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DC Coming soon --- wishlist

GReed1911
New Contributor

DC Coming soon --- wishlist

Afternoon all!
I checked Pacer today and day 60 has arrived!!!! So I am hoping and praying that my discharge gets cut within the next week.
Having said that, I definitely want to get better with my credit and so I've used all your posts to obtain knowledge.
With my discharge looming I have a "wishlist" and wanted some opinions from those who have a good grasp of this thing we call credit.
Please note that everything on my small wishlist may. It be the wisest at this time and I'm open to constructive criticism but please no negativity. My CK scores hover between 520 and 540. Haven't pulled the FICO quite yet.

* I would like a unsecured card post BK or 2. I burned Cap 1 on two cards (secured and unsecured) both with 500 CL. So I'm not sure if they will let me back in. I'm guessing credit 1 would be the next best option? Please advise. I only want it to get gas or something and pay it off then request an increase later.

*Auto loan- my car was IIB so pretty soon I'm sure they'll want it back. I'm thinking about Carmax but also shopping around to see who can give a BK DC'er a good deal. I'm shopping for another Mercedes or similar, trying to stay under 500 a month.

*motorcycle loan - yes I know....I found a dealer in Michigan that works with those coming out of BK. Won't know terms til I apply. I live in Los Angeles so the traffic here is unbearable and I would like another bike to make my commute easier. My 30gh birthday is in January and I want to buy a used Harley as my gift to myself.

Suggestions? Constructive criticism? After that I wanna garden and get everything together (ie-Credit builder loan etc)
BK - 05/08/16
341 - 06/13/16
Discharged: 8/22/2016
FICO as of 8/29/2016 EQ 569 EX 549 TU 537 (10/14/16 586 EQ 544 TU 579 EX)
Message 1 of 5
4 REPLIES 4
jmclaughlin1982
Established Member

Re: DC Coming soon --- wishlist

I burned Cap 1 with 3 cards in bk7 and they let me in with secured card $99 down for $200 and I sent in another $200 for total $400 limit. I actually lucked out and managed somehow to get this before dc! I would recommend that a few days after you get discharge paperwork you go to the prequal site and see if anything pops up. I've seen that most that get pre qualified get approved. I like Credit One quite a bit, they're expensive ($35,59 or 75 charged to your first bill depending on your credit) but they will give you a card as long as you didn't IIB.

Another good option is Fingerhut. They have very easy credit, again if not IIB (I included Credit One and Fingerhut in my BK7 and they won't let me back in.) A couple months post DC you might try for Kohl's if you have one in your area. This is one of the few store cards from Cap 1 and they let me in with $300 limit 2 months post DC.

 

Barclays is a good one for 4-8 mos post DC with decent rebuild. I app'd about 2 months post dc and got denied due to "insufficient credit history" they didn't even mention the BK! Sometimes recon works, or at least they will tell you how to get approved.

The best way I found to rebuild was to have my husband add me as AU on his cards. That added 6 tradelines to my report with good history right out of BK. So if you know anyone with good credit ask if you can be added as AU. ***Note about being added as AU. Although this will help your credit score and get you in, it won't help with most approvals. Since you are not responsible for the accounts you are AU on they don't take them into consideration when manually recon.

 

As for a car I got my car 1 day post DC with Ally for 17000 with 13.9%. I would highly recommend going to the dealership. Toyota is supposed to be very BK and bad credit friendly as long as you didn't burn them. I'm shut out with them too....included 14000 from them!

No clue on the bike loan honestly. lol

 

Finally, don't hold of on the credit builder. I got mine post dc actually. Because they don't generally pull report, it is a secured product after all, I was able to get that as well as a traditional secured loan before my bk was even discharged.

Good luck and keep us informed of your status.

 

BK7 filed 3/23/2016 DC 6/20/2016


Current Credit
Ally Auto-$17000| Credit Builder Loan-$1000| Secured Loan-$1000| Cap 1 Secured-$400| Kohl's-$300| Milestone-$300| Gettington/Webbank-$500

AU- Chase Freedom-$500| Cap 1 QS-$500| Amex-$2000| Walmart-$910| Target Card-$300| Kohl's-$300| Credit 1-$300
Message 2 of 5
Pway
Valued Contributor

Re: DC Coming soon --- wishlist

Congrats on the discharge coming soon.  However, Capital One maybe a no go right now, there is word going on that they will not approve until one year after discharge for those who IIB.  I was able to get back in with them around six months after my discharge.  

 

If you are unable to get back in with them right away, I would suggest you open a account with a credit union that offers secured cards and credit rebuilder loans.  

 

Coming out of a bk and getting a mercedes and motor cycle loan does not seen very financial smart to me.  You are just getting out of a bk and you are trying to load up with debt all over again, I would slow down.  There is no need to rush.  I understand you are turning 30 but you are fresh out of bk.  

 

I would be focusing on building your savings account and etc.

 

Good luck

Barclay Reward MC 750|Cabela's 1k|Capital One QS1 3.4k|
|Sony Card 3.5k|
Message 3 of 5
harleygirl1987
Frequent Contributor

Re: DC Coming soon --- wishlist

Honestly, there are a list of wants we all have and needs.Going through BK also requires you to have a change of mind as well as spending. A Mercedes in Cali traffic doesn't seem financially smart to me, and it would be high in insurance and they don't get good MPG. I had a Harley and I loved it, however I highly doubt you're lookin at a sportster lol.

I would suggest to rebuild youre credit some. If you are looking at buying a car AND a motorcycle in January that's realy close back to back I doubt anyone would approve you for it. I would start with one or two cc's and get yourself an auto loan. Car Max from the forum seems to want a down payment, I would call around if you didn't get any of those mailers from dealerships saying they are BK friendly and see who works with people out of BK. Some will and some won't. See if you can talk with the finance manager directly and feel them out before you apply. Also, they will jack the APR up on the car, so it would be worth to get something that holds it's value and you can refinance in a few months.

If you aren't a member of NavyFed or Penfed you could join them after BK and see about a cc with them. Also Comenity bank is pretty friendly with their store cards after DC, you could see if a store you frequent is backed by comenity and apply with them. In about 6 months of good payments you should apply with Cabella's and Barclay if not included for their CCs as both like to see repayment history. You could also look into getting a secured card. Just be selective as to whom you apply with, do recon and don't go app crazy.

Ch7 BK filed 7/5/16, DC 10/12/16
Message 4 of 5
GReed1911
New Contributor

Re: DC Coming soon --- wishlist


@harleygirl1987 wrote:

Honestly, there are a list of wants we all have and needs.Going through BK also requires you to have a change of mind as well as spending. A Mercedes in Cali traffic doesn't seem financially smart to me, and it would be high in insurance and they don't get good MPG. I had a Harley and I loved it, however I highly doubt you're lookin at a sportster lol.

I would suggest to rebuild youre credit some. If you are looking at buying a car AND a motorcycle in January that's realy close back to back I doubt anyone would approve you for it. I would start with one or two cc's and get yourself an auto loan. Car Max from the forum seems to want a down payment, I would call around if you didn't get any of those mailers from dealerships saying they are BK friendly and see who works with people out of BK. Some will and some won't. See if you can talk with the finance manager directly and feel them out before you apply. Also, they will jack the APR up on the car, so it would be worth to get something that holds it's value and you can refinance in a few months.

If you aren't a member of NavyFed or Penfed you could join them after BK and see about a cc with them. Also Comenity bank is pretty friendly with their store cards after DC, you could see if a store you frequent is backed by comenity and apply with them. In about 6 months of good payments you should apply with Cabella's and Barclay if not included for their CCs as both like to see repayment history. You could also look into getting a secured card. Just be selective as to whom you apply with, do recon and don't go app crazy.


very true......I think for the mercedes aspect I just didnt want to get rid of mine without another. 

When I bought this mercedes that I IIB, it was 24% interest and payments were $889. I kept up as much as I could but at the time I was only making about 62k. 

I was just thinking with a better interest rate and monthly payment, I know I can afford it (nothing more than 500 monthly).

As for the harley, i'm looking at the Dyna family. I like taking long rides. Found one for about 7k in Michigan at a dealer who is BK friendly.

What you say makes sense though. Starting with 1/2 CCs and auto loan.You mentioned getting something that holds it value to make refi easier in a few months, any suggestions?

 

I am a NavyFed member already so I doubt theyll show me any love. 

I will research some store cards and see what I can find 

BK - 05/08/16
341 - 06/13/16
Discharged: 8/22/2016
FICO as of 8/29/2016 EQ 569 EX 549 TU 537 (10/14/16 586 EQ 544 TU 579 EX)
Message 5 of 5
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