topic First timer in Rebuilding Your Credit

First timer

Anonymous — Mon, 10 Apr 2017 12:13:11 GMT

Hey y'all, I'm looking for some advice. Not sure if this is the right place to post this but looking to help restore my credit score. I filed and was discharged from a chapter 7 September of 2016. I have since opened a prepaid CC and a pledged secured loan. I maintain a 0-10% on the CC and am always early paying. I also have $6,000 in student loans that I pay every month. I recently attempted to open a new auto loan, and my score from Equ. was 616. My debt to income was not too high, yet no one would accept the loan. I'm not sure if waiting 6 months will be enough time to rebuild to the point of getting accepted? I was looking at a vehicle that msrp-ed for 45k, selling price of 33k, and willing to put 3k down. When I attempt again in 6 months, I can apply between 6-7k down and will probably look at a vehicle that is worth about 28-29k and selling price of 22-23k. At that point, it's a 15k loan on a vehicle worth 30k, in financing eyes, not real world of course. Anyone have suggestions to boost score more or opinions on if it will go up enough to qualify then?

Re: First timer

medicgrrl — Mon, 10 Apr 2017 14:34:55 GMT

Adding a couple of more revolving accounts will help. Who did you include in your BK? Have you tried the Cap 1 Auto Nav for the auto loan? There's an entire thread on Bk friendly cc's. I would definitely research that along with the thread on how to get to 700 after a Bk. I would say to choose your cards carefully. You don't want to end up with a bunch of store cards that you'll never use. Store cards can be good for rebuilding but pick the ones that you'll actually want and research them to see how Bk friendly they are.

Re: First timer

Anonymous — Mon, 10 Apr 2017 14:41:08 GMT

can I ask why you want such an expensive car?

Re: First timer

Anonymous — Mon, 10 Apr 2017 17:29:23 GMT

I unfortunately had two cap 1 cards included in the BK. I'll try to get a second secured elsewhere then, because the prequalify on cap 1 gives me zero options. Thanks

It's a need and a want. I need a reliable vehicle, that's a given. The more expensive vehicle will hold it's value, seeing as how it's a truck. The lesser option is for a car. Either way, neither is a poor choice of vehicle seeing as how they will be purchased when they are significantly marked down and therefore will leave me with a reliable vehicle that I won't be upside down on. Unlike most used cars which are ridiculously marked up and maybe will not be as reliable. Also, insurance rates are cheaper, as well as interest rates on new compared to used.

Re: First timer

medicgrrl — Mon, 10 Apr 2017 17:59:23 GMT

I would also look into joining NFCU