Do you think I might get approved...

[Andy77]

I was forced into ch7 bk about 8 months ago after being laid off.  In my bk I had a repossession, but the debt was included in my bk.

My scores are in the high 500's now.  I have about 800 in cc debt.  I have a few credit cards that I have paid on time

I will be paying the above referenced debt  to zero and paying any participation fees monthly...on time.

So I would think over the next 7 months my fico score might be around 620 or so.

I want to buy a car before the end of the yr for 37k.  I would be putting down 20k

What do you think my chances of approval are?

[MarineVietVet]

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@Andy77 wrote:

I was forced into ch7 bk about 8 months ago after being laid off.  In my bk I had a repossession, but the debt was included in my bk.

My scores are in the high 500's now.  I have about 800 in cc debt.  I have a few credit cards that I have paid on time

I will be paying the above referenced debt  to zero and paying any participation fees monthly...on time.

So I would think over the next 7 months my fico score might be around 620 or so.

I want to buy a car before the end of the yr for 37k.  I would be putting down 20k

What do you think my chances of approval are?

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I was going to say not good at all but it seems like car loans are available to many people if they can swallow the interest rates. Why don't you just pay $20,000 cash for a car and not worry about applying for new credit so soon after your BK?

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

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[maynie]

With the repo your chances are not good. If you do find a bank that will approve you with one the smarter thing to do would be to buy a $20K car and put down $14K and start to rebuild your credit with the rest of the amount financed. 

[suzen121]

Nobody needs a 37K car...Very important to distinguish between WANTS and NEEDS...Let's say you DO get approved for the loan, and then a year or two later experience some sort of financial hardship (job loss, illness)  Then what?  You can't file bankruptcy again.  You can get a perfectly nice car for 20K...pay cash and have no worries.  Use the money you would pay monthly for a car payment and save it or use it to see the world and enjoy life instead of "enjoying" an overpriced car. I personally find people who drive around in 37K cars annoying...I think most of them can't really afford it and are just trying to impress people...I for one am not impressed!   I'd be much more impressed by someone who has no debt and plans for the future instead of living in the moment! 

[daisyduke]

Food for thought:  The problem with  paying all cash for the car is there won't be a positive auto TL when the time comes for yet another car.  OP should consider re building as well.  But things like interest rates need to be taken into consideration as well. Sometimes, down payment CAN influence interest rate.