Bankruptcy discharged yesterday, have a couple questions and need an auto loan

[Anonymous]

Hey guys, I'm new to the forums. I've been lurking around and reading a lot, and got a lot of great information from all of you. Thank you all

I filed bankruptcy chapter 7 on 8/26/14, and got discharged yesterday 12/2/14. Everything went very smoothly with the bankruptcy, and glad to be on the path to a new start. I included the vehicle I had financed, as I owed 12k and its only worth 5k. I had it for a year, and made every payment on time. So now that I'm discharged, I'm needing a new car. I had read on here that a lot of people have had good luck with capital one blank check. I tried with them this morning and was denied. Could it be because I just got discharged, and my report hasn't updated? Is there a secret with them that I'm missing?

I pulled a credit report a couple weeks ago, and noticed a lot of the stuff on there didn't say "included in bankruptcy". Almost all but one was closed, but didnt say IIBK. I asked my attorney about it, and they told me its because a lot of the creditors won't update until they get the discharge paperwork as well. Could that be another factor as to my denial from cap one?

I've been in contact with a dealer here in town and they said to bring in my discharge paperwork and they will be able to help me out. I'm just afraid of getting a bunch of inquiries. Is there another creditor that helps in my situation? Thank you all for your help.

[Anonymous]

Also, I already have a few inquiries on my report as it is. Do those come off at the bk updates?

[danibaby89]

Hello,

I got discharges on 9/30/14. I am in the same boat as yourself but I have gotten some approvals but the downside is the downpayment that I have to come up with. Some companies you can try for a carloan are Roadloans, Prestige Financial and maybe even Santander. YOu can also try Wells Fargo or your local credit union if you have an account. As far as the inquires, they stay on your credit report for 2yrs but only affect you for 1 yr. Unfortunately BK does not remove inquiries. I have quite a few of those as well. One more thing, try and follow Soulmasters plan BK to 700 in 24 months. Good Luck

[0REDSOX7]

Sometimes dealers can get you approved with a lender when they know what type of car the loan will be based off of.

Be prepared for a rate north of 12% with a lender like Santander or other sub prime lenders.

It can be done.

Is your CR accurate? All accounts reporting correctly??

[Anonymous]

When I pulled my report, all but 1 of the accounts were closed, but only one said IIB. The others were closed derogatory. When I asked my attorney about it yesterday, they said that usually they will change it to IIB when they get the discharge paperwork. The BK was on there though.

I know I'm going to have a high interest rate. I want to get a couple credit cards and a car loan, then refinance the loan in a year or so to try to get a better rate.

[Scupra]

---

@Anonymous wrote:
When I pulled my report, all but 1 of the accounts were closed, but only one said IIB. The others were closed derogatory. When I asked my attorney about it yesterday, they said that usually they will change it to IIB when they get the discharge paperwork. The BK was on there though.

I know I'm going to have a high interest rate. I want to get a couple credit cards and a car loan, then refinance the loan in a year or so to try to get a better rate.

---

Welcome to the boards! Go check out SoulMasters plan to 700. That thread will help you and answer a lot of questions you have. You need to work on getting your reports cleaned up and make sure they are accurate before applying for anything. Congrats on your discharge, now the fun begins. Good luck!

[Anonymous]

Thank you, where do I find this SoulMasters plan to 700?

[Scupra]

Here ya go!

http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-...

[Anonymous]

Welcome!

I was able to get into the CapOne Blank Check program about a week after BK7. But I had also been approved for 2 unsecured cards through Capital One first.

Like others have said there are a couple of online car lenders and the dealership will be able to find you something but it won't be pretty. With CapOne I got 9% whereas I left the dealer run my credit and the very best they could do was 15.5%(AmeriCredit, I read nothing but awful things about them).

I've also read on here before that they will lump certain groups of inquiries (auto loan, home loan, etc) together..but I don't have any evidence to prove this.

Anyway, you might wait a bit and then try CapOne again.

Good Luck!

[Anonymous]

Thanks for the responses. I'm wondering if when I tried cap one, if it was to early. I got an email from my lawyer saying it was discharged, but I still haven't received my paperwork from the court. When I called the lawyer, she said they were still preparing it and that it usually takes about a week to go out. So I'm wondering if maybe that's why I got denied? I was thinking about trying again with cap one once I get that paperwork.

Also they said that sometimes the lenders will work with me as far returning the vehicle I have. They said to try calling the lender once I have the paperwork (because that's when they get it as well) and to ask if I could surrender the vehicle in a week or two. That of course depends on the lenders though.