I need desperate help!! I’m at a point where I feel like I don’t know where to go
I have been rebuilding my credit as a result of my 2011 filed CH.13 BK which turned into a Ch.7 BK in 2014 due to income qualification issues after the recession. My 2014 BK was discharged in Nov 2014 and after my Discharge this is what has taken place;
July 2014 Filed Ch.7 BK
Aug. 2014 Financed an auto w/Tidewater Finance with a 19% APR – I needed a car to work.
Nov. 2014 Received my Discharge Doc.
Dec. 2014 Opened a Secured CC with my CU with a $2000 CL
A $300 Merrick Bank Secured CC survived the BK process opened in May 2014
Mar. 2015 Opened a $200 Secured CC with OpenSky
Mar.2015 CreditOne offers me the 1st unsecured Visa with $400 CL which turns into $600 after the
1st statement
June 2015 California Coast CU Refinances my Auto Loan from 19% to 4.98%
AND offers me a unsecured Cash Rewards Visa with a $1000 CL
July 2015 I open my NFCU Account and qualify for an unsecured Visa with $1000 CL
Discover approves me for an unsecured Chrome card with $1800 CL but high APR
**All is cool until here… then a few roadblocks fall into place
July 2015 My son’s vehicle breaks down and its $3000 to repair. Since the car is too old and not worth the repair cost we sell it for $600 and decide to go car shopping. He has no credit/thin file without a score with all 3 CB - and has only been at his recent job for 2 months. I suggest he apply with NFCU for a vehicle loan and they request a cosigner. At the end he gets a 16.99% APR on the loan and at this point the car is a done deal because he needs transportation for work. I ended up being the cosigner..
All is handy dandy here since my son is paying his loan but I now need another car for my soon to go to college daughter – This is where I am stuck… I have $2000 cash for my daughter but with that kind of money I can’t get any reliable car.. I am afraid to apply for another car loan because of the too recent Accounts that have been opened and also because I’m scared that I’ll get a high APR.
I have $120k of equity on my home which I can’t figure out how to use but which would save me in paying off my son’s car loan and my daughter’s new car along with just paying off my auto loan so I get rid of that payment but with my scores and BK from 2014 I am afraid I can’t qualify. NFCU told me that I have to apply first for them to even consider talking to me about qualifying or not qualifying because for a mortgage loan they pull all CR’s. I am afraid to have NFCU pull it – affect my score even more – and
finally get denied.. And this comes to my initial problem… I don’t know what to do or where to go now.. Can anyone please give me some sort of suggestion, recommendations, anything? I truly appreciate it..you all have been great in helping and I can’t thank you all enough.
ps: In case you are wondering.. I am the only source income in my home :/
