good equity and enough income to support the loan (verifiable income), there is a credit union that will help you.  You just have to do the leg work to find them

And when the first one says, "Oh, no we need 2 years or 3 years," don't assume they all think this way.  This is not true at all.  They each have their own unique policies.

If that doesn't work, I would advise hanging on until you are 24 months post filing date and apply with DCU.  They are BK friendly after 2 years.  By that point I would seriousy work on getting those scores up if you can figure out why they are relatively low  You have good credit cards now for rebuilding.

Hope this helps.

[Doodles]

Thank you for the detailed post.  Yes, it's a utilization issue, cards are both around 50%.  I'll pay them down to 1% this week.  Also, another issue is that there are several accounts that reported as LATE after the BK filing.  Haven't gotten around to disputing these- they were all clear prior to filing...