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We finally got our discharge!!! So glad to be done with that. We pulled my husbands fico scores because we desperately need a "new' car. One score dropped 75pts and another dropped almost 100! wth? So now we are below where we started from score wise Needless to say I feel so defeated because we worked so hard to get those scores up. We have one neg from last year our mortg company said we were 30 days late. In our defense the check really did get lost in the mail and we didnt know it until they called 30 days later! Which we immediately paid. but we cannot get them to remove this.
We are disputing a judgement that should have fallen off. The credit card usage is a little high and plan to pay that off in the next two weeks.
Scores now :Exp 591 EQ 520 TU 590
Who is a good lender for an auto loan post bk with lower scores? We were approved with Road Loans but denied with Cap 1
After we pay off the credit cards can we ask them to resubmit to the credit bureaus? I know mortgage companies can do a rapid rescore, any way a normal person can get that done?
any help would be appreciated!! Thanks!
You could try capital one auto finance. They are a good lender to work with post BK, even if you burned them with your BK.
They have the Blank Check program where you have to use one of their preferred lenders and have to get a car that is less than 7 years old with 70K miles or less on it. Expect to have an extreme rate, but after a year or so, you can refinance it.
They already turned us down and we didnt burn them. and have a credit card with them that has always been paid on time. Im just so frustrated.
Let me ask you this.
Did they turn you down because you were in an active case or was it after your discharge?
Have you gone to a dealer and asked them what they think?
They turned us down after the discharge. I looked at his report today and they pulled his experian report twice.
I have a friend that works at a dealership and he is going to call me today. I also tried carmax and they approved us, but the terms were worse than road loans. I am not expecting a prime rate, but considering he has nothing on his report I was expecting better than 16%. collectively we make $140k a year gross. we fell on hard times years ago due to medical problems and we are paying on those and therefore the 13.
I guess we will wait. I was just hoping someone would have had some luck somewhere. I found the car that i want, but road loans only lends to franchise dealerships and this is an independent.
Yeah - Im in the same boat.
We get our Ch. 7 discharge on 2/4 (barring any disputes, etc), and I'll need a car loan. Im going to talk to the manager of the dealer who be bought our last few cars fromw ho has always been good to us to see what they say.
I am okay with 16% on say, 15K car - it may suck, but, will build history.
We have so much negative equity in our cars now (I pay 495/month for my car) that I would gladly pay 16% for a year or so for a car with no negative equity.