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Need Help-30 Days Post Bk-7

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Anonymous
Not applicable

Re: Need Help-30 Days Post Bk-7

It will take a lil time to build up ur credit. However not impossible. Stay away from in house finance, you'll regret it. I would go to small to major dealerships and let them get u approved thru cap0ne or Wellsfargo or any other finance company. You will take a hit on interest rate. But you will be in a better position in the long run. Apply to cc with pre approval, less Impact on credit score. Look for one you can grow with over time. Good luck watch ur inquires. FYI myfico scores are abt as close to the real one creditors will pull!! Good luck!!
Message 11 of 18
Anonymous
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Re: Need Help-30 Days Post Bk-7

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.

Message 12 of 18
Anonymous
Not applicable

Re: Need Help-30 Days Post Bk-7

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. Smiley LOL 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

Message 13 of 18
Anonymous
Not applicable

Re: Need Help-30 Days Post Bk-7

As far as finding a car and getting finance, end of the month which is now is probably the best time to look. Even finance companies have quotas they must meet. With being said, my bk7 discharged 8/4/17. Before my discharge was complete I was able to finance 09 Acura TSX $11k w/105k my rate was 17.99 this was back in may of 2016. Once discharged traded in Acura for 2012 Kia Optima $15k w/84k although my rate was the same. My point newer lower miles and I can refinance. So it can be done. Good luck
Message 14 of 18
Anonymous
Not applicable

Re: Need Help-30 Days Post Bk-7

Thanks Barrington1! 

 

-Did you finance through a local dealer/credit union/ major finance company/inhouse?

Message 15 of 18
kberly69
Frequent Contributor

Re: Need Help-30 Days Post Bk-7

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.


CH7 BK Discharged 10/16
Oct/Nov 2016: EQ 632 TU 532 EX 573
Feb 2017: EQ 695 TU 673 EX 670
March 2017 EQ 702 TU 676 EX 673
April 2017 EX 683 (TU & EQ unknown)
May 2017 EQ 695 TU 685 EX 693
Feb 2018 EQ 704 TU 687 EX 694

9/24/20: 4 years from discharge FICO 8: EQ 751 EX 765 TU 766 FICO 9 EQ 814 EX 804 TU 821
Message 16 of 18
Anonymous
Not applicable

Re: Need Help-30 Days Post Bk-7

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? 

Message 17 of 18
kberly69
Frequent Contributor

Re: Need Help-30 Days Post Bk-7

Nothing magical. Just watching utilization, paying off cards monthly, and having revolving and installment credit reporting. I'm at the point all I can do it use responsibly, pay on time, and wait....

CH7 BK Discharged 10/16
Oct/Nov 2016: EQ 632 TU 532 EX 573
Feb 2017: EQ 695 TU 673 EX 670
March 2017 EQ 702 TU 676 EX 673
April 2017 EX 683 (TU & EQ unknown)
May 2017 EQ 695 TU 685 EX 693
Feb 2018 EQ 704 TU 687 EX 694

9/24/20: 4 years from discharge FICO 8: EQ 751 EX 765 TU 766 FICO 9 EQ 814 EX 804 TU 821
Message 18 of 18
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