Need Help-30 Days Post Bk-7

[Anonymous]

30 Days Post BK7 Please Help! 

Hello All, 

Thank you so much for this forum. It heightened my faith while going through my BK7. Now discharged, I am so lost.  Still learning credit and how it works. 

Backstory: Lost everything after being severely unemployed for 3 years and becoming a new mommy.  Rejoined workforce at 75k annually on 8/2016. Creditors Domino garnished new income pushing me towards BK. Currently driving a 95 Acura Legend that's on its last leg. 

Goal: Build credit by obtaining credit card and or Auto Loan. Purchase a 2011+ Car.

Questions:

-Which secured cards should I be researching at 30 days post BK?

-Does anyone have experience with Home Trust Visa Secured Card?  

-Any suggestions on how I should go about obtaining a 10k-13k Car? Auto Loan or Buy here pay here? 

BK7 Discharge: 2/21/2017

Savings: 3k (really an emergency fund)

Fico: 620

Hard Inquiry: 1(falls off 3/2018)

trans:651

Equi:554

Student Loan: 37k (post BK7 deferment status) 

No open accounts

Hope this is enough info, I'm new here. Any help is greatly appreciated. 

[gdale6]

Hi there OP and welcome to the board

I have created your own thread on this in out RYC forum, I changed the title and left everything else intact.

[morgacj2004]

I would go with Cap One and maybe Discover later on. Credit One is an option but they have high fees. Try joining your local credit union. Avoid the small buy here pay here dealers. Try to get a car from a large dealer such as Lithia or Cal Worthington as they do in house financing and u r less likely to get ripped off

[kberly69]

A big "yes" from me regarding Capital One. You can check their prequalification site for credit cards and see what they may offer you. Same with a car loan. They will prequalifiy you for up to $40K and a range of APRs depending on vehicle. It's a soft pull as well until you actually go for the loan. Even if you don't use them, it gives you an idea where you stand. A pre-qual is good for 30 days so you can try again as your credit improves. They've been very good to me so far and I'm only five months out.

[Anonymous]

Thanks gdale6 for getting my entry in the right thread!!! 

[Anonymous]

This just in... I did prequal with the CapOne Secure Card but not the CapOne Auto Navigator Finance Loan. Good to know and I will try again as you've advised. 

Today I applied for the CapOne Secured Card and got approved.

1st step towards building my credit! Thanks kberly69! 

-The minimum deposit was $49.

-I made a refundable security deposit of $150.

-Credit Limit of $301

-Will receive card in 2-3 Weeks

Important Note: "It may take 10 business days for your payment to clear" Capital One Says. Because of this, I plan to pay my monthly in advance.

[Anonymous]

Discover, citi, and Bank of America secured cards all graduate as well. If you aren't already a member of a credit union check out info on the forums about PenFed and Navy Federal, they offer good rates for car loans and may be easier to qualify for than regular banks.

[Anonymous]

Citi gets funny about BK...they usually want you to wait 2 years after discharge. I filed and dismissed (did not go through with it) on a 7 a little over a year ago, and they won't touch me yet. I would highly recommend Disco, they're fantastic. I would also check into OpenSky, which doesn't do a HP, I'm pleased with my experience with them. Credit One night be another option...a few people here are kind of lukewarm on them, but I've had very good luck with them so far, and they may offer you unsecured (they did it for me). They also have a prequal option if you want to avoid another inquiry. Good luck to you!

[Anonymous]

Interesting-I have a Ch 7 that's 7 years old in May and I was approved. I agree, Discover is great and offers rewards even on its secured card. I'm hoping I'll graduate at the 7 month mark in August!

[kberly69]

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@Anonymous wrote:

This just in... I did prequal with the CapOne Secure Card but not the CapOne Auto Navigator Finance Loan. Good to know and I will try again as you've advised. 

Today I applied for the CapOne Secured Card and got approved.

1st step towards building my credit! Thanks kberly69! 

-The minimum deposit was $49.

-I made a refundable security deposit of $150.

-Credit Limit of $301

-Will receive card in 2-3 Weeks

Important Note: "It may take 10 business days for your payment to clear" Capital One Says. Because of this, I plan to pay my monthly in advance.

---

That's awesome!! Congrats to you!