03-27-2013 02:02 PM
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?
03-27-2013 02:33 PM
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.
03-28-2013 10:02 AM
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
03-28-2013 07:47 PM
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.
03-28-2013 08:24 PM
03-28-2013 10:47 PM
03-29-2013 08:55 AM
My post should say two weeks, not two weekends. Dang autocorrect.
03-29-2013 04:58 PM
Hello All 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.
03-29-2013 05:55 PM
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.
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