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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.
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 $3,500, Blaze MC $2,500

AU Cards: CSP $37.7k; Chase Marriott $20k; Citi TY $8.5k; Barclays Arrival+ $15k
Message 2 of 5
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 5
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 ($18,000) Macy's ($7,000) Chase FU ($10,000) TU:778 EX: 781 EQ:791
Message 4 of 5
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 5