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[Anonymous]

Hi all!

I’ve been a lurker on the forums for awhile now, really ever since my BK7 last year in June. That said my wife and I were looking at buying another vehicle and I was wondering what our approval odds were?

Currently my scores are EQ581/TU604/EX610 from my fico and my wife’s are TU619/EQ683 from Credit Karma (I know they suck but Experian has her credit blocked and we’re trying to figure out why so they won’t let us get a myFICO account) We will have $4-$5k to put down on a $28k vehicle and we make about $6900/m together.

So far since BK we’ve been able to get 2 credit cards from capital one with $1300 and $1000 limits respectively and I’ve also got a $500 credit builder loan I’ve been paying on for 6 months now.

We both have prior repos before bankruptcy however our incomes have tripled since we filed and we’ve not paid any bills late since we filed.

I would like to look at DCU, NFCU, PFCU, or a couple local CUs. Can any one chime in on our approval odds?

[Anonymous]

For Navy Federal, you will need to have your credit re-established. That means you'll need 3 trade lines with 6 months worth of credit history to even be considered. It's unclear to me how long you have had the cards, but it sounds like it may be doable. try to get your FICO score from some alternate free source, like from Discover's credit scorecard, while you continue to work with MyFICO.

I don't know much about the other lenders.

[Anonymous]

Well that explains why they denied us for a credit card. I’ll just have to avoid them till my auto loan is 6 months old. I’ve had the first card a little over 6 months and the second one I just barely got last week.

Thank you!

[cf2701]

My recommendation is to find a good local CU.

I am currently in a CH13 repayment plan (about 1.5 yr left) and was able to purchase a good used vehicle about 5 months ago using my local CU. As you would guess, my credit is not great.  I haven't even pulled a real FICO score lately, so I can't tell you exactly where I'm at.  CreditKarma (I know, not accurate) shows TU @ 662 and EQ @ 648.  My rate is 2.5%, which is amazing for a used vehicle with my credit.

I took out a loan of $14,000 over 4 years and put down $4K that I saved.  They didn't require any down payment but I wanted my payments at a certain number and didn't want to get any more debt than I needed to.

So, all that to say, check out several area CU's.  Find a good one and open a checking/savings account.  I did this about 4 years ago and I'm so glad I did. Often they will work with you where other larger financial institutions will not.