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For the car, go to the well-known dealers. They all have lenders for folks with low scores. When I had low scores I was approved by GMAC for a new vehicle. However, I should have selected a used vehicle to save money because the interest rate was very high. Also for a credit card, many credit unions have a no credit check secured credit card.
Update: Hard Inquiry from CapOne this Monday Morning after applying for the secured Card last Friday. So far Score Dropped One Point.
This next statement may enlist me as the Founder of the Itty Bitty Petty Committee but here goes: I called CapOne to see if they would remove the Hard Pull (Don't judge me, wreked my credit and my life before, the rebuild is real) and the 2-year hard inquiry removal date was freaking me out.
So IDK, I thought maybe it could be my lucky day right? I'll give it a whirl, and if it works my next steps would be to play the lottery on lunch. Well, nope! Even tho I was very nice and put on this fancy smancy voice about how the prequal was a bit misleading and prompted me to apply without telling my credit would be affected. Naw, still a no-go. The rep tried, she really did, even asked her manager. Some rules can’t be broken.
Just an update on the hard pull. CapOne card should be here in a few weeks and score should be rising soon. Thanks everyone, still researching auto loans based on your advice.
-Peace Out from the IBPC Founder
Because I had time | OGCJM
Thanks Barrington1!
-Did you finance through a local dealer/credit union/ major finance company/inhouse?
To illustrate what I mean by waiting a bit with Capital One:
I tried "just for fun" at about the 1 month post discharge point. They were willing to give me up to $40K with a range of APRs from around 6 or 7 to 9 or 10% (again, depending on vehicle and terms). When I was ready and needed a car at the 3 month post-discharge point (and had been cleaning up my reports and had opened and was using credit cards responsibly) I was able to get up to $40K at no more than 5%. I opted for a longer term loan (72 months), nothing down and borrowed around $20K at 4.24%.
Another car buying point is to look for cars coming off leases. People treat them well and keep the mileage down because they don't want to owe. I got a 2014 Escape Titanium with 8,600 miles on it.
Absolutely Kberly69..... Trying the prequal "just for fun" helped me to identify what my next steps should be. Since my car hasn't died as of yet and I'm just 30 days post discharge, I will wait and fully clean up my reports, simentously using my new CapOne card resposnibly. Hopefully then I can get a qualified at an ok rate in a few months.
I see you got your scores up!!! Did you do anything else post BK to achieve this?