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Need help an advice please

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Anonymous
Not applicable

Need help an advice please

My scores are all fair. Low 580-600 range.

TransUnion has not updated my discharge.
I do have my discharge papers off Pacer.

I have 2 repos on my reports that we're discharged.

I have 2 successful car loans on my credit

I went to two dealerships. A GM and Dodge large places. And was denied for my previous repos and bankruptcies.

I surrendered my vehicle in my bankruptcy.

What am I doing wrong?

I really need a vehicle as soon as possible for work.
Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Need help an advice please

Also, when does TransUnion update discharges.

Experian and Equifax we're almost immediately updated.
Message 2 of 6
Anonymous
Not applicable

Re: Need help an advice please

You have 3 repossessions on your report and a BK. If you get an approval, your interest rate will be horrible, you will be underwater and unable to refinance, and this is in short, financial suicide for your rebuild.

 

You need to buy the cheapest car you can afford for cash, take the bus, uber, get rides, rent a car, basically ANYTHING for the next 6 months while you start your rebuild. Get some positive credit going and your scores to the mid 600s (find BK to 700 thread here) and then you can get a car with a decent rate.

Message 3 of 6
pizza1
Community Leader
Super Contributor

Re: Need help an advice please

I 2nd what SteelerNYC said. If you wait 6 months, you'll find yourself in a way better situation financially, emotionally, to buy a car again.

You have to also look at it from a lender standpoint. Bk and multiple repo's= "high risk", and you might get a predatory lender for 25%, yes 25% for a car note!! Thats insane.

I would buy a junker that can get you from point A to point B for 6 months, and during that time, work on your reports...making sure everything is updated correctly, etc...grab a secured card or two, to add positive tradelines to your reports, and then in in 6 months when you have some cash to put down, walk back in to the dealership, and I bet you leave with the car you're wanting at a decent apr, and then 6 months after that refinance with a CU! (thats what I did).

6 months in the whole scheme of things isn't that long at all. I remember thinking myself right after my DC, "6 months is sooooo far away". Now, here I am 5 yrs post file date. Time really does fly.

Uber, cab, bicycle, walk (if weather ok, and within walking distance), bum rides from friends. Uber to work, and get a co-worker to take you home, (offer them a couple bucks cash), family, friends, bus etc....you can do that for 6 months, trust me.

 

Side note....after offical DC, it can take up to 30-60 days for everything to update correctly.  Usually doesnt take that long though. 

Message 4 of 6
Anonymous
Not applicable

Re: Need help an advice please

I was approved for a 2018 Dodge Ram 1500 with a 11% apr and $1000 down ( :!!!!

I will definitely refinance in 6 months.

I do not have 3 repos on my credit report.

I have a loan with Wells Fargo that was a repo. It does not show or say repoed or included in bankruptcy. It is zerod out with 4 years of on time payments showing. Status is "unknown"

I have a loan with GM. That does not show repoed or included in bankruptcy. It says " paid in full by settlement"

I have two auto loans with status of "paid as agreed" closed.

So I don't get what the issue was at the other two dealerships, other then GM was their main lender they stated. Who knows!
Message 5 of 6
pizza1
Community Leader
Super Contributor

Re: Need help an advice please


@Anonymous wrote:
I was approved for a 2018 Dodge Ram 1500 with a 11% apr and $1000 down ( :!!!!

I will definitely refinance in 6 months.

I do not have 3 repos on my credit report.

I have a loan with Wells Fargo that was a repo. It does not show or say repoed or included in bankruptcy. It is zerod out with 4 years of on time payments showing. Status is "unknown"

I have a loan with GM. That does not show repoed or included in bankruptcy. It says " paid in full by settlement"

I have two auto loans with status of "paid as agreed" closed.

So I don't get what the issue was at the other two dealerships, other then GM was their main lender they stated. Who knows!

Thats wonderful!! Sounds like your current problem has been solved! Congratulations, and yes, in 6 months, get that refinaced!! 

Message 6 of 6
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