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

[tayra03]

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

[hunni1121]

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?

[shols44]

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. 

[Scupra]

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

[mja]

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.

[starry1]

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

[hunni1121]

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.

[starry1]

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

[MzKitty]

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.

[shols44]

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.