Reply
Member
tayra03
Posts: 6
Registered: ‎02-21-2013
0

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

space coast credit union. I had a bk in 2010 they preapproved me w 25K for a car in march 2012.

Starting FICO Score 2010: >> 629
Current >>>> 10-07-2013 - (746 Experian) - (685 Equifax) - (769 Transunion) -
Goal FICO Score: 770+ For all 3


Starting Score: 629
Current Score: 685
Goal Score: 780
Take the myFICO Fitness Challenge

Established Member
hunni1121
Posts: 30
Registered: ‎11-12-2011
0

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

prestige financial declined me. Said on the letter because bk. Even more ironic... preBK I had perfect payment record on auto loan up until discharge date. I need a car before they come and take this one. Anyone know how long it normally takes before that happens?


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
shols44
Posts: 397
Registered: ‎11-03-2012
0

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

At this point It might be better to find a dealer that specializes in post-BK or 2nd chance financing. They will likely have a better chance getting you approved. Interest rate might be high though. Depending on your current score, Toyota financial approved hrguy at Tier1 post discharge. I got approved day 1 after discharge with GM financial. They don't do customer initiated financing unfortunately. My interest was high, but I will refinance any day now.

 

If you go with a dealer, do you best they don't rate shop you or submit one million apps. Even though apps will count as 1 for fico scoring purposes, manual reviews will just see 30 inqs. 

 

I can't think of anyone left that will approve you on your own at this point. If you have an NFCU-in, try it though. 


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

Valued Contributor
Scupra
Posts: 1,306
Registered: ‎07-12-2012
0

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

Do not apply for any NFCU products until you're discharged. If your report does not read "discharged" they will ask for your papers, and if you are not discharged they will auto decline. Dont waste the HP :smileyhappy:

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
679 EQ FICO 08/2014
674 TU FICO 08/2014
669 EX FICO 08/2014
$14k NFCU Flagship Sig - $14k NFCU cashRewards Sig - $15k NavChek - $6k Barclays Arrival + - $2k Cap1 Quicksilver
Valued Member
mja
Posts: 41
Registered: ‎08-08-2012
0

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

I had a recent BK7 discharge.  Don't worry almost immediately after discharge you will get a ton of mail offers for auto loans.  Prestige does require a discharge before they will approve.  I was approved by them and Cap One, along with some local dealership financing within a couple of days after BK.  Had a new car 2 weeks after discharge.  My credit scores were about the same as yours but 6 months out of BK, I am just a few points from 600.  So stick to your plan, I did something similar.

Community Leader
Valued Contributor
starry1
Posts: 2,079
Registered: ‎11-29-2012
0

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

Prestige does not require a discharge. They financed me two weekends after I filed. Ymmv, of course.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 7/28/14 TU 611; EQ 635; EX 632
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)
Established Member
hunni1121
Posts: 30
Registered: ‎11-12-2011
0

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

Thanks everyone.

Update... I have received a lot of mailers for loans some directly from dealerships others from financing companies, but I'm afraid to inquiry because I don't know if they are legit or waste of time. Also, Capital One hasn't came to get my car yet, gratefully.

I just received NFCU secured card $1000 and I have the Finger Hut financing program which will turn into a revolving credit card in a few payments.

I already have too many inquiries and I'm afraid if I go to the dealership if they will inquiry with a gazillion companies leading to more inquiries.

I did apply for prestige before BK Discharge. Should I relax until I actually need the car. Right now, I'm driving my car IIB so I don't have a need for a new one & cannot really afford one on my current salary just yet... Bittersweet that Capital One hasn't came to get it yet (knock on wood)

Thanks again! Any other suggestions or comments are welcomed.

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: 2,079
Registered: ‎11-29-2012
0

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

My post should say two weeks, not two weekends.  Dang autocorrect.:womanembarrassed:


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 7/28/14 TU 611; EQ 635; EX 632
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)
Established Member
MzKitty
Posts: 11
Registered: ‎03-29-2013
0

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

Hello All:catvery-happy: im looking to reestablish some credit and have no Idea how to start. Just discharged my chapter7 3/26/2013 I'm so happy its done.

Starting TU 520 EQU 505 EX 520
Current TU 623 EQU 579 EX 588 (updated 8/23/2014)
Goal Score: 680

Take the myFICO Fitness Challenge!
Frequent Contributor
shols44
Posts: 397
Registered: ‎11-03-2012
0

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

I just posted this in another thread but I think it will apply to you as well...so forgive my copy and paste. Also search soulmaster and hrguy. They both have excellent plans. 

 

Congrats on your discharge. Glad you found us!

 

First off, the rebuild process should start immediately after your receive your discharge. I'm assuming you filed a Chap 7. 6 months to a year is way way to late.

 

Now step 1 is reviewing all three reports as has already been mentioned. Make sure everything is reported correctly, dispute items that are not updated. 

 

Step two, Apply for a Capital One product. You could try for the secured card or one of the lower end unsecured products. Unlike many folks here I would also suggest adding Creditone. They have a $75 AF and should be cancelled in your 11th month. 

 

Visit your local credit union and meet a loan rep. Ask specifically about their BK policies. Don't join a CU that specifically prohibits post-BK lending for an extended period of time.

 

Once you find a CU, open a credit builder or secured loan. At the same time you can take the secured loan money and fund another secured card. 

 

Assuming you've played this right, you should now have 3-4 credit lines. 

 

Once you hit about 5-6 mos of new credit activity, apply for a barclays product. You might have to recon but will be likely approved if you followed above instructions. 

 

Do not waste any apps on primes. Citi/Amex/BOA will all deny you swiftly. Stay away from them. You can try for GE at about 6 mos as well.

 

Also direct future posts to the BK forum. Lots of good recent and old experienced folks there. 


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


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+