So my wife and I filed for chapter 7 and are now in the beginning rebuild stages. She's not done anything to rebuild, and I've applied for a few credit cards. Got approved for one, declined for one, and the third is still pending. Do I need to get a car loan if my goal is to buy a house in two years?
My current score are in the high 500s now.
Approved for secured AMEX from USAA, where I've been a member for about 20 years. Nothing included in the bankruptcy with them as I didn't have any products with them. Upon filing, I opened a checking and savings account with them, and then applied for the secured credit card, which was instantly approved. Only could send in $250, so it's a small limit, but my plan is to use the 2 year cd as savings toward a house, so my credit limit should be at the max $5,000 pretty quickly.
Local credit union talked to me at length about options in my situation. Applied for a secured loan with them and just got the AA in the mail today. Reason for denial? Bankruptcy. So that was a waste of time. My goal was to get a $1,000 secured loan using my car as collateral. Car is worth $5,000 on a bad day, so there was very little risk. Basically a waste of an inquiry, and pretty much a guarantee that I won't use that credit union for anything.
My car and my wife's car are both paid for. Mine is the older and junkier one. It's pretty much a beater, but again, paid for, and runs like its new. Cold a/c and I've not had to do anything but put new brake pads on in the past several years. It's a 2000 Honda Odyssey with really close to 200k miles and it's starting to get some rust. Wife has a 2009 Toyota Sienna it's got about 135k miles. No rust, just lots of miles. Is an installment loan going to be something we just need to deal with in order to get on the right path to home ownership? If so, what sort of options should we look for? I'm assuming that leasing a new Sienna or odyssey is out of the question at this stage, but then I don't want to trade the 09 Sienna for an 05 Sienna either. If I traded the odyssey, I'm fairly certain is get maybe $500 trade for it, and it's worth way more that that to me just based on the fact that the damn thing won't break.
If we do go with new car loan, who are good places to apply? I've always heard USAA is extremely unfriendly when it comes to bankruptcy, but I've had no issues with them. Maybe I slipped through the cracks and shouldn't push my luck.
I burnt nfcu to the tune of about $5,000 so I know they've got me blacklisted. Haven't even tried to get back in. The only thing I still have with them is my original savings account with $5 in it.
I've read the Bk to 700 in 2 years thing and I'm trying to follow that. I'm thinking that student loans can count as something, since they are in repayment as well.
My current score are in the high 500s now.
Approved for secured AMEX from USAA, where I've been a member for about 20 years. Nothing included in the bankruptcy with them as I didn't have any products with them. Upon filing, I opened a checking and savings account with them, and then applied for the secured credit card, which was instantly approved. Only could send in $250, so it's a small limit, but my plan is to use the 2 year cd as savings toward a house, so my credit limit should be at the max $5,000 pretty quickly.
Local credit union talked to me at length about options in my situation. Applied for a secured loan with them and just got the AA in the mail today. Reason for denial? Bankruptcy. So that was a waste of time. My goal was to get a $1,000 secured loan using my car as collateral. Car is worth $5,000 on a bad day, so there was very little risk. Basically a waste of an inquiry, and pretty much a guarantee that I won't use that credit union for anything.
My car and my wife's car are both paid for. Mine is the older and junkier one. It's pretty much a beater, but again, paid for, and runs like its new. Cold a/c and I've not had to do anything but put new brake pads on in the past several years. It's a 2000 Honda Odyssey with really close to 200k miles and it's starting to get some rust. Wife has a 2009 Toyota Sienna it's got about 135k miles. No rust, just lots of miles. Is an installment loan going to be something we just need to deal with in order to get on the right path to home ownership? If so, what sort of options should we look for? I'm assuming that leasing a new Sienna or odyssey is out of the question at this stage, but then I don't want to trade the 09 Sienna for an 05 Sienna either. If I traded the odyssey, I'm fairly certain is get maybe $500 trade for it, and it's worth way more that that to me just based on the fact that the damn thing won't break.
If we do go with new car loan, who are good places to apply? I've always heard USAA is extremely unfriendly when it comes to bankruptcy, but I've had no issues with them. Maybe I slipped through the cracks and shouldn't push my luck.
I burnt nfcu to the tune of about $5,000 so I know they've got me blacklisted. Haven't even tried to get back in. The only thing I still have with them is my original savings account with $5 in it.
I've read the Bk to 700 in 2 years thing and I'm trying to follow that. I'm thinking that student loans can count as something, since they are in repayment as well.
As you said OP, there is a path to get that score up even with the BK. I think first before applying for anything else, you want to raise the scores a bit. Even if you get to 650, that would change some things.
I.don't think you need a car loan to buy a house.
You had a BK, but is there anything else negative showing on your reports? If not the thing to do is to have a secured card or two added to the Amex you have. Grow them for several months and allow your score to climb.
I.don't think you need a car loan to buy a house.
You had a BK, but is there anything else negative showing on your reports? If not the thing to do is to have a secured card or two added to the Amex you have. Grow them for several months and allow your score to climb.
No, nothing else negative showing on my reports. There's a few that haven't updated with included in bankruptcy yet, but I've already disputed those, so they will hopefully update soon.