Big win in rebuilding

Anonymous · ‎03-13-2013

Hello!

I just wanted to tell you guys about a big win I've had in my progress towards good credit, maybe it will give someone hope when things are hard (when are they not?)

Well, I filed bankruptcy in Oct 2011, discharged Jan 11, 2012

I opened two credit cards to develop some good credit, then a third (much better) in December 2012.

January of 2012 I applied for a car loan. I have 3 kids and really really needed a minivan. I was approved for a loan with a 16.88% interest rate. OUCH! I couldn't afford the payments on that loan so I decided to wait until after my bankruptcy was a year old. Then I was waiting to find the perfect van at the perfect price.

I paid off all my cards in preparation and finally found what I wanted.

I was SO SO nervous to apply. I know the familiar sting of credit rejection all too well.

The dealership's power went out while we were waiting to hear back from the banks (I kid you not!)
They told me they would call on Monday and when they did I didn't even answer because I didn't want to hear "We're sorry Ms...."

But the message was "We have good news Ms....." I was approved for a 7% loan with a local credit union!

WAHOO! that patience and perseverence and hard work saved me almost 10% on interest!

I know that many people here are still in the midst of the struggle (I am too) but it gets better and that approval felt SO DANG GOOD!

I checked their guidelines and they score on an A, B, C, D scale for loans. I scored a C, which to them is 640-690. All this time I've been wringing my hands over my credit karma 586...

GOOD LUCK EVERYONE! hang in there!

AbsentMindedProfessor · ‎03-13-2013

It certainly gave me an additional flicker of hope that I've been looking for tonight. Thanks for sharing!

Starting Score: 578 (3/11/13)
Low Score: 501 (9/28/13)
Current Score: 738 (8/7/15)
Goal Score: 720

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DaBears · ‎03-13-2013

@Anonymous wrote:
Hello!
I just wanted to tell you guys about a big win I've had in my progress towards good credit, maybe it will give someone hope when things are hard (when are they not?)
Well, I filed bankruptcy in Oct 2011, discharged Jan 11, 2012
I opened two credit cards to develop some good credit, then a third (much better) in December 2012.
January of 2012 I applied for a car loan. I have 3 kids and really really needed a minivan. I was approved for a loan with a 16.88% interest rate. OUCH! I couldn't afford the payments on that loan so I decided to wait until after my bankruptcy was a year old. Then I was waiting to find the perfect van at the perfect price.
I paid off all my cards in preparation and finally found what I wanted.
I was SO SO nervous to apply. I know the familiar sting of credit rejection all too well.
The dealership's power went out while we were waiting to hear back from the banks (I kid you not!)
They told me they would call on Monday and when they did I didn't even answer because I didn't want to hear "We're sorry Ms...."
But the message was "We have good news Ms....." I was approved for a 7% loan with a local credit union!
WAHOO! that patience and perseverence and hard work saved me almost 10% on interest!
I know that many people here are still in the midst of the struggle (I am too) but it gets better and that approval felt SO DANG GOOD!
I checked their guidelines and they score on an A, B, C, D scale for loans. I scored a C, which to them is 640-690. All this time I've been wringing my hands over my credit karma 586...
GOOD LUCK EVERYONE! hang in there!

Congrats on your journey!!!! Inspiration to many people here!!!!!

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Anonymous · ‎03-19-2013

So I finally got to the bank to fill out my loan docs and the score they were given (from Experian) was 691

yayayay!

And again - it'll happen guys, don't give up!

ktm214 · ‎03-19-2013

So my question would be, would it not be better for one to file bankruptcy and start over than trying to pay things off and clean things up? I mean no disrespect btw, I just don't understand.

makeupho · ‎03-19-2013

Thank you for sharing your story. I'm in the process of cleaning up my reports and rebuilding. I have 10 months left in a Ch 13. I love reading about positive experiences!

Ch13 filed 3/2009 : discharged 1/2014
Starting 2/16/2013: EQ673 TU667
Current 6/3/2018: EX816 EQ806 TU820
Goal: 850

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guiness56 · ‎03-19-2013

Nice story and nice job!

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shanac · ‎03-19-2013

Thanks for sharing this. I had a huge setback today but reading about other's progress has put me in a better frame of mind. Congratulations!

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Current Score: EQ FICO 764 TU FICO 776 EX FICO 753
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