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Posts: 2
Registered: ‎10-19-2013
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Post BK Auto Loan

I am so excited. I filed For Chapter 7 in April and was discharged in August this year. My husband and I filed jointly. At the time we filed we had one older vehicle and one financed through Cap One (interest was 18.99 due to bad credit), but we owed way more than the car was worth so we did not reaffirm and the car was repossessed.

Two nights ago our one car completely died. It was thousands to fix. We had no choice but to try and get an auto loan. We decided to try Carmax so I called ahead before being denied in person. Hahah. However, my husband and I were approved! We ended up purchasing a vehicle right under 14k with a Wells Fargo loan at 12%.

We are so excited that for one, we secured a loan two months post bk and two the rate is better than it was pre bk!

I wasn't planning in trying to finance for a long time, but things happen. I just had to share because I am so excited! Maybe someone else will become hopefully knowing that bk is not and end all be all to your credit. This will definitely help build our credit up. I am also taking steps recommended here. So thank you!!!!

Established Contributor
Posts: 511
Registered: ‎03-09-2011
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Re: Post BK Auto Loan



My fiance had his 341 meeting yesterday (according to him, it was "quick and painles"; he was the first case called, and none of the creditors showed up); he was so worried about the meeting the night before, he didn't get much sleep. After the meeting, he was a changed person (for the better).  He said that he wasn't going to app for credit for at least a year, and we are going to focus on getting my accounts paid down.

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In the garden since 26 Jun 14...

I am digitaldiva's alter-ego
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Senior Contributor
Posts: 5,587
Registered: ‎07-12-2012
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Re: Post BK Auto Loan

Don't wait a year though Smiley Happy Go read the how to 700 in 24 months thread. Start early and do it smart
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
735 EQ FICO 09/2017
744 TU FICO 09/2017
737 EX FICO 09/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE

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