Quickly approved for car loan and credit card post Ch 7 discharge!!

[Anonymous]

Hello everyone,

I thought I would share my story.

I had to file for ch 7 because of a failed business partnership. I got my Ch 7 discharge in Nov 2014.

I kept getting Capital 1 (C1) credit card offers few months before my discharge. I was in a hurry to rebuild my credit to pre-bankruptcy level, 780, so I applied for unsecured C1 CC 1 month before my discharge and I was approved for $3K at 19% (ouch!).

A few days after I got my discharge I decided to buy my dream car which I had held off for a long time until my business would get going. I applied for a $40K loan through C1 after reading good reviews here. I didn't expect to get approved so soon after my discharge, and I was expecting a high interest (10% - 16%) in case I was. To my surprise I was approved for the loan wiith an interest of 5.25% (60 months)!!! Whoohooo!! The interest rate went down to 4% if I opted for a 36 months term.

I make $130K a year and my transunion score was 696 (I didn't pull my fico score) when I applied so I think that definitely helped as well as my excellent credit before I filed. I have never been late on any CC or loans so I guess that must have played a part too.

I wanted to give someone else some hope and info, just like this forum has given me, that there is a light at the end of the tunnel and it could be a lot closer than you think 

Thanks,

Paul

[Anonymous]

---

@Anonymous wrote:

Hello everyone,

I thought I would share my story.

I had to file for ch 7 because of a failed business partnership. I got my Ch 7 discharge in Nov 2014.

I kept getting Capital 1 (C1) credit card offers few months before my discharge. I was in a hurry to rebuild my credit to pre-bankruptcy level, 780, so I applied for unsecured C1 CC 1 month before my discharge and I was approved for $3K at 19% (ouch!).

A few days after I got my discharge I decided to buy my dream car which I had held off for a long time until my business would get going. I applied for a $40K loan through C1 after reading good reviews here. I didn't expect to get approved so soon after my discharge, and I was expecting a high interest (10% - 16%) in case I was. To my surprise I was approved for the loan wiith an interest of 5.25% (60 months)!!! Whoohooo!! The interest rate went down to 4% if I opted for a 36 months term.

I make $130K a year and my transunion score was 696 (I didn't pull my fico score) when I applied so I think that definitely helped as well as my excellent credit before I filed. I have never been late on any CC or loans so I guess that must have played a part too.

I wanted to give someone else some hope and info, just like this forum has given me, that there is a light at the end of the tunnel and it could be a lot closer than you think 

Thanks,

Paul

---

.Thanks For Sharing.

[Anonymous]

I was also discharged in Nov '14 and got a auto loan from CapOne...although you got a much better rate than I did, 8.5%. I was still glad to have that kind of rate instead of 15% the dealership wanted to give me.

[pizza1]

Wow!! Congrats!! Don't go crazy on getting CC like we all did and waste HP for nothing.?do it right.get maybe one more card that you know you can get, ( read these forums) and then garden those. You're off to a great start!!

[Anonymous]

My bk was discharged yesterday, and I applied today with cap one, but was denied. Maybe its to early, and my report hasn't updated?

[Anonymous]

My bankruptcy was discharged on 11/26/14 and I kept getting pre approval letters from capital one. I applied today for 2 capital one cards and was approved for both. I would like a 3 rd line of credit but it's looking like I may need to go to my credit union for that. My husband was also approved for 2 capital one cards today too.

[Anonymous]

Just a quick update, I decided to apply through the dealer for a larger loan since the Captial One loan was not enough (max $40K) to buy the car I wanted.

I was approved for a $61K loan through Wells Fargo. I'm putting $10K down and the interest rate is 5.5% for 72 months. I'll try to refinance with my credit union as soon as possible since they are offering 1.5%.

I was not approved for any loans through my existing CU which is disappointing since they have access to my income and expenditures!

I really think my excellent credit history prior to bankruptcy could be the difference as well as my income.

Good luck to everyone!!

[ezdriver]

Glad things are working out well for you.

Just curious .... what car is your dream car?

[Anonymous]

2013 BMW M3