Hi, folks. I've been lurking and trying to formulate my thoughts for a few months
I was granted my Ch 13 discharge 5/31/17 so I'm currently almost 5 mo post discharge. I needed a vehicle badly in June so I applied at dealership and was approved for Capital One auto loan (11.49%--yep, pretty high). I knew my credit was probably just north of terrrible and I should have pulled it to look before applying for the loan. My question is this--can I refinance my auto loan as my credit improves? Below are some things that I've done so far:
My credit score goal is 720, but I feel a bit 'lost'! I welcome any comments and/or suggestions on the way forward with credit rebuilding. Thanks in advance.
Sounds like you are doing fine. Make sure everything is paid perfectly moving forward. I would pass on the Credit One card and look at getting a Capitol One, secured if you have to. Rate on the car is a bit high, I got a 6.5% rate while I was in Chapter 13 so it's possible to lower that. If you have a military background or are related to a vet, join NFCU and get a secured card there too.
Thanks for the feedback. Maybe I need to correct the Credit One line to read that I actually have the card--oops...
Should I have more than one CC? Are my chances better at obtaining a Cap1 CC since I have the auto loan?
Were you 3 or 5 year? If 5.... see if your preapproved for Amex or Discover and Cap1.
Goal is is to get rid of credit 1 with better cards. Please let us know the results.
I wasn't prequalified for AMEX or Cap1, but Discover offered the Discover It card. Should I try for that one?
Was it a real pre-approval with a set APR? If so, I would definitely go for it!
*Edited [post* It looked to be a range of APRs, but I checked again the pre-offers were Discover It and Discover it Chrome Card. Both had APRs of 23.99% (high, but it is what it is right now). Thoughts?
Also, I looked at my credit reports and TU is showing student loan late payments in 2012 and I was not late on those payments. The loans were in forbearance at the time. I have disputed that on both TU and EQ.
Discover will lower your apr after your account has been open a year. Also, if you don’t carry a balance, the apr won’t mean anything.