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Posts: 402
Registered: ‎11-03-2012
Re: BK7 - My plan, a few questions, & suggestions are desired. :)

hunni1121 wrote:

Hello everyone and thanks all the wealth of knowledge! I am grateful for this forum and every single spirit connected to it.




My story.... I messed up in 2009 tried to fix myself, but couldn't and so I came here and learned some things... Tried again to repair but still not getting the results I needed to make a full recovery. So... Filed BK 7 12/21/12 ... 341 Mtg 01/18/13 and discharge should be 03/19/13. 


Issues: I had to close all my positive TLs and that was devastating to me, but I understand why. I also did not reaffirm my auto loan with Cap One Auto Financing (horrible loan and terms), but I am need of a vehicle before they come gets this one. I need help securing a loan ... Nothing too big I've found a car through a small dealership, but I don't have all the funds to buy cash so I need a loan for 1. New installment account 2. Make up the difference to the cash I have to put down. HELP ME PLEASE BEFORE CapOne comes and takes my car. 


Plan: After discharge I plan to open a Secured CC with Navy Federal $1000 by way of another brilliant spirit on this forum (cannot remember their name) through the secured credit line program and I also plan to get a secured card with another Credit Union that offers the exact same system so that I can have 2 TLs with the $2000 out of pocket and $4000 in total TLs. I hope I wrote that correctly. This will be rather quickly after discharge. Than 6 months out I will try for CapOne Unsecured line. Than 1 yr out (mini app spree) I will apply for Barclay Apple, Priceline CC, and USAA Rewards MasterCard. Than gardening until time to purchase home which my goal is NLT 12/2014. After home purchase I will attempt to get a Prime Card with Wells Fargo or Bank Of America and a few other Credit Unions in my area (mini app spree no more than 5). My goal is to have 6 Strong TLs for 5 years so come 2016 early 2017 all baddies except BK7 will be the only negative on reports.


Questions: Anyone know of a Auto Loan company that works with small loans or Credit Unions that will work with a small loan... Down payment of $1500-2000 Car Loan no more than $7500. Can anyone shine some light on what I should see son my CRs after discharge? I have seen some posts but it is not clear if all accounts included should read IIB even if it was prior COs.


Suggestions are welcomed! Please!!!


I'm looking forward to completing the 2013 Fico Challenge


New Year... New Goals... New Blessings!!!!


(sorry about any typos... Siri and me have a relationship that's love and hate)

Congrats and welcome. I hope your discharge process goes smoothly. I got an autoloan 3 days after discharge through a pretty sleezey dealership. I knew their reputation, but I also knew they got results. 1hr after small talk, I walked out with GM financial at 16.9%. A pretty **bleep** rate, but meh I ran with it.  


Your plan is quite good. Sounds pretty feasible and seems like it could go very very well. I do have a few suggestions. USAA, BOA and Wells Fargo are not BK friendly. One year out  is way too soon to app with these lenders. They are likely to deny you and cost your an INQ.  I would suggest apping for a new NFCU card at your 1 year mark instead. In addition to your 2 secured cards (which could unsecure), capone and an auto loan, that's more than enough lines to get your credit life back. 


At the very begining, capone, and credit one have pretty good immediate rebuilders. Although, if you have the dough, your secured plan trumps capone and creditone. The other cards to probably consider after your initial rebuild period could be a GE back card, discover and another barclays product. YMMV with discover and GE but Barclays is surely fair game at about 6 months, and certainly at 1 year. 


I think your plan is pretty great though and glad you've thought it through. Goodluck with whatever you decide and let us know how it goes. 

Starting Score: 501
Current Score: 706 EQ,TU 689,EX 686
Goal Score: 720