@Anonymous wrote:
Start off with the Good news, My Bankruptcy was discharged on 10/26/2015. Now the Bad.... I applied for Cap one and got denied even the Secured Card said I would get a letter in the mail in regards to the reason. I did include a Secured Card in My Chapter 7 filing but I had never been late on it once and PIF each month.
I tried Credit One and got Denied for that as well...
My Car is near the breaking point, I had an old Capital One Auto Loan from April 2014 that was involved in an accident in May of 2015. I did have 3 times I was late in a row because I had lost my job, As soon as I got a new job it was paid perfect after. the car was completely paid off by insurance for 14k in June 2015. It Reports as Paid Off on my report.
I tried to apply for a Cap One Auto loan thinking since i have a paid off loan with them I would be approved.... Nope Declined as well.
I have 1,000 to put down on a car, and I don't want to buy a junker especially living in Colorado with the Snow coming up soon. I'm only looking for a 10k-11k auto loan and I know I will be paying high interest. Heck I was paying 22% interest on my old Capital One Auto Loan prior to BK.
I'm at a loss for where to begin my rebuilding journey. How do I rebuild if I can't even get a secured credit card? Also Am I totally screwed in getting an auto loan as well if Cap One Declined me?
My Scores from MYFico. Equifax 508 (Reporting BK Discharged), Experian 519 (Reporting BK Discharged), Transunion 433 (Not Reporting BK Discharged)
Transunion I also have an Open account with Diversified Collecting for Sprint that does not show IIB. In Fact I called them and they tried to tell me they can't fix it because that is not what they do and I have to Call Sprint if I want it fixed. I think this is hurting my TU Score showing an Open Collection account for $1034. I have disputed this directly with Transunion so hopefully it gets taken care of.
Experian was quick and completely removed my other reporting open account in 1 day.
As everyone above has said you have to clean up your reports before you begin to apply. It has only been two days since you received your discharge, not enough time to clean up your reports.
The two items that are hurting you (from what you posted) are shown in red above. Having the discharge not showing on TU is hurting you but having a collection that shows as open AFTER your Bk is killing your score. You need to get that removed or shown as iib and zero balance. Until you handle that specificallly, you will have a very tough time getting new credit.
I had a collection co do they same thing to me, put on a collection after my Bk. I had it removed immediately because they added it for a debt that was discharged and that is a violation of the discharge injunction.
Was your collection on your CR before filing or afterward? If before, then they have to mark it iib and zero balance. If afterward and it was for a discharged debt, they have to remove it. Some of these collectors bully you thinking you don't know that it has to be removed, so be prepared to get your point across (firmly).
Here is an example of someone collecting from a violation of the discharge injunction, but this one is for a home surrendered in Bk. Yours is for unsecured debt (Sprint bill) so the process is the same or similar but the dollars are lower ..do some research and you will see. Mine was removed within 24 hours but I had to speak to a (real) supervisor, not the phone jockey that kept calling me.
http://www.lexisnexis.com/legalnewsroom/bankruptcy/b/bankruptcy-law-blog/archive/2012/04/02/florida-case-provides-textbook-example-of-how-to-handle-a-discharge-violation.aspx
