Reply
Established Member
Whew
Posts: 21
Registered: ‎01-14-2008
0

Purchasing a auto or home after a 7 BK

Hello.  How soon after a chapter 7 can a auto be purchased?  Does anyone have experience here with this?
 
Thank you!
 
Tonya
New Member
roni
Posts: 1
Registered: ‎01-30-2008
0

Re: Purchasing a auto or home after a 7 BK

I purchased my vehicle one week after I filed. I used Roadloans.com. and got a blank check in the mail to purhase my car in 2 days. 
New Member
ficoman
Posts: 1
Registered: ‎03-16-2007
0

Re: Purchasing a auto or home after a 7 BK

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.
 
Hope this helps a little.
New Visitor
NeedaAmex
Posts: 3
Registered: ‎01-24-2008
0

Re: Purchasing a auto or home after a 7 BK

I bought a new Benz 2 year after BK through New South Federal Savings Bank at a great rate and a house 1 year after BK
Established Member
Whew
Posts: 21
Registered: ‎01-14-2008
0

Re: Purchasing a auto or home after a 7 BK

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?
 
Thank you all again for your help.
 
Tonya:smileyhappy:
 
 
 
Established Contributor
granny031350
Posts: 951
Registered: ‎12-04-2007
0

Re: Purchasing a auto or home after a 7 BK

[ Edited ]
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 02-02-2008 02:28 PM
New Member
DeniseS
Posts: 4
Registered: ‎02-08-2008
0

Re: Purchasing a auto or home after a 7 BK

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?
Established Contributor
Boscoe
Posts: 660
Registered: ‎09-11-2007
0

Re: Purchasing a auto or home after a 7 BK

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.
New Member
MsRee
Posts: 3
Registered: ‎02-28-2008
0

Re: Purchasing a auto or home after a 7 BK

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?

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+