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Automobile refinance post CH7?

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Contributor

Automobile refinance post CH7?

Who did you refinance with besides Cap1 after BK? What rate did you get? Was wondering if anyone has found an auto re finance company that is BK friendly?

Message 1 of 9
8 REPLIES 8
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Super Contributor

Re: refinance post CH7?

Welcome! I assume we are talking about an auto loan? If you don't mind providing some more detailed info I am sure we could try to help out.
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
755 EQ FICO 12/2019
750 TU FICO 12/2019
743 EX FICO 12/2019
$25k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 2 of 9
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Contributor

Re: refinance post CH7?

Yes sorry I did mean auto loan.  I will fix origional. Thank you

Message 3 of 9
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Super Contributor

Re: refinance post CH7?

Things like your current scores, current TL's and some history would be beneficial to the people trying to help as well Smiley Happy
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
755 EQ FICO 12/2019
750 TU FICO 12/2019
743 EX FICO 12/2019
$25k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 4 of 9
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Contributor

Re: refinance post CH7?

$500 Secured card from OpenSky

$1000 non secured card from Mecury Visa

$500 Secured card from NFCU

$500 Pledge secured loan from NFCU

$250 12mo. Deposit certificate NFCU

$500 Self lender secured loan (took out pre NFCU)

FICO scores very low 600's

Message 5 of 9
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Valued Contributor

Re: refinance post CH7?

2 months discharged is most likely too soon for refinancing to be a viable option.

 

Sit tight . .don't open ANY more accounts for 6-12 months, practice AZEO, and then revisit.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne - $130,400 total revolving
5% Conventional Mortgage @ 3.25% July 2020
May 2020 - EQ/EX/TU Fico8: 689/688/679 INQ: 4/2/2 Util: 13.7% total, 4 accts reporting $0, 5 accts each under 30%
Message 6 of 9
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Super Contributor

Re: refinance post CH7?


@SteelerNYC wrote:

2 months discharged is most likely too soon for refinancing to be a viable option.

 

Sit tight . .don't open ANY more accounts for 6-12 months, practice AZEO, and then revisit.


I would echo this advice honestly. To a lender your agressive rebuild looks like you are seeking credit right after a BK. Sit tight Smiley Happy 

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
755 EQ FICO 12/2019
750 TU FICO 12/2019
743 EX FICO 12/2019
$25k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 7 of 9
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Frequent Contributor

Re: refinance post CH7?


@ballysdad wrote:

$500 Secured card from OpenSky

$1000 non secured card from Mecury Visa

$500 Secured card from NFCU

$500 Pledge secured loan from NFCU

$250 12mo. Deposit certificate NFCU

$500 Self lender secured loan (took out pre NFCU)

FICO scores very low 600's


That is  A LOT of new credit so soon after BK.   As others said, don't do anything for a while.

 

Maybe join a local CU, build a relationship with them,  and get an auto loan through them in 12 months, maybe less.

Message 8 of 9
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Contributor

Re: refinance post CH7?

I did join 2 credit unions to build a strong relationship. I took the secured loans with them to establish payment history. I have been aggressive with the credit cards early to start aging right away. I figured if I get them all early then I would get the 3 credit and 1 installment loan out of the way. I will take everyones advise and sit back and let time pass.

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