Hey Tonya - I filed BK in 2001. I was able to get a Roadloans car loan in 2004, though at the time they were the only people willing to give me a loan. I know Capital One now seems pretty easy to get a car loan from as well. Now, I did not try for a loan from 2001 until 2004 so I do not know how easy it would have been prior.
I applied for mortgage loans twice since 2001 and have never had an problem getting approved - now, this is not to say that the final underwriting would have gone through as I did not follow through with the mortgage process, but I was approved.
Thank you all so much for all your help. That is sice nice to share your experiences.
I followed some guidelines noted on this site and pulled my and my hubby's report via annualcreditreport.com. His scores are 514, 537, and 587. I then disputed all items stating that they are included in the bk.
I will look into capital one and roadloans. With the mortgage crisis I wonder how challenging it'll be to ourchase a home. Our current home is now in foreclosure. We bought it 2 years ago for 672k. A home, the same model, was just auctioned for 199. So, on that end it was a great idea to discharge the home in the 7. After the foreclosure I hope we can rent the house for at least 6 months. I want to move to Houston and I hope I can buy something after 1 year.
Also, when looking at seasoning...should you look at the date a bk was filed or the date the bk was discharged?
However there is a severe credit crunch right now and loan standards are tightening up big time. I am not so sure that the lenders will be quick to extend credit right now, even to prime borrowers. You will probably need a huge downpayment and will pay high interest. You might want to look into a credit union or where you bank. Perhaps with down payment and co signer you might be able to get a vehicle. Right now, everyone is hunkering down.
FHA requires a 2 year after discharge waiting period. conventional funding is 4 years, stellar credit after BK. With a foreclosure, FHA requires 3 year waiting period. The mortgage crisis doesn't look to improve until 2009. I would be planning renting for a while longer.
Message Edited by granny031350 on 02-02-200802:28 PM
My chapter 7 will be discharged in April/may my question is once I get the discharge papers can I immediately go and get a car?My current fico is 553 , after the discharge I'm sure it will drop. What was your fico when you got approved form Roadloans?
Denise - have you cleaned up your credit reports with all 3? If not, I doubt they are all accurate. You should dispute your negative items - any of which are outdated, inaccurate or unverifiable. You want to minimize any baddies you have out there, and with that and a resumption of good on time payment habits, your scores will rise.
I filed Chap 7 in July 07 It was discharged in 10/07. I reaffirmed two cars, a house, a second mortgage. All CC's were included in BK except a store card that had a zero balance. But it has no available credit showing now. Will these reaffirmed accounts help my credit scores? I want to purchase a house do I need to open new credit? Not sure where to go from here. I made sure all items on all three credit reports show included in BK. I go rid of duplicate accts. Anything else I need to do?