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What are my chances of approval

Regular Contributor

What are my chances of approval

I’m currently anticipating a chapter 7 bankruptcy which will discharge any day now and I’ll be on the market for a vechicle immediately upon discharge.

Hopeful Loan Amount: $45,000
Annual Income: 108,000
Fico 8 EX: 613
Fico 8 TU: 622
Fico 8 EQ: 615
Oldest account: 12 years
Utilization: 10%
Debt: 0.00

Being I’ll be fresh out of bankruptcy, I’m curious as to what banks I’d stand a fighting chance for in hopes of Approval.
11 REPLIES
Valued Contributor

Re: What are my chances of approval

The loan amount is going to be on the high side for a fresh discharge.  

Ch 7 Discharge 3/12/2018
Credit One $700, Wayfair $5,000, Blaze MC $2,500
Infiniti Financial lease

AU Cards: CSP $37.7k; Chase Marriott $20k; Discover $7.8k; CapOne Venture $30k
Message 2 of 12
Regular Contributor

Re: What are my chances of approval

I’m definitely expecting a high APR.
I’m planning to put down 20% and later refinanced at month 6.
Message 3 of 12
Frequent Contributor

Re: What are my chances of approval

I have seen, banks like Ally, and Capital One give "decent" rates for someone freshly discharged from a BK with a good down payment...You will definately find someone to approve you, just depends on the interest rates, lender's like CPS (Consumer Portfolio Services) and Prestige, specialize in BK financing at the expense of a high APR.

 

Did you carry any installment loan's through the BK? Many captive lender's like to see you carry a loan through the BK or re-establish after the BK before they will touch someone.

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($23,000) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 4 of 12
Regular Contributor

Re: What are my chances of approval

Going into the bankruptcy I had two car loans in which I did not reaffirm. I’ll be returning both upon discharge. Interestingly during the bankruptcy process those two car loan files have been deleted from all three reports.

Consumer Portfolio and Prestige were both recommended but I do not believe they’ll approve loans upward of 40K.
Message 5 of 12
Regular Contributor

Re: What are my chances of approval

Now that im discharged my scores are:

Fico 8 EX: 665

Fico 8 TU: 675

Fico 8 EQ: 641

 

I applied through Capitol One Auto Navigator and didn't get a denial but did recieve a message saying they're reviewing and will contact me in 2-3 business days. Has anyone recieved this message?

Message 6 of 12
Frequent Contributor

Re: What are my chances of approval


@Pharoe33 wrote:

Now that im discharged my scores are:

Fico 8 EX: 665

Fico 8 TU: 675

Fico 8 EQ: 641

 

I applied through Capitol One Auto Navigator and didn't get a denial but did recieve a message saying they're reviewing and will contact me in 2-3 business days. Has anyone recieved this message?


That message means "no". They just need 2-3 days to fish around for 3 reasons.

Almost in the 800 club as of 9/20/2018
EQ 810
TU 807
EX 795
Message 7 of 12
Regular Contributor

Re: What are my chances of approval

Looking for a reason to not approve me is a bit disappointing, especially after reading all of the post bankruptcy approval success stories found here throughout the forums.

Message 8 of 12
Frequent Contributor

Re: What are my chances of approval

There are two parts of your original post that I believe would make a lender careful with you:

 

1: "fresh out of bankruptcy". If you were "six months out of bankruptcy" my response would have been different, but you are looking at borrowing $45,000 fresh out.

 

2: "$45,000". See the  second sentence of #1 above and read it aloud a couple of times. If it were "$5,000" or even $10,000" my response would be different, but a $45,000 loan on a car is a pretty hefty loan.

 

I think you are trying to do too much too fast.

Almost in the 800 club as of 9/20/2018
EQ 810
TU 807
EX 795
Message 9 of 12
Regular Contributor

Re: What are my chances of approval

Respectfully, I submitted an application through their pre-approval navigator. I did not specifiy the amount of $45K on the application, I simply submitted the application just to see if I'd be approved for any amount without the sacrifice of a hard inquiry.

 

Message 10 of 12