How Long To Wait After Bankruptcy To Apply For Car Loan...

[jrbell10]

Hi Guys! I'm a newbie here. I just filed for bankruptcy last year because my husband got out of the military (and jobs are impossible to find around here)  It was discharged in January of this year. So, it's been recent. My questions are how long should i wait before applying for a car loan? Also, how long should I wait before applying for a credit card? I have no idea what I'm doing with any of this! I don't want to do any hard inquiries if I'm going to get denied. We are in desperate need of a car BUT I'M NOT ABOUT TO BUY A PIECE OF JUNK BECAUSE OF A BK. I will save every penny and pay cash first. However, I see it coming up soon and I'm worried that I won't be able to save enough cash in time. Anyone have any suggestions? I think I owed everybody and their grandmother so our BK included A LOT of the big name places (JCPenny, Walmart, Victorias Secret, Cap One the list goes on and on). Any ideas on where I should start to rebuild this mess that we've gotten ourselves into?

Ursula

[TRC_WA]

Have you looked at your credit reports and verified everything is reporting correctly?  What are your FICO scores?

The last thing you want to do is go out and start applying for credit and car loans when your reports aren't correct... that will definitely lead to swift denials and wasted inquiries.

You are free to apply now for whatever you'd like... AFTER you verify your credit reports.  That's how I would do it...

[Anonymous]

Me personally, I file chapter 13 in April of last year. My chapter 13 was dismiss 1-15-15. I reinstated and converted to a chapter 7. Now I'm waiting on my discharge for 6-15-15. I clean up my credit reports to have everything showing included in bankruptcy and 0 balance. I apply for a discover student chrome card, no I'm not a student, and was denied the regular card with a score 492 and was counteroffer the secure version. Only information Discover request was proof of bank account ownership. I follow the advise of another member called Discover and PC to a secure regalur discover it. They change it over with no problem. Hint: the student version is a easy approval. Depend on how your Accounts IIB is reporting. I dispute 3 collection they were remove, so I think that help with the secure Discover card. My chapter 7 still show a file date 4-1-14.

[Anonymous]

Also, student version Discover pull Transunion.

[jrbell10]

So my scores are as follows: 

CK - Transunion 657

CK - Equifax 663

MyFico - Transunion 556

MyFico - Equifax 538

MyFico - Experian 570

I don't know why there is such a difference between the CK numbers and the MyFico but I'm going with MyFico. Like you said, the last thing that I want to do is run out and start applying for stuff when I'll probably be denied. I have checked my reports and everything is showing as being in BK (except for my student loans). Just not sure what I should apply for first. Should I go with a secured card or should I wait and try for an unsecured later?

Ursula

[Anonymous]

Others member had success with Capital One post discharge.

[TRC_WA]

Yes.

Try Capital One.  Unsecured.  I'd wait on a car loan... unless you don't care about having a 20% interest rate.

[Scupra]

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@jrbell10 wrote:

So my scores are as follows: 

CK - Transunion 657

CK - Equifax 663

MyFico - Transunion 556

MyFico - Equifax 538

MyFico - Experian 570

I don't know why there is such a difference between the CK numbers and the MyFico but I'm going with MyFico. Like you said, the last thing that I want to do is run out and start applying for stuff when I'll probably be denied. I have checked my reports and everything is showing as being in BK (except for my student loans). Just not sure what I should apply for first. Should I go with a secured card or should I wait and try for an unsecured later?

Ursula

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FAKO vs. FICO

Credit Karma is ok to monitor your credit, the scores are just useless unless you happen to find a lender that pulls Vantage I agree with other posters, give Cap1 unsecured a chance first.