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Established Member
hunni1121
Posts: 30
Registered: ‎11-12-2011

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

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)


Current Scores: 564 EQ MyFico SW Alert 05/02/13; 640 TU Lender Pull 04/25/13; 581 EX VantageScore Experian.com 03/15/13
Starting Scores: 443 EQ MyFico; 513 TU MyFico; 473 EX Lender Pull Date: 05/20/2012
Goal Score: 720+ Across the board By 07/2014 and Purchase House Dec 2014


Take the FICO Fitness Challenge

IN MY WALLET: Fingerhut $250; Capital One Unsecured Cash $500 ; Credit One Unsecured $300 Annual fee $85; Navy Federal Secured nRewards $1000 (1); Navy Federal Secured nRewards $1000 (2); Santander Auto Loan $18,000
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

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

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.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Frequent Contributor
shols44
Posts: 397
Registered: ‎11-03-2012

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


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. 


Starting Score: 501
Current Score: 706 EQ,TU 689,EX 686
Goal Score: 720

Established Member
hunni1121
Posts: 30
Registered: ‎11-12-2011

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

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. 


Current Scores: 564 EQ MyFico SW Alert 05/02/13; 640 TU Lender Pull 04/25/13; 581 EX VantageScore Experian.com 03/15/13
Starting Scores: 443 EQ MyFico; 513 TU MyFico; 473 EX Lender Pull Date: 05/20/2012
Goal Score: 720+ Across the board By 07/2014 and Purchase House Dec 2014


Take the FICO Fitness Challenge

IN MY WALLET: Fingerhut $250; Capital One Unsecured Cash $500 ; Credit One Unsecured $300 Annual fee $85; Navy Federal Secured nRewards $1000 (1); Navy Federal Secured nRewards $1000 (2); Santander Auto Loan $18,000
Established Member
hunni1121
Posts: 30
Registered: ‎11-12-2011

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

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. 


Current Scores: 564 EQ MyFico SW Alert 05/02/13; 640 TU Lender Pull 04/25/13; 581 EX VantageScore Experian.com 03/15/13
Starting Scores: 443 EQ MyFico; 513 TU MyFico; 473 EX Lender Pull Date: 05/20/2012
Goal Score: 720+ Across the board By 07/2014 and Purchase House Dec 2014


Take the FICO Fitness Challenge

IN MY WALLET: Fingerhut $250; Capital One Unsecured Cash $500 ; Credit One Unsecured $300 Annual fee $85; Navy Federal Secured nRewards $1000 (1); Navy Federal Secured nRewards $1000 (2); Santander Auto Loan $18,000
Community Leader
Valued Contributor
starry1
Posts: 2,068
Registered: ‎11-29-2012

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

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

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 6/2614 TU 624; EQ 635; EX 610
Goal Score:  625 for now– New goal 675

Cap1 sec $700 (SD) / FP $300 (closed) / Fingerhut $1300 / nRewards $2.5k / cashRewards $1.5k / NavChek $2.5k
Amazon $1.7k / Walmart $1k / Von Maur $200 /Firestone $1.2k (last app 10/08/13)
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

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

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
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
hunni1121
Posts: 30
Registered: ‎11-12-2011

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

[ Edited ]

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:


Current Scores: 564 EQ MyFico SW Alert 05/02/13; 640 TU Lender Pull 04/25/13; 581 EX VantageScore Experian.com 03/15/13
Starting Scores: 443 EQ MyFico; 513 TU MyFico; 473 EX Lender Pull Date: 05/20/2012
Goal Score: 720+ Across the board By 07/2014 and Purchase House Dec 2014


Take the FICO Fitness Challenge

IN MY WALLET: Fingerhut $250; Capital One Unsecured Cash $500 ; Credit One Unsecured $300 Annual fee $85; Navy Federal Secured nRewards $1000 (1); Navy Federal Secured nRewards $1000 (2); Santander Auto Loan $18,000
Established Member
hunni1121
Posts: 30
Registered: ‎11-12-2011

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

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.

Current Scores: 564 EQ MyFico SW Alert 05/02/13; 640 TU Lender Pull 04/25/13; 581 EX VantageScore Experian.com 03/15/13
Starting Scores: 443 EQ MyFico; 513 TU MyFico; 473 EX Lender Pull Date: 05/20/2012
Goal Score: 720+ Across the board By 07/2014 and Purchase House Dec 2014


Take the FICO Fitness Challenge

IN MY WALLET: Fingerhut $250; Capital One Unsecured Cash $500 ; Credit One Unsecured $300 Annual fee $85; Navy Federal Secured nRewards $1000 (1); Navy Federal Secured nRewards $1000 (2); Santander Auto Loan $18,000
Frequent Contributor
Countingpennies
Posts: 464
Registered: ‎02-14-2013

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

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.

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