Bankruptcy

[russian]

I had a chapter 7 bankruptcy discharged in 2009.my credit score now is 659. i looked at my credit report recently, it has a lot of derogatory items on it. i want to buy a car, and applied for credit. it was denyed.what can i do?

[Shogun]

What does your CR say since the BK?   Any negatives on there?  Anything you can clean up?

[jdirilo]

My bk was also discharged in 09. Your score is way better than mine!

[russian]

my score is 659 according to the capt one letter. i have 2 credit cards which i pay on time and more then minimum payment. nissan offered a loan by the financing was 10%.i was hopping that capt one will give me  a smaller APRs,but they had denied the credit. Now my score probably is even less, because of the inquiries. 

[somotao]

With a BK on one's credit report and a credit score where yours is, I think that Nissan's offer at 10.9% is not bad....you might want to post in the Auto loan forum there are those that would give you loads of advice. if you have a thin credit profile post BK then it will be had to get prime rates. You could always refinance 6 or 12 months into the loan. Just keep making ontime payments on all open credit lines and things will only get better.....Good Luck and keep us posted.

[jdirilo]

Goodness, I would DIE for a 10% interest rate! I am paying 30% on one vehicle, and 25% on the other!

But, I just opened an acct with a local CU and they are trying to refi my 30% rate, they said theirs wont be  more than 18%. 

[aussiesareforever]

Hi Russia

How much do you currently owe on the credit cards you have? That amount may be why you were declined. Do you have any negative items on your credit report after filing BK?

I got a pretty decent rate (5.5%) about three years after my Chapter 7 was discharged. I applied at two places and got that rate from my local credit union. Do you have any credit unions around that you can join? Are you eligible to join NFCU?

There is life after BK. You just have to be patient and ensure you follow the credit laws (pay your bills on time, keep your utilization low and avoid a lot of inquiries). As the previous poster mentioned, 10% is not a bad interest rate but you could potentially get better depending on what is on your credit report and if you shop smart

[russian]

Thank you to all of you for your good advises. Will work on my credit.

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[MovingForward_2012]

Try Prestige Financial. They provide auto loans for people with BKs on their credit reports. Their website is www.gopfs.com
Prestige was the only company that would give me an auto loan 3 years from filing a Chap 13. They also only work with dealers that sell reliable used cars as they don't want a broken down car to be the reason for not making a payment.