Bankruptcy

[krissyb223]

I'm new to thisd and hope someone can help me out~  4 years ago, my husband and I had to unfortunately file bankruptcy.  We were able to keep his truck, my car and our home and continued normal payments.  He was actually leasing and when the lease was up, he bought it out- with no problem with the bank at that time (which was 1.5 yrs after the bankruptcy).  My car loan was paid off in 12/06- in good standing.  Here's my problem.  Today- I called the bank that I had my previos car loan through-  applied for pre-approval because we need to trade in my current car and get a new car and figured this was better than dealing with the dealership.  WRONG- we were denied!!!  They said the bankruptcy was too recent!The girl was even apologetic when she called me back- said that she even tried to bring to their attention that I had paid off previous auto loan and had no late pays on mortgage (which we've had for 17 years)- to no avail!  My FICO score through Experian is 633.  What do we do now-  We've gone 4 yrs ( basically 5 1/2 because we had done 1.5 yrs through a credit counseling agency before having to do the bankruptcy) with no issues except we did have 4 medical bills turned into collections- dumb oversight which were then paid- we've joined a credit union- which we've built up an excellent savings account- and all payments for bills are paid EARLY!

[rizeninme]

My husband and I went through bankruptcy in 2002 and we have since financed two vehicles through Capital One Auto Loan. We applied online and got an answer within a minute or two. We have been very happy with the whole process of applying and buying through Capital One. They send you a "blank check" so you can negotiate with the dealer and we have saved several thousand dollars on our two vehicles because we held the upper hand with the dealership. Both times, the dealership was sure that they could give us a better rate than Capital One, and both times they came back and actually said they could not. We were very surprised at that. Now our Capital One CC is a totally different story......

[krissyb223]

Thank you very much- I read about the Capital One and was just kind of nervous if it was a scam-type loan or not- you've answered that~  Was your FCIO score high?  Mine is 633.  Thank you again!

[rizeninme]

Our score was low 600's at the time. We have recommended Capital One to several of our friends and they have all had good luck too. My sister and brother-in-law were declined but there credit scores are low 500's. We even got a better deal on my husband's truck because Capital One sets a limit on how much you can pay for a vehicle, and although we had agreed on a price of $10,900, by the time the dealership did their math it was over $12,000 and Capital One actually made them reduce their fees back to the original $10,900. We were shocked at that, but very grateful- we actually would have paid that extra thousand without thinking much of it. So, not only did we get the best rate, they actually saved us money and kept us from getting screwed by a dealership.

Message Edited by rizeninme on 09-26-2007 08:54 PM

[ObsessedwithmyFico]

---

krissyb223 wrote:

Thank you very much- I read about the Capital One and was just kind of nervous if it was a scam-type loan or not- you've answered that~  Was your FCIO score high?  Mine is 633.  Thank you again!

---

I used CAP! auto finance back in 2002. No hassles, no problems. My scores were low 600's at the time so the rate was high, but they were easy to deal with and no problems with them through the life of the loan. I'd use them again (for the right rate).  Right now I'm just enjoying life without a car payment.

[hipgal0825]

Too bad I can't use them for auto loan. 2 credit cards with them that I am paying back through debt management.

[Baybreeze]

Hi, I got a brand new Honda Civic last August (I was 3 years out of BK then), through Honda Finance through the dealership. At first the dealer got me approved thru Cap One at 14% (which was less interest than I thought I might have to fork out). But the next day the Finance Mgr told me he had good news for , that they got me approved thru Honda Finance instead at 8%! This did have alot to do with the large down payment I made. ( I was saving money for while just for this purpose in hopes it might help me to put down more money). I put down $7000 on a $22,000 car. And now, just over a year later, after paying extra money each month over my amount due, my amount due now is just $176.00 versus $299./month when I started. I'm going to keep sending 360/month now and will end up paying it off in half the time.

[JCHAP]

Just from my past experiences, banks suck!  Join a CU and they will take care of you.  I never realized CU were so good until a month after my bankruptcy discharge.  See this post http://ficoforums.myfico.com/fico/board/message?board.id=bankruptcy&thread.id=27

JC

[mikeplumber]

hi im mike i can help get back to me if u want help

[the1picard]

I got my car loan through Cap One also. Did it all online and got a blank check good up to 30K. My BK was discharged in 12/04 and I bought my new car in 1/07.