@ronstar7 wrote:
@Horseshoez wrote:
@ronstar7 wrote:Hello all!
As of 7/22 my BK has been discharged. Filed on 4/18 for reference.onward and upward from here, already received cc offers last week but I happily trashed em.
Congratulations; what are your plans for rebuilding?
Thank you, I don't even know tbh. I have never field before. At the moment just lay low and do nothing? Everyone is telling me to get a cc but I don't want one. I do however need a car as I surrendered mine in the BK. I'm assuming I need to wait at least 6 mos before trying to do so but it's just a lot on my DH transporting me to work and such.
If you're needing a new(er) car my advice would be to get back into the credit game now, even if you have no plans on using the credit. The general consensus around here is for you to obtain three revolving credit cards (don't bother with store cards); use them sparringly, let a tiny balance of say, $10 report every month (and pay it off immediately after your statement cuts). Following this model will raise your credit scores enough in six months to qualify you for a better loan than if you had no credit cards at all, and if you can wait a year, better still.
Hi again,
So I had to get a car as noted in my previous message. New job is alomost 40 min away from home and it was really hard for DH and I with just one car as he works too. Was able to get a 2024 Elantra last weekend, apr is to be expected... 13.4% I have never had one that high before but as I said I expected it, however I did not have to get a cosigner so I feel accomplished. Payments are managebale.
Back to the garden I go!
Starting scores after BK (Filed 4/18/24) EQ 571 , TU , EX
Starting Score: 582
@ronstar7 wrote:Hi again,
So I had to get a car as noted in my previous message. New job is alomost 40 min away from home and it was really hard for DH and I with just one car as he works too. Was able to get a 2024 Elantra last weekend, apr is to be expected... 13.4% I have never had one that high before but as I said I expected it, however I did not have to get a cosigner so I feel accomplished. Payments are managebale.
Back to the garden I go!
Congratulations on the new ride.
I'm thinking you might want to consider joining a credit union (if you aren't already a member at one) and refinance the car after say, six months. That could save you a pretty fair chunk of change every month.
@Horseshoez wrote:
@ronstar7 wrote:Hi again,
So I had to get a car as noted in my previous message. New job is alomost 40 min away from home and it was really hard for DH and I with just one car as he works too. Was able to get a 2024 Elantra last weekend, apr is to be expected... 13.4% I have never had one that high before but as I said I expected it, however I did not have to get a cosigner so I feel accomplished. Payments are managebale.
Back to the garden I go!
Congratulations on the new ride.
I'm thinking you might want to consider joining a credit union (if you aren't already a member at one) and refinance the car after say, six months. That could save you a pretty fair chunk of change every month.
Thank you for that! Everyone is telling me to refinance around that time as well even the dealer. I just didnt want to lengthen the term but maybe I will consider it. I feel if everyone is telling me, it must be the right thing to do. Yes, I am with MCU from when I lived in NY... I assume I can refinance with me living in the south now. Do you think the payment will go down a lot, like whats the typical range with no missed payments and such? I have never refinanced before, thats a new credit pull too correct?
@ronstar7 wrote:
Do you think the payment will go down a lot, like whats the typical range with no missed payments and such? I have never refinanced before, thats a new credit pull too correct?
You haven't provided us with enough information to give you a solid answer, so I'll paint a hypothetical for you to ponder:
- Loan Amount: $25,000
- Loan Term: 60-months
- Interest Rate: 13.4%
- Monthly Payment: $573.96
Now, if you were to simply refinance into another five year note today (assuming you still owe the original principal or close to it) at 7.0%:
- Loan Amount: $25,000
- Loan Term: 60-months
- Interest Rate: 7.0%
- Monthly Payment: $495.03
And if you were able to get something closer to say 5%:
- Loan Amount: $25,000
- Loan Term: 60-months
- Interest Rate: 5.0%
- Monthly Payment: $471.78
@Horseshoez wrote:
@ronstar7 wrote:
Do you think the payment will go down a lot, like whats the typical range with no missed payments and such? I have never refinanced before, thats a new credit pull too correct?You haven't provided us with enough information to give you a solid answer, so I'll paint a hypothetical for you to ponder:
- Loan Amount: $25,000
- Loan Term: 60-months
- Interest Rate: 13.4%
- Monthly Payment: $573.96
Now, if you were to simply refinance into another five year note today (assuming you still owe the original principal or close to it) at 7.0%:
- Loan Amount: $25,000
- Loan Term: 60-months
- Interest Rate: 7.0%
- Monthly Payment: $495.03
And if you were able to get something closer to say 5%:
- Loan Amount: $25,000
- Loan Term: 60-months
- Interest Rate: 5.0%
- Monthly Payment: $471.78
- Loan Amount: $25,000
- Loan Term: 60-months
- Interest Rate: 13.4%
- Monthly Payment: $573.96
Got it, thanks!
I'll have to look at the paperwork becasue I honestly forgot the term length and loan amount, I do remeber payment is at like $478 or $487 (still higher than I wanted) dont have an online account w/ the lender just yet. Waiting for communication from them so I can set up.
I will upate exacts when I get off work
@ronstar7 wrote:
@Horseshoez wrote:
@ronstar7 wrote:
Do you think the payment will go down a lot, like whats the typical range with no missed payments and such? I have never refinanced before, thats a new credit pull too correct?You haven't provided us with enough information to give you a solid answer, so I'll paint a hypothetical for you to ponder:
- Loan Amount: $25,000
- Loan Term: 60-months
- Interest Rate: 13.4%
- Monthly Payment: $573.96
Now, if you were to simply refinance into another five year note today (assuming you still owe the original principal or close to it) at 7.0%:
- Loan Amount: $25,000
- Loan Term: 60-months
- Interest Rate: 7.0%
- Monthly Payment: $495.03
And if you were able to get something closer to say 5%:
- Loan Amount: $25,000
- Loan Term: 60-months
- Interest Rate: 5.0%
- Monthly Payment: $471.78
- Loan Amount: $25,000
- Loan Term: 60-months
- Interest Rate: 13.4%
- Monthly Payment: $573.96
Got it, thanks!
I'll have to look at the paperwork becasue I honestly forgot the term length and loan amount, I do remeber payment is at like $478 or $487 (still higher than I wanted) dont have an online account w/ the lender just yet. Waiting for communication from them so I can set up.
I will upate exacts when I get off work
I was able to create a log in with my ss#
Loan amount left/ Payoff listed as of today - $25,602.43
Daily inerest - $9.16
Term - 75 months (ouch)
Couldnt find exact rate, will have to wait for the statement to generate. 1st payment due 9/2 was told make that first payment in full then I can call and have them put me on a biweekly pay plan to macth my checks (said will save me like 6 months worth of money) Not sure I understand that part but assume it has to do with the daily interest only paying for 15 days vs 30...