Help After Bankruptcy, Rejected from All

[Metsfantransplant]

Hi OREDSOX7. I remember reading your posts about getting two vehicles after discharge a while back. Did you and your wife do joint applications for both vehicles? Or did you each do one separately? My wife and I will both need a vehicle immediately after discharge as well and are trying to figure out the best way to do it. 

[0REDSOX7]

With regards to the two auto loans, we did both jointly... At discharge, I was at 609 and my wife was at 629.

About a week before discharge was expected, I went to the dealership that had the cars we wanted and spoke to the sales and finance manager to get an idea what we needed to do and what range we needed to stay in. He advised minimum down payments for each and that was it.

We went that Saturday, discharge in hand, and got two vehicles without issue.

The key was that I worked hard on ensuring the credit reports were updated and accurate prior to discharge. That is key.

With regards to the other poster who said a typical rebuild won't be so rosey, I tend to disagree. Follow the plan as best you can. You were rejected for Barclays because they want to see six months of payment history on a different credit card before they will even consider you.

Many don't want to start with Credit One because you think you are better than them... Well, you filed BK... They will give you a start needed to kickoff your rebuild b

[Anonymous]

Red Sox, so you only started then with one secured card?  If so, seemed to work for you. I keep reading to get 2 or 3 of them, so not sure which path to go.

[0REDSOX7]

CreditOne is not secured. It is unsecured.

[Anonymous]

You were really then in good shape that you were approvied for unsecured so close to discharge. Great Job !!!!  

[0REDSOX7]

I've had zero secured cards with my rebuild effort... Everything has been unsecured.

Many people are afraid of CreditOne because of their fees and no grace period, but that was the price to pay to get started with a good rebuild, and that $75 AF was the best $75 spent...

[Insoc]

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@0REDSOX7 wrote:
I've had zero secured cards with my rebuild effort... Everything has been unsecured.

Many people are afraid of CreditOne because of their fees and no grace period, but that was the price to pay to get started with a good rebuild, and that $75 AF was the best $75 spent...

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Everything I read said it's negative to have them or First Premier on your CR, being they are Subprime lenders, but obviously it has not affected you.  

[DaveInAZ]

f I may jump in, if you check post #1, it was a forum member with a discharge last August and had been rejected by a couple secured cards, and I suggested Credit One. He applied, and was accepted. Credit One is very BK friendly, as they make a ton of money off you - large annual fee, no grace period to pay off charges w/o interest, and high interest rate. If you are determined to start rebuilding quickly and are willing to accept those terms, they are a good option. While I don't think I'm "better than them", I resist being taken advantage of and I shredded every offer Credit One sent me.But then I didn't rebuild as quiuckly as Redsox has.

I started withn an Orchard Bank secured card, but they are no longer in business. If you have the funds, in my opinion a secured card is less punishing than Cedit One, if you Goggle "secured credit card" you'll find several choices. A secured share loan from a credit union is another good option. A few months after good payment history with secured card or CU loan, you should start getting better offers than Credit One. It just depends how quickly & determined to start rebuilding you are, and how willing you are to accept terms designed to take advantage of your situation.

[0REDSOX7]

Wasn't calling you out as "better than them" so sorry if you took it that way. Not trying to be mean.

I've read some posts on here where people just won't use them because of the fees - and we try to remind people that it is the cost of rebuilding with a BK.

I knew I needed a quick rebuild because of my need for auto loans so quickly post discharge.

I know the rebuild is a marathon, not a sprint - and not one credit profile is the same as others. I just like using myself as an example that it can be done. I understand I am the exception and not the rule, but, just want people to see it is possible.

Again, sorry for coming off rude - wasn't my plan.

[DaveInAZ]

"Again, sorry for coming off rude - wasn't my plan."

- Not at all, was just giving my 2 cents worth. You give great, helpful advice to folks, and that is much appreciated. We're good.