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Next Day Post BK Approval

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Established Contributor

Next Day Post BK Approval

Our BK was discharged on 09-16-19 at 5:00pm.  We went to the BMW dealership 17 hours later and was approved for 2 Cars.  Capital One Auto Fiance picked them up.  One in my name and one in my wife's name.  $14.4% on one and 14.9% on the other.  We were approved with the scores in the signature.  Also, they didn't even ask for the DC letter.  They just asked if it was DC and I said yes.

Chapter 7 BK Discharge 09-16-19
589 - 11-12-19 Experian FICO Score 8
632 - 11-04-19 Experian VantageScore 3.0
643 - 11-12-19 Transunion VantageScore 3.0
616 - 11-12-19 Equifax VantageScore 3.0
580 - 10-25-19 Equifax FICO Score 5
Loans: 1 Student Loan Deferred, 2 Auto Loans, 1 Secured Loan
Credit Cards: 2 Visa Cards, 1 Mastercard; 1 Store Card $500/$1,400
Inquires: 17 Equifax, 32 Experian, 15 Transunion
Average Account Ages: 1Y10M Equifax, 3Y11M Experian, 2Y9M Transunion
Gardening till 03-2020
Message 1 of 21
20 REPLIES 20
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Established Member

Re: Next Day Post BK Approval

Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.
Filed Ch. 13: 5/2018 | Converted to Ch. 7: 8/2019 | Discharged: 12/2019

DEC 2019: 564 EQ | 525 TU | 587 EX
Message 2 of 21
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Super Contributor

Re: Next Day Post BK Approval


@rustyshackelford wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.

You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/57...

Congrats OP. But this poster is correct.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 3 of 21
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Established Member

Re: Next Day Post BK Approval


@FireMedic1 wrote:

@rustyshackelford wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.

You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/57...

Congrats OP. But this poster is correct.


Ohhhhhhhh okay, okay. I see now. Probably should have just waited it out longer. I know for me, even though my credit report continues to update daily as creditors are correcting entries and whatnot, that they'll be doing it long after my discharge. I'm going to give it at least 30 days...Maybe even 60. And even then, I'll be sifting through my reports to ensure that everything is reporting correctly. As you know, I'm not eager to hop back on the credit boat just yet. I just know it's essential to the rebuild so I'll be choosing wisely whenever I get to that point.

Filed Ch. 13: 5/2018 | Converted to Ch. 7: 8/2019 | Discharged: 12/2019

DEC 2019: 564 EQ | 525 TU | 587 EX
Message 4 of 21
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Super Contributor

Re: Next Day Post BK Approval


@rustyshackelford wrote:

@FireMedic1 wrote:

@rustyshackelford wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.

You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/57...

Congrats OP. But this poster is correct.


Ohhhhhhhh okay, okay. I see now. Probably should have just waited it out longer. I know for me, even though my credit report continues to update daily as creditors are correcting entries and whatnot, that they'll be doing it long after my discharge. I'm going to give it at least 30 days...Maybe even 60. And even then, I'll be sifting through my reports to ensure that everything is reporting correctly. As you know, I'm not eager to hop back on the credit boat just yet. I just know it's essential to the rebuild so I'll be choosing wisely whenever I get to that point.


Not to hijack. But I waited 3 months. And my 1st card was the Cap1 Plat at 3k. I learned each move from here. Even that Plat. If I didnt know about this place. I could have been stuck in toy limits. I post from experience from learning all that I have on here. It will pay off your case too. Good Luck!





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 5 of 21
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New Member

Re: Next Day Post BK Approval

What kinda cars did you pick up ?

Chapter 7- 8/15/19
341-9/20/19
Message 6 of 21
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Established Contributor

Re: Next Day Post BK Approval

2017 BMW 528i Certified and 2017 Audi A3
Chapter 7 BK Discharge 09-16-19
589 - 11-12-19 Experian FICO Score 8
632 - 11-04-19 Experian VantageScore 3.0
643 - 11-12-19 Transunion VantageScore 3.0
616 - 11-12-19 Equifax VantageScore 3.0
580 - 10-25-19 Equifax FICO Score 5
Loans: 1 Student Loan Deferred, 2 Auto Loans, 1 Secured Loan
Credit Cards: 2 Visa Cards, 1 Mastercard; 1 Store Card $500/$1,400
Inquires: 17 Equifax, 32 Experian, 15 Transunion
Average Account Ages: 1Y10M Equifax, 3Y11M Experian, 2Y9M Transunion
Gardening till 03-2020
Message 7 of 21
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Valued Member

Re: Next Day Post BK Approval

I’m filling chapter 7 right now.
Did you have a down payment at all?


Message 8 of 21
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Established Contributor

Re: Next Day Post BK Approval


@FireMedic1 wrote:

@rustyshackelford wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.

You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/57...

Congrats OP. But this poster is correct.


So what am I suppose to do?  Go without cars and wait 30 days?  We had no choice but to get cars right away when the DC happened.

Chapter 7 BK Discharge 09-16-19
589 - 11-12-19 Experian FICO Score 8
632 - 11-04-19 Experian VantageScore 3.0
643 - 11-12-19 Transunion VantageScore 3.0
616 - 11-12-19 Equifax VantageScore 3.0
580 - 10-25-19 Equifax FICO Score 5
Loans: 1 Student Loan Deferred, 2 Auto Loans, 1 Secured Loan
Credit Cards: 2 Visa Cards, 1 Mastercard; 1 Store Card $500/$1,400
Inquires: 17 Equifax, 32 Experian, 15 Transunion
Average Account Ages: 1Y10M Equifax, 3Y11M Experian, 2Y9M Transunion
Gardening till 03-2020
Message 9 of 21
Highlighted
Established Contributor

Re: Next Day Post BK Approval


@rustyshackelford wrote:

@FireMedic1 wrote:

@rustyshackelford wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.

You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/57...

Congrats OP. But this poster is correct.


Ohhhhhhhh okay, okay. I see now. Probably should have just waited it out longer. I know for me, even though my credit report continues to update daily as creditors are correcting entries and whatnot, that they'll be doing it long after my discharge. I'm going to give it at least 30 days...Maybe even 60. And even then, I'll be sifting through my reports to ensure that everything is reporting correctly. As you know, I'm not eager to hop back on the credit boat just yet. I just know it's essential to the rebuild so I'll be choosing wisely whenever I get to that point.


I was proactive during the BK and disputed the accounts that weren't reporting correctly and had them updated before the DC happened.

Chapter 7 BK Discharge 09-16-19
589 - 11-12-19 Experian FICO Score 8
632 - 11-04-19 Experian VantageScore 3.0
643 - 11-12-19 Transunion VantageScore 3.0
616 - 11-12-19 Equifax VantageScore 3.0
580 - 10-25-19 Equifax FICO Score 5
Loans: 1 Student Loan Deferred, 2 Auto Loans, 1 Secured Loan
Credit Cards: 2 Visa Cards, 1 Mastercard; 1 Store Card $500/$1,400
Inquires: 17 Equifax, 32 Experian, 15 Transunion
Average Account Ages: 1Y10M Equifax, 3Y11M Experian, 2Y9M Transunion
Gardening till 03-2020
Message 10 of 21
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