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Hello everyone and thanks all the wealth of knowledge! I am grateful for this forum and every single spirit connected to it.
ANXIOUS, RELIEVED, AND READY TO REBUILD!!!!
My story.... I messed up in 2009 tried to fix myself, but couldn't and so I came here and learned some things... Tried again to repair but still not getting the results I needed to make a full recovery. So... Filed BK 7 12/21/12 ... 341 Mtg 01/18/13 and discharge should be 03/19/13.
Issues: I had to close all my positive TLs and that was devastating to me, but I understand why. I also did not reaffirm my auto loan with Cap One Auto Financing (horrible loan and terms), but I am need of a vehicle before they come gets this one. I need help securing a loan ... Nothing too big I've found a car through a small dealership, but I don't have all the funds to buy cash so I need a loan for 1. New installment account 2. Make up the difference to the cash I have to put down. HELP ME PLEASE BEFORE CapOne comes and takes my car.
Plan: After discharge I plan to open a Secured CC with Navy Federal $1000 by way of another brilliant spirit on this forum (cannot remember their name) through the secured credit line program and I also plan to get a secured card with another Credit Union that offers the exact same system so that I can have 2 TLs with the $2000 out of pocket and $4000 in total TLs. I hope I wrote that correctly. This will be rather quickly after discharge. Than 6 months out I will try for CapOne Unsecured line. Than 1 yr out (mini app spree) I will apply for Barclay Apple, Priceline CC, and USAA Rewards MasterCard. Than gardening until time to purchase home which my goal is NLT 12/2014. After home purchase I will attempt to get a Prime Card with Wells Fargo or Bank Of America and a few other Credit Unions in my area (mini app spree no more than 5). My goal is to have 6 Strong TLs for 5 years so come 2016 early 2017 all baddies except BK7 will be the only negative on reports.
Questions: Anyone know of a Auto Loan company that works with small loans or Credit Unions that will work with a small loan... Down payment of $1500-2000 Car Loan no more than $7500. Can anyone shine some light on what I should see son my CRs after discharge? I have seen some posts but it is not clear if all accounts included should read IIB even if it was prior COs.
Suggestions are welcomed! Please!!!
I'm looking forward to completing the 2013 Fico Challenge!
New Year... New Goals... New Blessings!!!!
(sorry about any typos... Siri and me have a relationship that's love and hate)
@hunni1121 wrote:Hello everyone and thanks all the wealth of knowledge! I am grateful for this forum and every single spirit connected to it.
ANXIOUS, RELIEVED, AND READY TO REBUILD!!!!
My story.... I messed up in 2009 tried to fix myself, but couldn't and so I came here and learned some things... Tried again to repair but still not getting the results I needed to make a full recovery. So... Filed BK 7 12/21/12 ... 341 Mtg 01/18/13 and discharge should be 03/19/13.
Issues: I had to close all my positive TLs and that was devastating to me, but I understand why. I also did not reaffirm my auto loan with Cap One Auto Financing (horrible loan and terms), but I am need of a vehicle before they come gets this one. I need help securing a loan ... Nothing too big I've found a car through a small dealership, but I don't have all the funds to buy cash so I need a loan for 1. New installment account 2. Make up the difference to the cash I have to put down. HELP ME PLEASE BEFORE CapOne comes and takes my car.
Plan: After discharge I plan to open a Secured CC with Navy Federal $1000 by way of another brilliant spirit on this forum (cannot remember their name) through the secured credit line program and I also plan to get a secured card with another Credit Union that offers the exact same system so that I can have 2 TLs with the $2000 out of pocket and $4000 in total TLs. I hope I wrote that correctly. This will be rather quickly after discharge. Than 6 months out I will try for CapOne Unsecured line. Than 1 yr out (mini app spree) I will apply for Barclay Apple, Priceline CC, and USAA Rewards MasterCard. Than gardening until time to purchase home which my goal is NLT 12/2014. After home purchase I will attempt to get a Prime Card with Wells Fargo or Bank Of America and a few other Credit Unions in my area (mini app spree no more than 5). My goal is to have 6 Strong TLs for 5 years so come 2016 early 2017 all baddies except BK7 will be the only negative on reports.
Questions: Anyone know of a Auto Loan company that works with small loans or Credit Unions that will work with a small loan... Down payment of $1500-2000 Car Loan no more than $7500. Can anyone shine some light on what I should see son my CRs after discharge? I have seen some posts but it is not clear if all accounts included should read IIB even if it was prior COs.
Suggestions are welcomed! Please!!!
I'm looking forward to completing the 2013 Fico Challenge!
New Year... New Goals... New Blessings!!!!
(sorry about any typos... Siri and me have a relationship that's love and hate)
Congrats and welcome. I hope your discharge process goes smoothly. I got an autoloan 3 days after discharge through a pretty sleezey dealership. I knew their reputation, but I also knew they got results. 1hr after small talk, I walked out with GM financial at 16.9%. A pretty **bleep** rate, but meh I ran with it.
Your plan is quite good. Sounds pretty feasible and seems like it could go very very well. I do have a few suggestions. USAA, BOA and Wells Fargo are not BK friendly. One year out is way too soon to app with these lenders. They are likely to deny you and cost your an INQ. I would suggest apping for a new NFCU card at your 1 year mark instead. In addition to your 2 secured cards (which could unsecure), capone and an auto loan, that's more than enough lines to get your credit life back.
At the very begining, capone, and credit one have pretty good immediate rebuilders. Although, if you have the dough, your secured plan trumps capone and creditone. The other cards to probably consider after your initial rebuild period could be a GE back card, discover and another barclays product. YMMV with discover and GE but Barclays is surely fair game at about 6 months, and certainly at 1 year.
I think your plan is pretty great though and glad you've thought it through. Goodluck with whatever you decide and let us know how it goes.
MovingForward_2012
Thanks for the advice. I will just hold on for the discharge to worry about getting financed. hopefully ... It goes smooth.
I will keep My thread updated with the process.
Shols44
thanks for the advice, and I will definitely hold back from usaa until maybe they solicit me for their produWilliam am not sure if they would let me get a secured card after BK 7 if you know of anyone that has gotten even a secured with them than that will be good enough for me to app. I had a secured before BK that I closed before bk filling to so they would not freak out.
i will look into CreditOne and CapOne for rebuilder cards after 6 months or a year with secured cards so I get a decent credit line for my first unsecured which is the goal. I don't want tiny lines messing up my average credit line limits.
I will definitely keep you all updated on my process, and I pray it goes smoothly.
Thanks for everyone's suggestion on the auto loan. I decided I would do a cash car because the money they would charge me in interest is money I could use toward my CLI for my secured cards which I plan on having soon after vehicle purchase.
Good news I have received a few updates IIB SW but the interesting thing about it ....ALL updates say "Close By Consumer, Paid As Agreed $0 Bal H/C reported as CL" all Derog reporting removed from those already updated. I am a little shocked, but nonetheless... I am HAPPY! I have received a little bump in Fico (approx 10pts EQ SW Alerts). I cannot wait for more to updates. I hope they all update the same way.
I would love feedback, suggestions, or experiences with this or if someone has seen the same thing happen to them.
I am only 10 days out of 341 Meeting and my discharge is not expected until March. I hope I don't have to do any fixes afterwards ... It would be a blessing to a have the CRAs report quickly and accurately for a change.
Until next post... Thanks again for ALL your support, warm welcome, and advice.
Blessings
Hunni