Feeling discouraged!

[Anonymous]

I know it takes a VERY long time to recover from Ch 7.  We were just discharged last week and I followed how so many people have posted that they got a car the day of their discharge or before or were approved for such and such credit card.  Well day after, I applied for Cap1- no go.  I had my hubby apply- DECLINED. Yes we burned them just like many have but they won't let us back in right now.  Ok fine.

Decided to recind the the reaffirmation on my 2014 Nissan Maxima- we owe way too much still and after doing research here on this forum and elsewhere I called the attorney and I literally called just in time.  Here we are trying to get another car because we have 3 drivers and 2 cars cannot afford to be down to 1 car even just for a short while.  I work full time and so does my husband and daughter.  Cannot get a car loan without someone co-signing for us!  I don't want to keep going to different dealerships because I don't want to have a ton of inquiries.

Super frustrated and I am already discouraged with trying to rebuild.  

[Creditwiser]

Dont be discouraged.  Breathe and relax.  It doesnt take long at all to recover but you have to have a plan.

What do your CR's look like right now ?  Does the discharge report to all 3 yet ?  Are all accounts discharged showing IIB ?  Thats the first step. Until that happens dont apply for ANYTHING.  Read the BK TO 700 in 2 years thread if you havnt already.  Develope a plan and stick around here. Read read and read, then when you're done, read some more. Learn to help yourself through this.  I did it and countless others in here.  You can too.

[Anonymous]

My scores shown on credit karam (I know those are not accurate) show 598 and 618.  Where can I get my true scores?

[Creditwiser]

I get mine from right here on MyFico and I subscribe to equifax as well.  But you need to obtain copies of your reports from all 3 to see whats what, not just your scores. Now that you have a clean slate, your reports should eventually reflect that by all disch accounts showing IIB ( Included In Bankruptcy) and the public records showing your discharge date.

You could go to freecreditreport.com if you havnt done so in the past 12 months and obtain all 3 reports for free.  You must know where you stand to plan for your rebuild.  Again, spend all the free time you can reading threads on here. There are people in here that have lived thru your ordeal and will gladly share their experiences. People a lot smarter than me.  Im now 21 months post BK7 Disch and Im doing very well as you can see in my siggy.  You can do this but again, You must HAVE A PLAN and then develope the patience to stick with it.

When you attempt Cap One again in the future, try the pre-approval first to get a better idea of your approval odds,  You might have to go the Secured card route.  Either way, get your reports in order and read the BK7 TO 700 thread !!!    

[Anonymous]

+1 to Creditwiser...

Get all three of your credit reports find out where you truly stand Credit Score Wise, make sure everything is reporting correctly.  It usually takes about 30+ Days for the CRs to catch up.  It will take 30-60 days before your scores stop bouncing around.  This is where being proactive on your part by checking your CRs and disputing any errors will help heal your credit a bit faster.  But it takes time for your CS's to bounce up.

Also shop around, not all dealers will help you out.  Read my story (adventure with various car dealers) it took me 3 weeks before I was able to get into a new car and then surrender my car to the leinholder.  Be prepared to compromise but also be prepared to walk away from a bad deal. 

Take a deep breath, relax, and good hunting.

[Creditwiser]

Be sure to keep the forum posted on your progress and setbacks. Yes there will be setbacks but theyre temporary and you'll learn from them. Ask questions when you have them or just post to vent.  Its all good, thats what this place is for, This community will help you and teach you far more than you ever would have imagined,  It feels like it Im sure, but you're not alone.

[silkysean]

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@Anonymous wrote:

I know it takes a VERY long time to recover from Ch 7.  We were just discharged last week and I followed how so many people have posted that they got a car the day of their discharge or before or were approved for such and such credit card.  Well day after, I applied for Cap1- no go.  I had my hubby apply- DECLINED. Yes we burned them just like many have but they won't let us back in right now.  Ok fine.

Decided to recind the the reaffirmation on my 2014 Nissan Maxima- we owe way too much still and after doing research here on this forum and elsewhere I called the attorney and I literally called just in time.  Here we are trying to get another car because we have 3 drivers and 2 cars cannot afford to be down to 1 car even just for a short while.  I work full time and so does my husband and daughter.  Cannot get a car loan without someone co-signing for us!  I don't want to keep going to different dealerships because I don't want to have a ton of inquiries.

Super frustrated and I am already discouraged with trying to rebuild.  

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Don't be discouraged others have different files it takes time to rebuild.Dont rush into it or you will be in another high interest loan.Best thing to do is maybe a cheap little car to buy time if it's affordable let scores climb back up then try again.Try Auto forum for better ideas or lenders who mght work with you Good luck 

[Anonymous]

Definitely research if the dealer does special financing in regards to BK. I went to one dealership, picked out the car I liked. Went to the finance office. It was after 8, so the said they had to work on the financing the next day and gave me a temp registration to the car. I got to take the car home in lieu of finalizing the deal the next day. Needless to say, I got my hopes up and was certain they were going to find me a deal for what I thought as my car. Nope. When I got there, the finance guy said they weren't able to find a bank to do a deal with me and I had to give the car back. Next day, my coworker took me to someone she was working with and they found me financing for the car I wanted and made sure they didn't tease me like the other dealership. They even said that dealership is known to do that. Be careful and call ahead to ask if they have a special finance plan for recent BK. Be honest and like others have said, be prepared to walk from a bad deal.

[Anonymous]

Just realize everyone emerges from BK with different scores cause everyone has different credit experiences prior and after BK.  Some people are real good at negoitating a deal while others would rather chew rocks. 

In getting the best car deal for your situation perserverence and be able to say no to a BAD deal.  At one point I had a finance manager and salesman telling in the same office that I would not get a better deal than this Sonata with 99,000 miles and I had better accept it or else.  Never have I felt so intimidated in my life, it felt so good later the abiltiy to say NO and walk away and not answer calls from the salesman for the next two or three days.

As far as brands go Honda, Ford, Nissan?, and Toyota seem to be bit more willing to work with recent BK'ers.  But when it gets down to the individual dealerships, it can be a different story.  Hang in there and have some patience with yourself and realize this is new journey and there will be bumps in the road but eventually it will be smoother sailing.